ExiledInIllinois Posted September 24, 2011 Share Posted September 24, 2011 There are two sets of ethics. Going to work everyday in the private sector knowing that you have to make pay... Doesn't bleed well if you transfer to public service... Old habits are hard to break. One name comes to mind in the 1930's... Mayor LaGuardia in NYC, he restored faith after Tammany Hall. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 5, 2011 Share Posted October 5, 2011 Tried to roll over a union member's pension into an IRA. The union said the only way he could do that was to sign documents stating he will never work for that union ever again. You're !@#$ing kidding me?!?!?!? Link to comment Share on other sites More sharing options...
DC Tom Posted October 5, 2011 Share Posted October 5, 2011 Tried to roll over a union member's pension into an IRA. The union said the only way he could do that was to sign documents stating he will never work for that union ever again. You're !@#$ing kidding me?!?!?!? Is that even legal? There are two sets of ethics. That's just great... Link to comment Share on other sites More sharing options...
Chef Jim Posted October 5, 2011 Share Posted October 5, 2011 Is that even legal? Who knows...it's a union we're talking about. They said it was because the union had fully funded the pension. I'll have to look through ERISA on this. I know ERISA covers vesting so maybe this plan has an infinite vesting schedule. Link to comment Share on other sites More sharing options...
Alaska Darin Posted October 6, 2011 Share Posted October 6, 2011 Who knows...it's a union we're talking about. They said it was because the union had fully funded the pension. I'll have to look through ERISA on this. I know ERISA covers vesting so maybe this plan has an infinite vesting schedule. Make them put the requirement in writing. There are two sets of ethics. Going to work everyday in the private sector knowing that you have to make pay... Doesn't bleed well if you transfer to public service... Old habits are hard to break. Link to comment Share on other sites More sharing options...
3rdnlng Posted October 12, 2011 Author Share Posted October 12, 2011 http://www.msnbc.msn.com/id/44872639/ns/us_news-life/ I wonder how widespread this stuff is? Link to comment Share on other sites More sharing options...
Chef Jim Posted October 12, 2011 Share Posted October 12, 2011 http://www.msnbc.msn...s/us_news-life/ I wonder how widespread this stuff is? Well not quite that much but one of my reps has a client who retired as the head librarian for the county of Santa Clara (or the city, I forgot). She has pension at the age of 60 (and she may have gotten it before 60) that will pay her $150k per year with full medical benes. If she live to the age of 90 she'll have been paid a total of $4.5m not including the benefits. For a non-pension person in order to recieve $150k per year they'd need a nest egg of roughly $3mil. Link to comment Share on other sites More sharing options...
3rdnlng Posted October 12, 2011 Author Share Posted October 12, 2011 Well not quite that much but one of my reps has a client who retired as the head librarian for the county of Santa Clara (or the city, I forgot). She has pension at the age of 60 (and she may have gotten it before 60) that will pay her $150k per year with full medical benes. If she live to the age of 90 she'll have been paid a total of $4.5m not including the benefits. For a non-pension person in order to recieve $150k per year they'd need a nest egg of roughly $3mil. I remember I posted some time ago about the Illinois school administrator (I presume School Superintendent) who was due to retire in a few years with a pension of something like 600k. His pension in todays money was work 26 million and when they figured he would die he'd be making 1.3 million a year. There were many others not too far behind him. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 13, 2011 Share Posted October 13, 2011 Is that even legal? That's just great... Yes there is. Ethically speaking when it comes to law... In the private sector, do whatever is not probibited by law. Public sector, do only what is permitted by law. There is a problem with people crossing over between the two sectors... Especially the bigwigs that just don't get this. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 13, 2011 Share Posted October 13, 2011 I remember I posted some time ago about the Illinois school administrator (I presume School Superintendent) who was due to retire in a few years with a pension of something like 600k. His pension in todays money was work 26 million and when they figured he would die he'd be making 1.3 million a year. There were many others not too far behind him. Stiff 'em. Let the lawyers sort it out! Let the media hype it as class warfare. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 13, 2011 Share Posted October 13, 2011 Stiff 'em. Let the lawyers sort it out! Let the media hype it as class warfare. Stiff them on something they're contractually obligated to receive? Yeah, that's worth tying up lawyers time. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 13, 2011 Share Posted October 13, 2011 Stiff them on something they're contractually obligated to receive? Yeah, that's worth tying up lawyers time. Maybe good luck will have it that they croak in the meantime. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 13, 2011 Share Posted October 13, 2011 Maybe good luck will have it that they croak in the meantime. With probably 100% survivor benefits on the pension. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 13, 2011 Share Posted October 13, 2011 With probably 100% survivor benefits on the pension. I actually thought that too... Anyway, gotta be some way to villify... Only thing left. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 13, 2011 Share Posted October 13, 2011 I actually thought that too... Anyway, gotta be some way to villify... Only thing left. You don't vilify the person receiving the pension. They get it contractually. Hell I'd probably take it too. You vilify the people who agreed to those pension terms. And in the public sector that's the government. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 13, 2011 Share Posted October 13, 2011 You don't vilify the person receiving the pension. They get it contractually. Hell I'd probably take it too. You vilify the people who agreed to those pension terms. And in the public sector that's the government. The free market principles. The school boards competing with other school boards. You are right, the gov't should have seen this and capped the salaries early on. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 13, 2011 Share Posted October 13, 2011 The free market principles. The school boards competing with other school boards. You are right, the gov't should have seen this and capped the salaries early on. The government sees one thing and one thing only. Votes! "Gentlemen, we must protect our phoney baloney jobs!" Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted October 13, 2011 Share Posted October 13, 2011 The government sees one thing and one thing only. Votes! "Gentlemen, we must protect our phoney baloney jobs!" I see Santa's Secret Pensioner, Chef Jim, jumped on this one like a laser to third! Link to comment Share on other sites More sharing options...
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