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Dallas mayor sues cop/firefighter pension plan #4270527
12/09/16 05:04 PM
12/09/16 05:04 PM
Joined: Sep 2004
Posts: 22,851
Central Florida
Mr Nice Offline OP
Mr Nice  Offline OP

Joined: Sep 2004
Posts: 22,851
Central Florida
Mayor Mike Rawlings is asking a judge to do what the Dallas Police and Fire Pension System won't: Stop the run on the bank.
Rawlings filed a lawsuit Monday morning against the pension system at his own expense and as a private citizen. He is asking for an emergency temporary restraining order and a permanent injunction on the system's payments of hundreds of millions in lump-sum withdrawals, which have threatened its solvency.

http://www.dallasnews.com/news/dallas-ci...rop-withdrawals


Is the plan in that bad shape that the mayor has to sue to stop lump sum withdrawals ?

Re: Dallas mayor sues cop/firefighter pension plan [Re: Mr Nice] #4270540
12/09/16 05:27 PM
12/09/16 05:27 PM
Joined: Feb 2012
Posts: 3,007
texas
cptbarkey Offline
cptbarkey  Offline

Joined: Feb 2012
Posts: 3,007
texas
I hardly call any system with guaranteed 8% returns a pension system. Every single penny of that should be clawed back.

Re: Dallas mayor sues cop/firefighter pension plan [Re: Mr Nice] #4270543
12/09/16 05:34 PM
12/09/16 05:34 PM
Joined: Jul 2007
Posts: 4,681
Midwest USA
LoneRanger Offline
LoneRanger  Offline

Joined: Jul 2007
Posts: 4,681
Midwest USA
Boo on the mayor !! The firefighters as well as the police have a right to their pensions !! Maybe his real intention is to halt pension payments to the widows of the five Dallas PD Officers who were gunned down this past summer? He must have a lot of darkness in his heart to try and halt the pension system on those survivors.



2019 Ford F-150 ................................(Factory fill)
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Re: Dallas mayor sues cop/firefighter pension plan [Re: LoneRanger] #4270548
12/09/16 05:41 PM
12/09/16 05:41 PM
Joined: Mar 2014
Posts: 3,998
NJ
Leo99 Offline
Leo99  Offline

Joined: Mar 2014
Posts: 3,998
NJ
Originally Posted By: LoneRanger
Boo on the mayor !! The firefighters as well as the police have a right to their pensions !! Maybe his real intention is to halt pension payments to the widows of the five Dallas PD Officers who were gunned down this past summer? He must have a lot of darkness in his heart to try and halt the pension system on those survivors.


Where will the money come from?


Without data you're just another person with an opinion. W. E. Deming

2003 Corolla 250,000 miles (RIP)
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Re: Dallas mayor sues cop/firefighter pension plan [Re: Mr Nice] #4270553
12/09/16 05:50 PM
12/09/16 05:50 PM
Joined: Sep 2010
Posts: 7,485
S California
OneEyeJack Offline
OneEyeJack  Offline

Joined: Sep 2010
Posts: 7,485
S California
More adventures in corrupt pensions. In some California cities employees actually realized a pay raise when they retired. They sometimes get a ceremonial promotion a few months before the date because their retirement payment is based on those last few months. They are sometimes allowed to by years or points. A neighbor is receiving 135% of his last 3 months salary rate. Eventually those future retirement payments will come from converting magic beans into cash. You can call that corrupt or government as usual. Same thing.

Re: Dallas mayor sues cop/firefighter pension plan [Re: LoneRanger] #4270556
12/09/16 05:51 PM
12/09/16 05:51 PM
Joined: Feb 2013
Posts: 341
FL USA
Blueskies123 Offline
Blueskies123  Offline

Joined: Feb 2013
Posts: 341
FL USA
Originally Posted By: LoneRanger
Boo on the mayor !! The firefighters as well as the police have a right to their pensions !! Maybe his real intention is to halt pension payments to the widows of the five Dallas PD Officers who were gunned down this past summer? He must have a lot of darkness in his heart to try and halt the pension system on those survivors.


Incompetent city councils over promised and kicked the can down the road. These pension payments bankrupt the city while most tax payers have no pension at all. Where will the money come from you ask? Cutting maintenance on infrastructure and laying off police officers and teachers.

Re: Dallas mayor sues cop/firefighter pension plan [Re: Mr Nice] #4270558
12/09/16 05:54 PM
12/09/16 05:54 PM
Joined: Mar 2016
Posts: 1,269
CA
CharlieBauer Offline
CharlieBauer  Offline

Joined: Mar 2016
Posts: 1,269
CA
And you can bet there's been quid pro quo going on between city leaders and the various groups they employ. After all, the taxpayers pockets are endless.


It ain't what you don't know that gets you into trouble. It's what you know for sure that ain't so.

- mistakenly attributed to Mark Twain
Re: Dallas mayor sues cop/firefighter pension plan [Re: Mr Nice] #4270561
12/09/16 05:59 PM
12/09/16 05:59 PM
Joined: Dec 2006
Posts: 8,536
Illinois
mrsilv04 Offline
mrsilv04  Offline

Joined: Dec 2006
Posts: 8,536
Illinois
Ummm... plans are in that bad of shape all over the place.

