Pension Board Overhaul Debate

[rjlj]

What do the numbers show? Have the investments been making good returns? Do the current projections support future pension payouts? What is the ratio of what a typical worker puts in versus what they take out? Can this be sustained?

[Locke09]

What do the numbers show? Have the investments been making good returns? Do the current projections support future pension payouts? What is the ratio of what a typical worker puts in versus what they take out? Can this be sustained?

Great question. And one of the few questions that matter.

The City pension fund is 99% funded. This means that basically there are already sufficient assets to handle all obligations for those currently vested in the fund. This means that, despite the losses related to the stock market crisis and the few bad investments [[and they were a small fraction of overall investments) the fund is still in excellent condition. In fact, if you look across the past 5 years or even the past 10 years, you will see how remarkably the fund performs compared to other public and even some private funds.

The crooks who were on the board are gone. The current and former retirees have an opportunity to vote people who are taking advantage of their position off the board. The mayor should help fight for reform of rules or practices that allow those people to abuse their position, not dissolve the board and turn its sizeable asset over to a fund that isn't outperforming the City's fund.

[Buy American]

Great question. And one of the few questions that matter.

The City pension fund is 99% funded. This means that basically there are already sufficient assets to handle all obligations for those currently vested in the fund. This means that, despite the losses related to the stock market crisis and the few bad investments [[and they were a small fraction of overall investments) the fund is still in excellent condition. In fact, if you look across the past 5 years or even the past 10 years, you will see how remarkably the fund performs compared to other public and even some private funds.

The crooks who were on the board are gone. The current and former retirees have an opportunity to vote people who are taking advantage of their position off the board. The mayor should help fight for reform of rules or practices that allow those people to abuse their position, not dissolve the board and turn its sizeable asset over to a fund that isn't outperforming the City's fund.

Ronald Gracia is one of the biggest looters of the pension fund and one of the biggest opponents of the takeover...as far as I know he is still one of the principal members. He has used the fund as though it's his own personal ATM. Get rid of him and I'll feel better. There must be stricter rules as far as people actually "touching" the money and stricter guidelines for investing.