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St. Petersburg City Employee Forum Protecting your Retirement Benefits and Preventing Bankruptcy. America’s Founding Principles. Natural Rights Individual Liberty Limited Government Consent of the Governed Property Rights Free Markets Equal Justice Rule of Law.

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Presentation Transcript
slide1

St. Petersburg City Employee Forum

Protecting your

Retirement Benefits

and

Preventing Bankruptcy

america s founding principles
America’s Founding Principles

Natural Rights

Individual Liberty

Limited Government

Consent of the Governed

Property Rights

Free Markets

Equal Justice

Rule of Law

pension fund shortfalls
Pension Fund Shortfalls!

City STILL underfunds Pensions with maximum property tax collections in 2007!

slide22

General, Fire and Police

Promised Vs. Actual Growth in Pension funds

Police

General

Fire

slide23

Police

General

Fire

Fire

vallejo ca one of many bankrupt cities

“City councils continued approving raises and benefits for workers, ignoring warnings from citizen oversight commissions. Police and fire officials could retire at 50 with 90% of their final year's salary. After one year of service, public employees could get health care coverage for life, and so could their families. Starting in 2005, the city began spending $3 million to $4 million a year more than it was taking in, draining its reserve fund.”

Huffington Post 7/23/2012

ValleJo, Ca – one of many bankrupt Cities
bankrupt cities

Vallejo, CA

Stockton, CA

San Bernadino, CA

Central Falls, RI

Jefferson County, AL

Boise County, Idaho

Harrisburg, PA

DETROIT

BankRupt cities
vallejo ca bankruptcy effecs

“…up to $100 million in health care obligations were removed when the city cut benefits for retirees to $300 per month, down from $1,500 in some cases.”

  • But Vallejo also racked up $13 million in legal bills and was unable to rework its pension plan, still a $165 million unfunded liability.
    • (St. Pete is $140 million unfunded for pensions and $177 mill unfunded for Health benefits!)

"It is painful to say to people who supported you in an election that I have to cut your salaries. That's hard," said Mayor Osby Davis, who has held that seat since 2007.

Huffington Post 7/23/2012

ValleJo, Ca – Bankruptcy Effecs
vallejo ca bankruptcy city jobs gone

Deep staff cuts

Sworn police from 155 to 90

Firefighters from 122 to 70 with three fire station closures

Deep cuts in spending on streets, building maintenance and other programs

Vallejo, CA - bankruptcyCity Jobs GONE!
central falls ri bankrupt 55 hair cut to pension payouts

“It is a settlement about which no government officials associated with Central Falls should be proud,” said Matt McGowan, the lawyer who represents retirees. “In an example of abject irresponsibility on the part of its elected officials, its pension plans were persistently and habitually underfunded for a decade or more.”

Central Falls RI – Bankrupt!55% Hair cut to Pension Payouts
pension reform

Get the Truth from your Union Leaders and Politicians

  • Fund the Pensions!
  • Focus Spending on Core Services first
    • Public Safety, Roads, Utilities, Parks
  • Reform pension to protect it.
  • Prevent bankruptcy.
  • Stop Wasting Money on Things we can’t afford. (Lens, SRI, Rays, Rail)
Pension Reform
pension reform benefits

You own it

Incentives to Change – LEVERAGE needed change to your advantage

Pay Raise,

Earlier Vestment

Portable benefits

Change last-in, First out

Free financial planning

Pension Reform - Benefits
pension reform1

Keep current obligations

  • CHOICE – Defined benefit or Defined contribution – You Choose based on Incentives
    • Raise, Earlier vestment, portability, changed hire/fire, free financial advice
  • Transition to Defined Contribution Plan
  • Re-evaluate retirement age
  • Re-evaluate overtime rules
  • Save the city from Bankruptcy-
    • Prevent you from being left in the cold.
Pension Reform