Eureka's Pension Tsunami?
I can't find the earlier posts from a few years ago where I casually asked where Eureka and the county might stand in regards the public pension crisis that's caused some cities in the state to declare bankruptcy. With Eureka's city council working on purchasing bonds to fund their public employee pension fund, maybe we'll be able to find out soon?
Santa Rosa has a growing pension problem, according to the Santa Rosa Press- Democrat. There was also a commentary in the Press- Democrat yesterday suggesting Sonoma County is facing some serious problems with funding its pension plans as well.
It might be interesting to juxtapose City of Eureka's (and Humboldt County's) pension numbers with those of Santa Rosa and Sonoma County. I wouldn't be surprised if we're worse off. I won't be disappointed if I"m wrong, either.
posted by Fred Mangels @ 8:22 AM
6 comments
6 Comments:
It's interesting that you blame pensions instead of the forces that have sucked pension funds dry. Pensions aren't the problem. Pensions are one of the things that make (or used to make) America's standard of living great.
"Henchman Of Justice" says,
Why do public employees get a pension, again? That is right, cuz their better than the private sector with money and finances, operations and maintenances, dficits and debts, etc... Private sector folks are SLAVES!
HOJ backs you up Fred!
A reason that the pensions are "fracked" is because:
*AS HOJ WARNED OVER TWO YEARS AGO*
Pensions heavily invested in real-estate.....the same real-estate & housing market that HOJ SEERED AND PROPHETIZED to collapse.
HOJ was the only identifiable source in Humboldt County who mention an imminent hosuing market/real-estate collapse + local tax roll frauds.
HOJ warned McKinleyvillians too, prior to the majorities' dumb ass approval of Measure C when HOJ asked the school board and community to wait for 2-3 years to let the market "do its thing". (testimonials, express written statements, oral comments, blogs, etc...)
Did the majority listen, NOPE!
Did the endorsing elected school board members listen, NOPE!
DID MCSD listen, NOPE!
DID school teachers listen, NOPE!
Did 5th District Supe Ryan Sundberg listen, NOPE!
Did any sponsors or other supporters listen, NOPE!
Did the bonds servicers listen, NOPE!
So, what we have here is a failure to "LISTEN" as oposed to communicate!
Once again, a majority of voters fux over the minority of voters (just the way government wants it)! - HOJ
Pensions aren't the problem..
They most certainly hare when cities have to cut services to the bone and lay people off because so much of their budget goes to pay pensions. Go ask the folks in San Jose about that.
It is not about the pensions, per se. The issue is the cost of the pensions and were they made to generous with the 1999 legislation? seems like they were. why not simply turn the clock back to the pre-1999 program. Pensions are not evil, but they do cost the employer money. employers need to factor these costs in. It is scary to me to be borrowing money to pay for an ongoing cost, such as payroll. Borrowing should be for capital improvements with a long life span and benefit, not for ongoing expenses.
Yep. I'm not sure there would be all that much concern if cities, counties and the state didn't have to use ever larger amounts from their general funds to cover pension obligations. However, even if things might seem ok one year, if the funds fall short some time in the future, taxpayers still have to make up for any shortages. That's what Defined Benefits is all about. Pensioners get certain benefits, regardless of the city, state or counties ability to pay for them.
As far as having more modest pension programs, many cities are working on that. I believe Santa Rosa started scaled down pension programs, but only for new employees. Most seem to feel that we're stuck with current public employees who were guaranteed the more lavish pensions.
I don't know that I've heard of any reduced pensions being considered in Eureka or the county. That is a concern to me as I can't help but wonder if the powers- that- be have been just kicking the can down the road?
That's why I think it would be interesting to take those two Press- Democrat articles and put the local pension numbers in place of the ones they have and see how we fare with Sonoma County and Santa Rosa where most say they already have a big problem with pension obligations.
"Henchman Of Justice" says,
Government borrowing should never have to be WORSE TERMS THAN THE PRIVATE SECTOR!
Heck, the same folks in McKinleyville whom decided to borrow 70 million dollars in debt just to receive 7 million in "actual proceeds" for a public school district WOULD NEVER DO THIS:
take out a home loan, car loan or any other loan where the terms were 10 times repayment over the base principal actually borrowed; AND, there exists laws that prevent bankers and loan sharks to dupe "the stupid who can't think for themselves"!
Bureaucrats scratch each others' backs AT ALL LEVELS for money and power and control, period. America has sunk because of
GREED
INCLUDING GREEDY PUBLIC OFFICIALS! - HOJ
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