You know I'm mentioned more than once that it's a difficult time to be a City employee. (full disclosure, I'm a City employee. This is being written on my own time and on my own computer. No City resources are being utilized in the writing.)
I'd like to highlight this quote from Bernard Parks.
Councilman Bernard C. Parks, who also serves on the committee, would not discuss specifics of the proposal, but voiced fears that the city would not be able to cover the increased pension cost of workers who retire before they are eligible.
"I don't think [the pension system] can afford it," he said.
Did you know that Parks gets $22,000 A MONTH in pension payments from his prior position as Police Chief? That's on top of his salary as a LA City Councilman. I'm leaving out the part that the majority of people retiring under this deal would make a fraction A FRACTION of what he makes a month.
2 comments:
I know that doesn't sound fair but it's just the way things worked out. I have a neighbor who because he worked for a couple of companies and was in the military will be getting more in retirement that when he was working. Most public employees here are having to take unpaid leave to make up budget shortfalls.
You also need to remember that state and local pensions were invested funds. When the market tanked it hit just about everyone.
I'd like to thank Don and his cohorts over at Blah3 who tipped me off to the economy in 07. I switched my retirement funds to safe ground before the storm.
But then count your blessings you still have a job and your paychecks don't bounce do they?
http://notalwaysright.com/an-offering-to-the-literary-gods/2093
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