The state pension plans in Illinois are underfunded to the tune of $130 Billion..

But we've been told over and over for the past several years, as to how good things are. Not.


2004 Silverado - on its 3rd Jasper engine in less than one year.
Re: Dallas mayor sues cop/firefighter pension plan [Re: Blueskies123] #4270571
12/09/16 06:10 PM
12/09/16 06:10 PM
Joined: Jul 2007
Posts: 4,681
Midwest USA
LoneRanger Offline
LoneRanger  Offline

Joined: Jul 2007
Posts: 4,681
Midwest USA
Originally Posted By: Blueskies123
Originally Posted By: LoneRanger
Boo on the mayor !! The firefighters as well as the police have a right to their pensions !! Maybe his real intention is to halt pension payments to the widows of the five Dallas PD Officers who were gunned down this past summer? He must have a lot of darkness in his heart to try and halt the pension system on those survivors.


Incompetent city councils over promised and kicked the can down the road. These pension payments bankrupt the city while most tax payers have no pension at all. Where will the money come from you ask? Cutting maintenance on infrastructure and laying off police officers and teachers.


Highlighted your central theme. Why shouldn't a career public safety employee receive what in most cases is a contractually guaranteed benefit the employer is legally bound to honor?

Sounds like the police and fire need to counter-sue the mayor . . .

FOP endorsed Trump. Dallas FOP Lodge #588 is the largest in the country with over 32,000 members. Maybe the PEOTUS needs to make a call to the City of Dallas as he did to United Technologies (Carrier Corp)?





2019 Ford F-150 ................................(Factory fill)
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Re: Dallas mayor sues cop/firefighter pension plan [Re: Mr Nice] #4270582
12/09/16 06:19 PM
12/09/16 06:19 PM
Joined: Dec 2014
Posts: 1,508
California
Vuflanovsky Offline
Vuflanovsky  Offline

Joined: Dec 2014
Posts: 1,508
California
Without opening the link, I'm assuming that they weren't required to contribute in a responsible manner and now that things are going south there's a mass exodus of retirees?? I think there's a lot of variations on a theme with public service union pensions. Underfunded, mass spiking of pensions the last two years on the job creating 20% larger payouts, etc.

Near me, a regional fire chief spiked his pension and takes home 268K/year in retirement....which is 15% more than he made on the job. Not particularly unusual. It may be criminal and obscene but it was allowed and only recently have there been curbs on this behavior. People have to understand that the adults aren't really in charge.....

Re: Dallas mayor sues cop/firefighter pension plan [Re: Mr Nice] #4270597
12/09/16 06:27 PM
12/09/16 06:27 PM
Joined: Apr 2013
Posts: 3,504
Portland, OR
Nate1979 Offline
Nate1979  Offline

Joined: Apr 2013
Posts: 3,504
Portland, OR
From the article:
Quote:
Pension officials are hoping for a $1.1 billion bailout from taxpayers. That number has swollen since the run on the bank started.


Good for the mayor. The pension shouldn't get a penny from taxpayers to bailout their incompetence. They should fix it themselves with significant benefit cuts to existing and new retirees or face insolvency and takeover which would be significant cuts regardless.


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Re: Dallas mayor sues cop/firefighter pension plan [Re: Mr Nice] #4270598
12/09/16 06:27 PM
12/09/16 06:27 PM
Joined: Sep 2004
Posts: 22,851
Central Florida
Mr Nice Offline OP
Mr Nice  Offline OP

Joined: Sep 2004
Posts: 22,851
Central Florida
I posted the link cause it shows the lawsuit with some interesting financial stats.

Fund will run dry by January 2017 at the extreme rate of lump sum cash withdrawals.

Re: Dallas mayor sues cop/firefighter pension plan [Re: Mr Nice] #4270617
12/09/16 06:52 PM
12/09/16 06:52 PM
Joined: Jun 2003
Posts: 34,650
ME
eljefino Offline
eljefino  Offline

Joined: Jun 2003
Posts: 34,650
ME
Someone starting a career in government for $40k vs private industry for $55k is taking the long look b/c of the benefits, agreed to by two parties in a lawful contract, and we taxpayers are looking to rip that back after a lifetime of service?

Why not fix the contracts for the future and make good on our current promises?


Re: Dallas mayor sues cop/firefighter pension plan [Re: Mr Nice] #4270621
12/09/16 06:57 PM
12/09/16 06:57 PM
Joined: May 2012
Posts: 4,817
Baltimore, Maryland, USA
zzyzzx Offline
zzyzzx  Offline

Joined: May 2012
Posts: 4,817
Baltimore, Maryland, USA
This is why government employees need 401K's instead of defined benefit pension plans.

Re: Dallas mayor sues cop/firefighter pension plan [Re: zzyzzx] #4270637
12/09/16 07:14 PM
12/09/16 07:14 PM
Joined: Feb 2008
Posts: 1,203
PA
umungus1122 Offline
umungus1122  Offline

Joined: Feb 2008
Posts: 1,203
PA
Originally Posted By: zzyzzx
This is why government employees need 401K's instead of defined benefit pension plans.
Spot on.


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