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Posted: 9/29/2015 12:25:27 PM EDT
Or 3.5 billion, depends on who is counting I suppose. Comes to over $1,400 per resident to make it solvent.
http://www.khou.com/story/news/2015/09/28/houstons-debt-could-lead-city-on-path-to-financial-ruin/73013796/ |
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Posted: 9/29/2015 12:56:18 PM EDT
[#1]
Quoted:
Or 3.5 billion, depends on who is counting I suppose. Comes to over $1,400 per resident to make it solvent.
http://www.khou.com/story/news/2015/09/28/houstons-debt-could-lead-city-on-path-to-financial-ruin/73013796/ Damn, the mafia did some serious skimming of that pension fund! |
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Posted: 9/29/2015 4:38:11 PM EDT
[#2]
Quote HistoryQuoted:
Damn, the mafia did some serious skimming of that pension fund! Quote HistoryQuoted:
Quoted:
Or 3.5 billion, depends on who is counting I suppose. Comes to over $1,400 per resident to make it solvent.
http://www.khou.com/story/news/2015/09/28/houstons-debt-could-lead-city-on-path-to-financial-ruin/73013796/ Damn, the mafia did some serious skimming of that pension fund! Nope another example of liberal policies. Vince |
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Posted: 9/29/2015 5:01:04 PM EDT
[#3]
Major reason the FD pension is private from what I understand, city can't touch it
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Posted: 9/29/2015 7:09:20 PM EDT
[#4]
Quote HistoryQuoted:
Major reason the FD pension is private from what I understand, city can't touch it The city's fund is guaranteed by the state constitution. Tax payers somewhere will have to answer for it. |
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Posted: 9/29/2015 8:31:11 PM EDT
[#5]
Quote HistoryQuoted:
Nope another example of liberal policies. Vince Quote HistoryQuoted:
Quoted:
Quoted:
Or 3.5 billion, depends on who is counting I suppose. Comes to over $1,400 per resident to make it solvent.
http://www.khou.com/story/news/2015/09/28/houstons-debt-could-lead-city-on-path-to-financial-ruin/73013796/ Damn, the mafia did some serious skimming of that pension fund! Nope another example of liberal policies. Vince Actually that's the cause... liberals and their union buddies aka "the mob" are the ones who weasel their way into pension management like that. |
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Posted: 9/29/2015 11:56:41 PM EDT
[#6]
Quote HistoryQuoted:
The city's fund is guaranteed by the state constitution. Tax payers somewhere will have to answer for it. Quote HistoryQuoted:
Quoted:
Major reason the FD pension is private from what I understand, city can't touch it The city's fund is guaranteed by the state constitution. Tax payers somewhere will have to answer for it. I thought the city had its own in house pension plan I don't think they are on TMRS. Would they still have protection if it's all in house? It should just be the Houston taxpayers on the hook. I don't think the state will help in this situation, I could be wrong. |
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Posted: 9/30/2015 12:10:35 AM EDT
[#7]
Quote HistoryQuoted:
I thought the city had its own in house pension plan I don't think they are on TMRS. Would they still have protection if it's all in house? It should just be the Houston taxpayers on the hook. I don't think the state will help in this situation, I could be wrong. Quote HistoryQuoted:
Quoted:
Quoted:
Major reason the FD pension is private from what I understand, city can't touch it The city's fund is guaranteed by the state constitution. Tax payers somewhere will have to answer for it. I thought the city had its own in house pension plan I don't think they are on TMRS. Would they still have protection if it's all in house? It should just be the Houston taxpayers on the hook. I don't think the state will help in this situation, I could be wrong. I think that's correct, I just know for sure about the FD having private, non city connected pension that they control because of the guys I have worked with at p/t gigs over the years. Someone at some point had enough forethought to see what would happen and insulated them from it. |
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Posted: 9/30/2015 10:24:19 AM EDT
[#8]
 Shocked.
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Posted: 9/30/2015 10:43:33 AM EDT
[#9]
Quote HistoryQuoted:
I thought the city had its own in house pension plan I don't think they are on TMRS. Would they still have protection if it's all in house? It should just be the Houston taxpayers on the hook. I don't think the state will help in this situation, I could be wrong. Quote HistoryQuoted:
Quoted:
Quoted:
Major reason the FD pension is private from what I understand, city can't touch it The city's fund is guaranteed by the state constitution. Tax payers somewhere will have to answer for it. I thought the city had its own in house pension plan I don't think they are on TMRS. Would they still have protection if it's all in house? It should just be the Houston taxpayers on the hook. I don't think the state will help in this situation, I could be wrong. It doesn't matter if it's TMRS or not. Back in the 1990's an amendment to the Texas Constitution was added to protect the benefits in public pension plan. So any benefits earned are guaranteed by law. However, it will be only Houston taxpayers on the hook (unless the city declares bankruptcy) for shortfalls in the pension. |
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Posted: 9/30/2015 1:14:16 PM EDT
[#10]
Shit, I thought the democrats were in charge of the city since before 2000? ??
