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Detroit Emergency Manager "Freezes" Pension Fund
So far, city employees of bankrupt Detroit have stoically withstood all direct and indirect eliminations of their entitlements and retirement benefits, which was to be expected: after all as per a recent finding, they are merely an unsecured claim in an insolvent entity. However, following the latest shot across the bow from Detroit's emergency manager Kevyn Orr, which freezes pension plans for all non-uniform employees, said stoicism will likely be acutely tested.
Emergency Manager Kevyn Orr has frozen the city’s pension plans for all non-uniform employees, closing the General Retirement System effective Jan. 1.
Orr’s Dec. 30 action freezes earned pension benefits for employees in the General Retirement System and creates a new 401(k)-style defined contribution retirement plan for existing and future city workers, according to a copy of the emergency manager’s order obtained by The Detroit News.
As part of the order, Orr also eliminated the pension “escalator,” effectively eliminating any future cost-of-living increases for all retired city employees in the General Retirement System.
The emergency manager’s order also closes the pension system’s Annuity Savings Fund, an added benefit for some municipal workers.
...
City employees who were not already vested in the retirement system “shall not be entitled” to pension benefits, according to the order.
...
Tina Bassett, a spokeswoman for the General Retirement System, called Orr’s pension freeze “an outrageous and over-zealous action.”
“Again the EM’s office demonstrates a lack of integrity and willingness to make a good faith effort when negotiating with our pension system,” Bassett said in a statement. “Currently we are in the midst of mediations that we thought were going rather well. We can only wonder, why take this action now and for what purpose?”
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So the Dimon, the Blankfiend, the Corzine, the 'Hank' can get multi-million $$ to buy things like islands, planes, property etc from the same worthless shit, printed from thin air, and valued at nearly nothing, but you cant get what you worked an entire career for?
Of the same worthless shit, printed out of thin air?
And we is wondering why we is fucked?
2014, it will break.
Inthemix
Thank you. That position is not taken much here. While I agree with the sentiment of the exesses of Unions, however you point on the fact of working for 20,30,40 years, paying into the system, paying taxes etc, and then losing everything seems a tad unfair when considering the point you made about Dimon, blankfiend, corzine and hank stealing money from us all and NO restitutions.
Each enemy gets different amounts of play/vitriol depending upon the story, but never forget that there are two problems....Washington and Wall Street. Both are criminal enterprises and need to be flushed. Until then, they will use each other in public to divide us right/left or red/blue, all the while laughing at us behind closed doors.
No more promises you can't keep to people? Over zealous!
You'd rather have no expectation of a pension, then expect a pension and then get fucked over. Remember what these people keep saying: "the deal was I would take less pay for the benefits of the job". Very true. If you're worth more than what you're getting paid, go do something else.
Detroit: Still no HOPE and 16 15 14 cents of CHANGE
I am a tad contrary.
Obamacare is a godsend to states and cities now. Most of these public union people will end up on Obamacare as they lose their cushy all expenses paid healthcare on the backs of the taxpayers. Wait for the full implementation of the law after the elections. People forget many parts are indeed delayed and waivers granted until after the elections. Why? Politicians on both sides of the isle need the union votes to put them in office. I am laughing at all the idiots that backed this and now will feel the pain like the rest of us. Obamacare will never go away now. Wait until the private unions and friends of this administration's waivers expire and their plan will be counted as income. Ahh indeed it is coming as the waivers expire or the new administration does not grant new waivers. All political games to fuck everyone over. This beast s now here and will never go away. All designed to become the single payer system in the end.
I do not know why they protected the uniformed people after the police cheif in Detriot in an article with Detroit Times this weekend, told reporters, he preferred people that are armed now to protect their homes and lives. I do have respect for police but they never prevent a crime, they show up afterwards. Same with fire fighters. One commenter probably had it right they must keep the enforcers happy.
Detroit and ITS VOTERS did this to themselves and knew this was coming a decade ago. But we must do this for the children the teachers state, but they never strike during the summer vacation. Class sizes are too large they state and yet when I was in college the class sizes at times were three times the class size of public eduation. All of them playing on the sheeple to get them to vote for more taxes for the teachers and not their children. Hell most of the time the tax voting day was during the hours most people who actually worked in the private sector or worse they had to post that public sign and it was posted all right, out front of the administration building no one ever visits.
I do feel sorry for those that did indeed opt out of SS to get into this program and they too were scammed big time. Some want the politicians to go to jail for this but forget the people elected them. Maybe in some place, in some time, people will wake up and actually become informed voters before voting. Wow that was a stupid thought. More freebies and more wealth voted on the backs of the productive in this country gets you elected. Until they run out of money like Detroit and then the real shit will hit the fan! Not going to happen over the unions losing money though!
glass is half full, really: ends exclusions
but more than that, I think, glass is half empty:
a privatization centric to the carriers--
http://www.pnhp.org/news/2012/may/cant-hold-tongues-on-obamas-health-law
http://blogs.investors.com/capitalhill/index.php/home/35-politicsinvesti...
