First Circuit Court:The government has no obligation to honor its pension promises

Anyone capable of basic mathematics could tell you that this was eventually going to happen.
 
If cities start imposing massive pension draw backs on retired officers/firefighters, current officers/firefighters, expect to see those services go to absolute shit. Pension is one of the biggest selling points for those jobs.

I'm vested now in CALPERS, I am planning on making it the full 20 years at least since I am 3% at 50. Our new hires are already 2.5% at 55 or something.

If the city says they want to renege on what I was promised, I think officers will sue to get their contributions back. You think the system is having shortfalls now? What happens when hundreds of officers file a suit for something like breach of contract and the cities or CALPERS is forced to pay back anywhere from 10 to 20 years of contributions from 100's of officers?
 
Well, if the government takes away my SS, then I will be a deadbeat and absorb welfare when I feel like retiring.

I've worked my whole life paying into that shit, I'll get it back one way or another.
 
Meh, depending on the tailoring of the ruling, this may be melodramatic.

Sir, I have never -- never, I say! -- been melodramatic in my entire life! May God strike me dead if I am lying!
 
Pensions are a thing of the past. Should eliminate them entirely.
 
If the government is unable to meet it's long standing obligations in this regard then those employees should have their state taxes reduced moving forward to make up the difference in valuation they are owed. Reductions in their property taxes, state income taxes, estate tax, vehicle registration. If this means a total negation of these taxes for those individuals then so be it. They provided service in good faith and it's the State that is not honoring their obligation.

Beat me to it.

"Why in the Blue FUDGE were they paying taxes into that system then!??!"

I'm not as eloquent as you..
 
Well, if the government takes away my SS, then I will be a deadbeat and absorb welfare when I feel like retiring.

I've worked my whole life paying into that shit, I'll get it back one way or another.

Yeah....if you were planning on relying exclusively on social security for retirement, then depending on your age you're already fucked. And those welfare benefits you think you'll get come with a lot of strings and only short-term eligibility.

Better start privately saving ASAP.
 
Yeah....if you were planning on relying exclusively on social security for retirement, then depending on your age you're already fucked. And those welfare benefits you think you'll get come with a lot of strings and only short-term eligibility.

Better start privately saving ASAP.
I'm OK. I have retirement aside from SS and I own my home. I'm still going to get that money though. Thats my money. I'm find spending my late years eating lobster with my ebt card. Its the American way.
 
I'm OK. I have retirement aside from SS and I own my home. I'm still going to get that money though. Thats my money. I'm find spending my late years eating lobster with my ebt card. Its the American way.

Well, godspeed, but I would imagine that, anticipating that, the Republican congress up the future will have drastically tightened temporary entitlements by then too.

Maybe they'll give you vouchers for canned goods.
 
Well, godspeed, but I would imagine that, anticipating that, the Republican congress up the future will have drastically tightened temporary entitlements by then too.

Maybe they'll give you vouchers for canned goods.
That would be great. I'll need food.
 
Voting Republican has consequences. Republican judges. Prepare for Guided Age part 2.

But liberal judges want to give your house to refugees. Didn't you know?

Rhode Island has a Democrat governor, Democrat legislature in both houses, 2 Democrat senators and an all Democrat delegation to the House of Representatives

The Judge on this case Mary M. Lisi was also nominated and appointed by Bill Clinton in 1994.
 
Isn't the life expectancy in the US declining anyways?
 
The Judge on this case Mary M. Lisi was also nominated and appointed by Bill Clinton in 1994.

It’s beyond even that. So Mary Lisi was the Democrat district judge who initially ruled in favor of the democrat RI government’s plan. The union then appealed to the 1st circuit court and went before a panel of three judges - two of whom are Obama appointees! The entire narrative that this was in any way a consequence of voting republican (or its inverse, that voting democrat is any sort of defense against this type of ruling) is total garbage. Whether you agree or disagree with the ruling, every facet of this story is owned by Democrats.
 
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Many states have a bloated pension programs for public employees, it has to change or taxes have to go up.
I only make 32k a year right now.

I'll keep my pension where the county matches the 15% I put in every check thanks.
 
If the government is unable to meet it's long standing obligations in this regard then those employees should have their state taxes reduced moving forward to make up the difference in valuation they are owed. Reductions in their property taxes, state income taxes, estate tax, vehicle registration. If this means a total negation of these taxes for those individuals then so be it. They provided service in good faith and it's the State that is not honoring their obligation.

Yeah. They really need to do something. I think this is a slippery slope for a municipality or State government to undertake. If they do not honor their covenants with the citizens, why should the citizens honor their covenants with them?

I think the fundamental problem is just pensions in general in their current form. We just need a more sustainable system. Whatever entity is providing a pension really needs to be able to address that pension obligation in the current year. In a similar fashion to a profit sharing or 401k distribution on the part of they employer.

I know I pontificate about them a fair bit, but Enterprise Rent-A-Car has a very common sense approach to this. Their employees had a 401 K program, which employees can choose to contribute to or not. Regardless of whether they contribute or not, Enterprise makes a contribution annually to the 401 K. They have a formula that takes world wide profits, the employees salary, and the employees length of service.

It is only $300-400 the first year. But it escalates. By the end of my time with them, the annual contribution was several thousand $.

I like this system because the employer does make a contribution toward retirement, but it is expensed in the current year, and when the employees time with the company ends, so does the employers obligation.

When businesses and entities have continuing financial obligations to people for decades after their time of service ends, eventually it will unravel.
 
They should release some criminals right in front of the people's homes who are responsible for this decision.

Sorry you didn't pay for it, so......
 
Well, if the government takes away my SS, then I will be a deadbeat and absorb welfare when I feel like retiring.

I've worked my whole life paying into that shit, I'll get it back one way or another.

By the time you start trying to get US welfare it will amount to a monthly box of cabbage, saltines and a pair of socks.
 
Well, this is some bullshit. Once again, governments prove that their promises aren’t worth the paper they are written on. Trusting politicians and government institutions is a ridiculous position to hold.
 
Sorry is this is in one of the posts I skipped. Where's the federal authority to decide this for a state?
 
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