Glock Talk
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09-30-2012, 21:02
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#1
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Senior Member
Join Date: Dec 2000
Location: N. Central OH
Posts: 1,837
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Feds to bail out state pension funds?
At least the Gov. of IL would like to see that:
http://www.foxnews.com/politics/2012...state-pension/
These Democrats are amazing; they are absolutely shameless about trying to tap into the federal piggy bank to bail out thier own mismanagement.
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09-30-2012, 21:34
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#2
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Silver Membership
Enjoy the Ride
Join Date: May 2002
Location: Ft. Worth TX
Posts: 21,565
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With what ? .... 
.
__________________
They'd created a vast, permanently unemployed underclass, dependent upon the Republic's stupendous welfare machine for its very existence, and in so doing, they'd sown the seeds of their own destruction. No one could place two-thirds of a world's population on the Dole and keep them there forever without the entire system crashing . . . but how in hell did one get them off the Dole? -David Weber
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10-01-2012, 10:29
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#3
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Senior Member
Join Date: Oct 2007
Location: Pennsylvania
Posts: 3,130
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Quote:
Originally Posted by aircarver
With what ? ....
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Easy, just press a couple of buttons. The Fed does not even need a printing press anymore.
They will get their pensions. It may pay their cell phone bill.
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10-01-2012, 16:41
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#4
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Senior Member
Join Date: Jan 2002
Location: Pacific NW
Posts: 11,137
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Quote:
Originally Posted by aircarver
With what ? ....
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This really neat stuff that they create from thin air. It's called "Back to the Future Money - IV". . .
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Bill
Pacific NW
The urge to save humanity is almost always a false-face for the urge to rule it.
- H. L. Mencken -
Last edited by wjv; 10-01-2012 at 16:44..
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10-07-2012, 00:34
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#5
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Diesel Girl
Join Date: Mar 2008
Location: Somewhere in Ohio
Posts: 7,630
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Quote:
Originally Posted by aircarver
With what ? ....
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With our Tax money of course!
Must keep the Union whiners happy.... 
__________________
You can't fix stupid. Not even with duct tape.
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10-01-2012, 07:57
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#6
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CLM Number 268
Charter Lifetime Member
Join Date: May 2001
Location: Las Vegas NV
Posts: 9,294
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So if Nevada's pension is completely funded and solvent (it is), can we get a bonus check just because? Otherwise I don't see this as being fair to the states that actually manage their money responsibly instead of writing an IOU to the pension and a check to some BS program.
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Big Dawg #1408, TT #1408
Moto Club #1408, GSSF Member, NRA RSO
NRA Benefactor Member
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10-01-2012, 09:16
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#7
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Senior Member
Join Date: May 2002
Location: Livin in the country of NJ
Posts: 11,787
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In NJ the emloyees of the public sector met their contributions, but the state and local governments usually didn't. I find it ironic how the state blames the employees for not putting enough in when they constantly steal from it or just plain ignore it.
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Here's a toast to our wives and to the women we loved. <pause> May they never meet.
The M1 Garand rifle is the best battle implement ever devised by man.
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10-03-2012, 22:42
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#9
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CLM Number 268
Charter Lifetime Member
Join Date: May 2001
Location: Las Vegas NV
Posts: 9,294
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Quote:
Originally Posted by JohnBT
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They keep using the full cost of all liabilities in determining the percentage of funding. If the state promises 75% of my salary 30 years from now, they're not going to take 75% of my current salary and put it in a bank account. They take 11.5% of my salary from me and match it to put 23% of my salary in investments. Assuming a 7% rate of return on that money for the next 30 years, one year's worth of contributions will be equal to 1.5x the total salary or 2 years worth of benefits. Adding in compounding returns over 30 years and continued contributions at the same rate will yield 31 years worth of payments at 75% of my salary after retirement.
How is that not solvent again?
__________________
Big Dawg #1408, TT #1408
Moto Club #1408, GSSF Member, NRA RSO
NRA Benefactor Member
Last edited by jpa; 10-03-2012 at 22:43..
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10-04-2012, 07:42
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#10
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Senior Member
Join Date: Apr 2005
Location: Near Chicago, IL
Posts: 14,106
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Quote:
Originally Posted by jpa
How is that not solvent again?
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This part:
Quote:
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Assuming a 7% rate of return on that money for the next 30 years
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10-04-2012, 07:45
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#11
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Tewwowist
Join Date: Apr 2008
Location: There
Posts: 36,445
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__________________
Quote:
Originally Posted by 4949shooter
You have been identified as an anti authority figure.
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10-04-2012, 21:19
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#12
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CLM Number 268
Charter Lifetime Member
Join Date: May 2001
Location: Las Vegas NV
Posts: 9,294
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Quote:
Originally Posted by devildog2067
This part:
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Even if the fund has a few underperforming years, the higher yield years will make up for them. The stock market has highs and lows. The 7% return will fund a 75% retirement with no adjustments for 31 years. Inflation adjustments start after 3 years of retirement. The pension amount is based on the top 3 consecutive years of salary and the contributions the employee and employer both make are always a percentage of the employee's salary (11.5% each).
I don't know anyone who has retired for 31 years. As a matter of fact average life expectancy for a cop after retirement is about 5 years. So should his family get a refund of the rest of his contributions? It averages out and it's not without risk, but the pension has been very prudent about balancing their portfolio.
