Wesley, when you refer to Many city retirees in the past received lump sum payments -- because the pension funds were OVERFUNDED! are you referring to the 13th check that we received at the end of the year in the past?
If so, I can tell you that the pensions were receiving a very good return on the investments that the pension boards and trustees made during that period of time. When the market crashed, those checks stopped. In my own opinion, I think the City would have been prudent to have just kept that money in the pension funds and maybe they wouldn't be in the spot they are in today.
I can't help but wonder if the pensions are $5-6 billion strong, they MUST be getting a fairly decent return, even in today's market. I'm not an analyst in this field by any means, but I know that the little bit of annunities I have are coming back to where they were before the market tanked...and so should the pension funds.
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