Market Ticker Forums
Detailed market commentary at The Market Ticker and Ticker Classics (The Year 2012 In Review)
Donations accepted; we offer GOLD ACCESS for enhanced privileges. T-Shirts, caps, coffee mugs? Click here.
BlogTalkRadio - Mondays at 3:30 Central - Yes, TickerGuy has a radio show (kinda)
Rss Icon RSS available You are not signed on; if you are a visitor please register for a free account!
Sponsored Advertising
To remove advertising from your display upgrade to Gold Donor status
MarketTicker Forums Read Message in FedUp
User: Not logged on
Top Forum Top Login Control Panel FAQ Register Logout
User Info Pensions interest slashed for Ohio Police and Fire Pension in forum [FedUp]
Marketpirate
Posts: 1636
Incept: 2007-11-30
Green
New York
Report This As A Bad Post Add To Your Ignored User List Ignore this thread
http://www.dispatch.com/content/stories/....

Quote:
A decision to cut the interest rate that thousands of Ohio police officers and firefighters earn on their retirement accounts isn’t sitting well with some, despite contentions that the payout is too expensive.

Starting this month, the Ohio Police and Fire Pension Fund is paying 2.23 percent interest on accounts in the Deferred Retirement Option Plan, or DROP. The system had been paying 5 percent since 2003, when the optional statewide program began.

It lets police officers and firefighters defer retirement up to eight years while their pension payments accumulate with interest. They can get the lump sum upon retiring
.



Quote:
“Senate Bill 5 (the 2011 attempt to slash public employee collective bargaining) was an assault on policy. This really is an assault on your money right now,” Kevin Reardon, a battalion chief with the Columbus Division of Fire, said of the interest-rate change. “This is your family’s security that’s being attacked right now.”

Leaders of the pension fund disagree.

“You can’t pay out more than what you earn. We’re not the federal government. We can’t print money,” said Executive Director William Estabrook. “Our earned interest in 2011 was 2.24 percent.”

The fight so far is between firefighters and the pension system. (Police, notably, are OK with the change
.


----------
The bull**** stops when the money runs out, and not a moment before.
Mayorquimby
Posts: 13909
Incept: 2008-09-18
Green
The Archaic Past
Report This As A Bad Post Add To Your Ignored User List
“You can’t pay out more than what you earn. We’re not the federal government. We can’t print money,”

Amazing when you step back and look at what happened to America. Insane.

----------
They who wish to hurt you, work within the law.
- Morrissey

Gold is theft.
Top Forum Top Login Control Panel FAQ Register Logout