Let me guess, all your money is socked away in gold ingots under your bed?
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Big Dawg #1408, TT #1408
Moto Club #1408, GSSF Member, NRA RSO
NRA Benefactor Member
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10-06-2012, 07:49
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#13
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Pharaoh
Join Date: Feb 2005
Location: CO & Baden –Württemberg
Posts: 12,267
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Quote:
Originally Posted by jpa
Assuming a 7% rate of return on that money for the next 30 years,
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Yet you have left out the part that the market is not returning 7% and there have been years of loses.
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All animals are equal, but some animals are more equal than others.
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10-06-2012, 09:49
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#14
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Amsterdam Haze
Join Date: Nov 2010
Location: DFW
Posts: 1,056
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Quote:
Originally Posted by DanaT
Yet you have left out the part that the market is not returning 7% and there have been years of loses.
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I have a deferred compensation account that has all the money in a fixed account (perfect for us retired folks) that has never paid below 3.5% annual interest. That's VERY good in today's economy.
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GTDS
I'm not as think as you drunk I am.
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10-01-2012, 10:24
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#15
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Senior Member
Join Date: Apr 2012
Posts: 1,322
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You aint seen nothing yet. Wait till all the baby boomers, who are at the top of their pay range, retire. Full salary and medical benefits are really going to hurt the system.
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10-08-2012, 17:48
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#16
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Amsterdam Haze
Join Date: Nov 2010
Location: DFW
Posts: 1,056
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Quote:
Originally Posted by TheExplorer
You aint seen nothing yet. Wait till all the baby boomers, who are at the top of their pay range, retire. Full salary and medical benefits are really going to hurt the system.
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Not in Texas. I put in 22.5 years and get about 30% of my salary. If I was older and not expected to live another 30 years, my pension would be higher.
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GTDS
I'm not as think as you drunk I am.
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10-01-2012, 12:56
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#17
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Always Carrying
Join Date: Dec 1998
Location: cogan station, pa, usa
Posts: 2,850
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That would be typical......another payoff with taxpayer cash!
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10-01-2012, 16:19
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#18
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Senior Member
Join Date: Dec 2000
Location: N. Central OH
Posts: 1,837
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I'd like to have this subject come up in the Debate on Wednesday
Romney should ask him if he would support this for IL or any other state straight up , yes or no--no equivocation.
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10-01-2012, 16:26
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#19
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Senior Member
Join Date: Oct 1999
Location: Virginia
Posts: 5,567
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VA "VRS" is so funded the Guvernator pulled money out to balance the state budget....he now claims a balanced budget, but underfunded retirement system.
Maybe a bailout with "printed dollars" will bail it out.
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Big Dawg #140
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10-01-2012, 16:34
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#20
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Senior Member
Join Date: Jul 2004
Location: Here....right now.
Posts: 1,324
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Incremental Marxism.
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Elvis has left the turret.
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10-06-2012, 13:43
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#21
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CLM Number 221
Am Yisrael Chai
Join Date: Jan 2007
Location: With the other 7,999,999
Posts: 24,011
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Quote:
Originally Posted by turretg
Incremental Marxism.
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Spot on!
The independent, non-main stream news media outlets have been reporting on the thievery of people 401k's, pensions, and similar for over two years now. Some people said they were wrong. Guess not now huh? 
ETA: Cops' and Firefighters' pensions are in their sites too!
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Last edited by Peace Warrior; 10-06-2012 at 13:44..
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10-03-2012, 22:48
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#22
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Tewwowist
Join Date: Apr 2008
Location: There
Posts: 36,445
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Quote:
Originally Posted by Wolfgang
VA "VRS" is so funded the Guvernator pulled money out to balance the state budget....he now claims a balanced budget, but underfunded retirement system.
Maybe a bailout with "printed dollars" will bail it out.
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It's all taxpayer money. Doesn't really matter what bucket it comes from. Why should the pension remain fully funded with tax dollars when the rest of the budget is bleeding?
__________________
Quote:
Originally Posted by 4949shooter
You have been identified as an anti authority figure.
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10-04-2012, 00:07
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#23
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Senior Member
Join Date: Sep 2005
Posts: 916
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I love how people who have no idea what they're talking about keep screaming, "unfunded liability." Guess what folks,if suddenly at this very moment every person in the nation who was eligible to retire did so, we may be in a bind. Pensions are pay as you go, it's not the end of the world if they aren't fully funded at the moment.
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To intimidate those who intimidate others.
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10-01-2012, 16:40
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#24
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Senior Member
Join Date: May 1999
Location: Oh, USA
Posts: 9,319
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It will be like the GM bail out, blue states will get money, red states won't.
http://dailycaller.com/2012/09/12/an...ensions-fight/
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Decent law abiding people must fear criminals and the law while criminals have nothing to fear.
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10-04-2012, 07:19
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#25
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Get off my lawn
Join Date: Aug 2001
Location: Taunton, MA
Posts: 46,788
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Doubtful that they'd ever bail it out. If they haven't thrown a lifeline to CA yet, they won't throw any lifelines. There is PLENTY a state can do to avoid problems. RI, amongst others, has made radical changes to it's pension system to stay afloat.
There are certain things Uncle won't do. Bail out a state is one of them.
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The truth is you're the weak. And I'm the tyranny of evil men. But I'm tryin', Ringo. I'm tryin' real hard to be the shepherd.
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