A Picture of Privatization:
The Profit Box, literally:
http://pages.citebite.com/i1y4m1t7o7pxu
Fees to the government passed
to the patients is literally a back
door tax paying for privatization.
http://blackagendareport.com/content/obamacare-vs-single-payer-%E2%80%93...
http://stockcharts.com/freecharts/candleglance.html?AET,WLP,UNH,CI|D
http://financialpress.com/2011/12/09/obamacares-mlr-bomb-will-create-pri...
http://www.dailykos.com/story/2009/10/14/793112/-Schumer-Leahy-Take-on-I...
http://wendellpotter.com/2013/04/industry-pushes-high-deductible-insuran...
http://www.nomiprins.com/thoughts/2012/11/10/real-danger-of-obamacare-in...
These are not private insurer providers:
http://www.turkishweekly.net/news/157759/obamacare-39-s-health-insurance...
http://www.ritholtz.com/blog/2010/09/you-vs-corporations/
Define monopoly:
http://pages.citebite.com/f9g6i1b7rfvh
http://pages.citebite.com/d9u6v1v6jspj
Medical collections business going away? Ya think?
http://minnesota.publicradio.org/display/web/2012/08/01/accretive-rahm-e...
I would call myself a "reformer."
But I agree with this that this isn't actually a left-right issue, at least not
where privatization is concerned.
http://financialpress.com/2011/12/09/obamacares-mlr-bomb-will-create-private-insurance-monopolies-and-drive-premiums-skyward-hallelujah/
If you think this is going to save Detroit, and Obamacare is going to save America, I have to say, globalization is not being taken into account. More than likely, the property and resources will be sold on the auction block to highest bidder when it's all said and done.
Schemes have led to where we are. This is far beyond the comprehension of the everyday voter. Crooked politicians and business people who devise exploitation of existing systems keep their secrets until it is over. Getting elected is a ticket to a very nice life. Politicians lie, cheat and rape to get elected. When the media does not report it, how do you expect the voters to know?
Failure of the messenger to deliver the REAL news is what has landed America into "pending foreclosure." This is a plan that has been in place for a century. All those bullets, all those FEMA caskets large enough to put a 500 pound person in are not someone's imagination. America is in the process of going down. This is war and you are losing.
On a positive Detroit note, American Jewlery and Pawn on 8 Mile Rd is doing great business!
They can move from goverment work and Hardcore Porn to retirement and Harcode Pawn!!
The funny thing is the level of criminality involved.
The government criminals stole the money for the stated purpose of pensions and then stole it from the "leeches," government employees again.
Not that I have any sympathy for the leeches and thugs.
"Only government can steal the same dollar more than once."
I am not saying 401-K plans are the way to go - but union pension plans are there for the union management, the politicians and their mob friends to loot. The union leadership, pols, mobsters treat pension plans as a cookie jar they can rob.
The fed's smack down of gold prices is bad for Detroit because criminals rely on money received from selling stolen jewelry.
HUGE RADIATION COVERAGE ON THE ALEX JONES SHOW RIGHT NOW!!!
TAKS A LISTEN NOW AND ALSO TO THE REPEAT:
http://www.infowars.com/listen-on-the-internet/
Got my potassium iodide pills today. Fuku-Party!!!!
A totally unbiased source of information.
You're right! The least he could have done was have someone there to defend the pro-Fuckushima radiation position.
Statist Pigs: -1
Reality: +1
That's privatized policy causing adversity
leading to the public equivalent of an
LBO.
In national markets, it's those who sold
the bubble and retirees, mainly, plus everyone
else less severely, buying the banks' own
mortgage bubble, and following the inflation
representing the banks' original dead weight
in the stock market.
When the market tanks, the banks will thank
them for it.
Now, any small investor can also buy low
sell high.
But suppose you sold your home at the
top of the market. Or suppose you
dutifully saved for retirement.
What's the use?
The very name emergency manager
resonates with fast talking used
car salesmen (sorry used car salesmen--
I know you're making a more honest
living comparatively,) former Treasury
Secretaries putting on hyperventilation
acts, and the like.
This is ultimately good for Detroit employees, Detroit will have to actually fund their employees private 401K pensions with real assets rather than promises, an IOU note aint gonna cut it anymore.
I hear the current Detroit pensions were only 16% funded or were 84% short, personally I'd rather have a fully funded 401K than an 84% unfunded promise.
In 1985, Detroit's first black mayor started handing out 13th checks for pensioners. The issuance of these extra checks last lasted until recent times. Detroit would have an additional $1.9 billion in its coffers if it had kept that money which was handed out for no reason. If you ask me, it was a form of vote buying, but instead of getting it under the table in an envelop it came via the pension fund.
well, it looks like Orr backed down:
http://www.freep.com/article/20140106/NEWS/301060055/Detroit-pension-freeze-Orr