I read this and I can't tell you how pissed off it made me. Not because there is nobody helping me or you when it comes to the funds we all lost in our 401's or what have you. So they are going to probably tax residents more so the retired ones do not lose anything. You monkeys out there want to raise hell about something this would be it. These people are no different than you and me and need to share the losses just like we have. What a bunch of fucking bullshit. When do you and I get some special consideration heh??
IPERS ( Iowa Public Employees' Retirement System) is funded 60 percent by taxpayers and 40 percent by public employees.
increased contributions by taxpayers and government workers could be required.
Making promises of a guaranteed benefit, at the time of retirement, is one hell of plan. One we would all love, but the shortfall in assets, they are experiencing means, they have been making some risky investments, just like Wall Street, probably made them with Wall Street Institutions because of the high returns they were getting, up until a year ago. I doubt if Iowa tax payers will tolerate a tax payer bail out. A lot of chickens are coming home roost in a lot of States right now.
ReplyDeleteWhile at first blush this appears to be a tax-funded bailout, OTC, I don't believe it is unfair in the big picture. State employees sacrifice higher wages for benefits and defined retirement plans. This helps the state weather recessions, etc while attracting and retaining good employees who would normally take their experience and run into the arms of a corporation. This is what happens on the Federal level and you can see the disaster and corrupt dealings that has wrought. While you can disagree with the investment schemes the employee has no say in this, unlike in the private sector. The problems are complicated but until Wall Street and International Banking are cleaned up and regulated(don't hold your breath) this will continue to happen. I cashed my 401K when the market was 14000 and would never reinvest. Also, quit picking on Jack Kibbie. He was nurtured by your Irish aunt to do the right thing and runs a pretty weed-free Cornfield. If you really want to express your frusration go drown Steve Forbes, he lives out there somewhere near you. Peace, brother.
ReplyDeleteBullshit- they will probably raise taxes or whatever to assure that pensioners don,t lose any money. That happens nowhere else and that's bullshit. They can take their lumps like the rest of us.
ReplyDeleteProbably a result of the mortgage bundling scam.
ReplyDeleteLots of investments went in the shitter because of that little bit of financial fuckery.
Hey, my pension fund with the union took a hit this last year, are the taxpayers going to cover that too?
Fuck no.
So let me get this straight. Guys went to work for the state, got paid 40% less than they could have gotten paid in private business, but gave up 40% of their salary voluntarily to get a better pension in the end. So now, because YOU got fucked, you want THEM to get fucked too? Despite the fact they more than paid for that pension by giving up 40% of their salary for 30 years?
ReplyDeleteWe ain't gonna end the cycle of everybody getting fucked up the ass long and hard until we quit saying "I got fucked, so you gotta get fucked too." All that ends up happenin' with that kinda attitude is that everybody's bunghole gets to be the size of a highway tunnel.
- Badtux the Rude Former State Employee Penguin
Unlike private investment plans either of a union or private company the state employees are in multi-year contracts with many issues, not just pensions. I have lifelong friends in the IBEW, CWA and AFL-CIO and the point here is portability and withdrawal. My friends cannot cashout until a certain age or the Corporations don't allow pensioners to get access, see Enron. With a 401K you can get your money out, albeit with a 10% penalty and taxes owed. A very wise man said to me that you don't invest in stocks any more than you can afford to lose. Everybody got screwed by Wall Street and my point is litigating and breaking contracts with state unions is costly and often futile. Try getting out of a auto loan 6 mos. after you drove off with that new car. Nobody is happy but the frustration should be directed toward the politicians who let the foxes guard the henhouse. If you need to look at states other than the Cornfield who made similar investments look at Oregon. A State Supreme Court ruled that " a contract is a contract is a contract...". Let's stop hitting each other and start hitting the big boys with fair tax policies, social investing and other Progressive policies where every middle class working stiff has a chance. FYI, OTC- If you're going to attack the policies of the Progressive wing of the Democratic Party of Iowa please be aware that you are kicking dirt in the faces of friends and family in the Cornfield/Palo Alto Cty who labored for 60 years in the political vineyards and hinterlands. Today your sounding like the Chuck Grassley wing of the Democratic Party. Lighten up and go drown Steve Forbes, nobody will ever miss him and his bad ideas. Peace, Brother.
ReplyDeleteYou and BT miss the point by a mile. First working for 40% less is a bullshit and inaccurate. These people make a very good living!!
ReplyDeleteMy point was and is not vindictive like you two suggest. Why should those who lost who have contributed to the pensions of state employees have to pay more to make up when they lose as well so they don't have to lose a penny that's all I was saying and I stick by that because it's wrong and it's bullshit.
No where was it said they should not get what they may be entitled to because of these particular parameters.
ReplyDeleteIf the state of Iowa takes steps to insure their retired employees never lose a penny of their retirement get the money from somewhere else rather than those hurting already.
OTC- New taxes for the Cornfield. 1) A tax on Kosher meat not consumed by state residents. 2) A motel tax on out of state residents visiting the Cornfield. 3) A tax on federal farm subsidies not directly reinvested in the Cornfield. 4) A windfall profits tax on the earnings of all the attys who will benefit from litigating your ideas plus the three I've just listed. 5) A tax on all the lobbyists who came up with these horrible ideas in the first place. I think this should just about pay for it and then the individual taxpayers of the Cornfield won't be punished for honoring established common law, collective bargaining agreements, contractual law and those other little pesky things which separate our wallets and our money. Peace, Brother.
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