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Thread: AS I stated Major pension crisis starting in 2017

  1. #101

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    Moody's: Unfunded pension liabilities now exceed debt for many large US local governments


    New York, November 04, 2016 -- Unfunded pension liabilities for the top 50 local governments ranked by outstanding debt have more than doubled over the last decade, and 32 of those municipalities now have higher pension liabilities than debt, Moody's Investors Service says in a new report.

    Moody's says the median adjusted net pension liability (ANPL) for the 50 local governments compared to all governmental revenues reached 147% for fiscal 2015 reporting, versus 70% in 2005. The aggregate ANPL amount for the top 50 reached $367 billion for fiscal 2015.


    https://www.moodys.com/research/Mood...rge--PR_357522

  2. #102

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    Dallas "Pension Fund Panic" As Mayor Warns Of 130% Property Tax Hike To Avoid Collapse

    http://www.zerohedge.com/news/2016-11-06/dallas-pension-fund-panic-mayor-warns-130-property-tax-hike-avoid-collapse

    Thing only got worse, when news of the fund's woes spread, and as we reported in September, Dallas police officers caught on to the ponzi and rushed to withdraw retirement funds as quickly as possible before the whole system goes bust. As reported by a local ABC affiliate, Dallas police officers are retiring at a record rate and opting for full cash withdrawals of their pension benefits as opposed to equal monthly distributions for life (apparently they don't think the fund will be around long enough to pay them for very long).


    Through the first two weeks of September, there have been 21 Dallas police officers who retired. Multiple sources told NBC 5 that commanders are bracing for many more retirements over the next two weeks as well.

    The Dallas Police Department did not foresee the volume of retirements this month. In early August, Deputy Chiefs told city council members in a presentation that they projected 14 retirements between Aug. 9 and Oct. 1.
    In short, declining returns, a mismatched asset-liability book, and a surge in redemptions: the three things that no fund managers wants to hear, let alone at the same time.


    According to ABC, the pension board wants the city to contribute $1.1. billion in 2018, but to do that, they would have to increase the property tax rate by 130%.
    What's the Frequency, Kenneth?

    432Hz

  3. #103

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    Huge. Across our nation the pension plans designed ny government unions will go bust. As they fail so will the government services. Creating a even bigger crime and violently under class with nothing left to lose.

    It will be a dog eat dog world as state and property taxes goes up so will private property ownership will go down, then it really starts eatimg it's self.
    Small business is the incubator of employment. As it declines, so too do opportunities for first jobs, second chances and economic independence.

  4. #104

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    I believe Florida law prohibits the increase of property over 2% per year. I do think it is a bit odd that the politicians make it sound like they just have no choice but to raise the rates of the people under their control. I would bet there was no talk about scrapping any budget items to take the load off their taxpayers.
    Now there's no more oak oppression
    They passed a noble law
    Now the trees are all kept equal
    By hatchet, axe and saw.

    I will not comply.

    The Tea Party... quietly plotting to take over the world,
    and leave you the hell alone!

  5. #105

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    DuPont to end pension contribution for active employees



    WILMINGTON, Del. — DuPont will no longer contribute to active employees' pension plans, a move that will affect the retirement of 13,000 workers, including 2,800 in Delaware.

    The Wilmington-area company announced Thursday that workers will stop accruing benefits sometime in November 2018 or the creation date of the first independent company spawned through the proposed $130 billion merger with Dow. Only employees in the United States and Puerto Rico will be affected by this move.

    The company also eliminated retirement health benefits, including dental and life insurance for all employees under the age of 50 when the pension contribution ends in about two years.


    http://www.usatoday.com/story/money/...yees/94061148/

  6. #106

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    Pension Battle Pushes Precedent in Distressed California Town

    Letters sent by certified mail usually aren’t how state and local governments signal they’re about to breach the promise that public workers consider ironclad when it comes to retirement benefits.
    But that’s how Patsy Jardin, 71, of Loyalton, California, found out that she may lose much of her $48,000 annual pension because the town government failed to fund its long-term liabilities. Reading the letter delivered to her rural home made the former clerk "sick," she said in an interview. "It’s my livelihood."

    http://www.bloomberg.com/news/articl...alifornia-town

  7. #107

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    Illinois unfunded pension obligations have risen to $130B. Currently 25% of Illinois revenues goes towards the pension backlog.
    What's the Frequency, Kenneth?

    432Hz

  8. #108

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    Quote Originally Posted by t00nces2 View Post
    I believe Florida law prohibits the increase of property over 2% per year. I do think it is a bit odd that the politicians make it sound like they just have no choice but to raise the rates of the people under their control. I would bet there was no talk about scrapping any budget items to take the load off their taxpayers.
    If they can't raise property taxes, they will raise something else to pay the current government servents. Even adding taxes to phone, power, gas, etc......
    Small business is the incubator of employment. As it declines, so too do opportunities for first jobs, second chances and economic independence.

  9. #109

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    Illinois law requires that local pension cost be done through local property taxes.
    What's the Frequency, Kenneth?

    432Hz

  10. #110

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    Quote Originally Posted by redraspberry View Post
    Illinois law requires that local pension cost be done through local property taxes.
    Maybe they will take a ounce of gold? Oklahoma will, really, err... I think, read the law and I don't understand it.
    Small business is the incubator of employment. As it declines, so too do opportunities for first jobs, second chances and economic independence.

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