The Texas Monitor contacted public information officials of both the Teacher Retirement and Employees Retirement systems, with questions about how executive compensation is determined.
Neither responded. Salaries and bonuses for state investment executives have climbed unabated, at least since the Great Recession began tapering off in Please see page 21 of the report for a ranking of the thirty highest salaried investment positions at state agencies as of June 20, Mark Lisheron can be reached at [email protected].
The Federal government is starting to play with the idea of cutting social security benefits if you have a public pension although you paid into both. The failure lies with the local politicians. Sorry, but k plans are the only way to go.
Anything else is just a Ponzi scheme. Looking at you, Social Security. Right now the school districts pay for teacher retirement — conversion to b might actually cost them less AND reduce long term state liability. For what! At the end of the day they still get screwed. There needs to be an association formed to include ALL State Pension participants who make it a point to elect or not elect Legislatures and Senators to protect the interest of the participants.
These funds were promised to employees who retired prior to this quagmire! The problem is that there is no political will to solve the problem. You need to study up before making a blanket statement! Pensions need to be ended for public employees period. Federal, state, county … all of them. I very purposefully did not accept much more lucrative financial offers from the private sector for several reasons….
Two I was willing to forgo a higher salary for a pension that I contributed to on a monthly basis. Three this was a contract that the State of Texas and I agreed to. You can promise tax cuts all day long, but if there is no appraisal reform the local districts will keep raising the appraisals and offset the tax cut!
The real issue is cities deliberately underfunding these pension plans, creating a public crisis, then using it as an excuse to raise taxes or float a bond. And the high priced advisers are necessary to claim that investment returns will be higher in the future. Those investments include private equity , hedge funds , commodities , derivatives , and high-yield bonds.
While some pension funds are in solid shape today, many others are not. For private pension plans, those numbers are reflected in the financial obligations taken on by their insurer, the PBGC. The Congressional Research Service reported that, "PBGC projects the financial position of the single-employer program is likely to continue to improve, but the financial position of the multiemployer program is expected to worsen considerably over the next 10 years.
However, that assessment was written before the passage of the American Rescue Plan Act of in March It includes provisions intended to help the PBGC strengthen multiemployer plans. Plans that face serious financial trouble are eligible to apply for special assistance in the form of a single, lump-sum payment calculated to cover the plan's obligations through the year Rather than insurance premiums, the money to fund this program is to come from the U.
Treasury's general tax revenues. State and local pension plans also present a mixed picture. The Equable Institute recently predicted that "the average funded ratio will decrease from Urban Institute. Bureau of Labor Statistics.
Accessed March 18, Pension Rights Center. National Association of State Retirement Administrators. Pension Benefit Guarantee Corporation. Pension Benefit Guaranty Corporation.
Government Publishing Office. Coverage ," Page Department of Labor. Congressional Research Service. Retirement Planning. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights.
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