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Posted: 9/30/2015 2:43:36 PM EDT
[#11]
Quote HistoryQuoted: Nope another example of liberal policies. Vince Quote HistoryQuoted: Quoted: Quoted: Or 3.5 billion, depends on who is counting I suppose. Comes to over $1,400 per resident to make it solvent. http://www.khou.com/story/news/2015/09/28/houstons-debt-could-lead-city-on-path-to-financial-ruin/73013796/ Damn, the mafia did some serious skimming of that pension fund! Nope another example of liberal policies. Vince |
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Posted: 10/1/2015 11:44:53 AM EDT
[#12]
How do you go from in the black to in the red by $5 Billion in 15 years.
1. Elect a liberal, former police union head, former police chief, as Mayor for 3 straight terms, Lee Brown. By 2001 union employees got more money to retire early than to go to work each day, that s a no-brainer. Begin underfunding. 2. Elect a multi-millionaire bleeding heart liberal Mayor for 3 straight terms, Bill White. Continue underfunding and toss in some more bleeding heart liberal causes to raid the coffers surreptitiously. 3. Elect a lesbian, bleeding heart liberal Mayor for 3 straight terms, Annise Parker. Former multi-term city council member and 3 term City Controller who worked with Bill White, but "surprised" at the city's finances after she was elected Mayor. That's 6 years of fiduciary duty signed off on prior to being elected Mayor, hilarious news conference ensued. That's 17+ years of Houston history where we have been booming economically. But its always easier for politicians to make promises for the future generations to pay for than to actually fund their needs now. And those 9 elections were not really close. Hking |
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Posted: 10/1/2015 12:12:45 PM EDT
[#13]
Quote HistoryQuoted: Shocked.This, too many over paid, over pensioned employees who do nothing... |
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Posted: 10/1/2015 5:00:22 PM EDT
[#14]
Quote HistoryQuoted:
How do you go from in the black to in the red by $5 Billion in 15 years. 1. Elect a liberal, former police union head, former police chief, as Mayor for 3 straight terms, Lee Brown. By 2001 union employees got more money to retire early than to go to work each day, that s a no-brainer. Begin underfunding. 2. Elect a multi-millionaire bleeding heart liberal Mayor for 3 straight terms, Bill White. Continue underfunding and toss in some more bleeding heart liberal causes to raid the coffers surreptitiously. 3. Elect a lesbian, bleeding heart liberal Mayor for 3 straight terms, Annise Parker. Former multi-term city council member and 3 term City Controller who worked with Bill White, but "surprised" at the city's finances after she was elected Mayor. That's 6 years of fiduciary duty signed off on prior to being elected Mayor, hilarious news conference ensued. That's 17+ years of Houston history where we have been booming economically. But its always easier for politicians to make promises for the future generations to pay for than to actually fund their needs now. And those 9 elections were not really close. Hking I couldn't have said it better. This is hardly a surprise to the City and the unions have been asking them to pay up for years. They've been kicking the can forward since the 90's and now they want to cry about it. Meanwhile the PD is still 2500 officers short, has a shitty fleet and aging buildings. A 55% pension based on your last three year avg isn't anything to write home about. |
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Posted: 10/1/2015 11:45:50 PM EDT
[#15]
conservative running for city council at large position 1.
Feel free to contribute to get this guy elected to council. I heard him speak recently and he wants to specifically address the pension system. |
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Posted: 10/2/2015 6:40:09 AM EDT
[#16]
I say we need to get advertising on the HPD uniforms and cruisers, its good enough for the school buses.
"Valdez Es Coming Muffler Shop: Detras Los Blue" or maybe "Wataburguesas: Because Ur Special Too" 
Hking |
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Posted: 10/2/2015 1:04:23 PM EDT
[#17]
A lot of these jobs are 20 years and a full retirement. some with health care.
This was somewhat ok when municipal employees got paid little to nothing and health care was cheap but somehow they have gotten their wage up beyond the private sector and as we say shitting in tall cotton and wiping with the top leaf. People are living much longer and need to work longer. From a small business owner the thought of working 20 years and out is a fantasy dream. |
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Posted: 10/2/2015 3:16:47 PM EDT
[#18]
Here's the cause of the problem:
2010– Annise Parker 2004–2010Bill White 1998–2004Lee Brown 1992–1998Bob Lanier |
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Posted: 10/4/2015 11:49:48 PM EDT
[#19]
I hope to god those cock suckers Garcia or Turner don't get elected.
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Posted: 10/6/2015 4:34:50 PM EDT
[#20]
Quote HistoryQuoted:
How do you go from in the black to in the red by $5 Billion in 15 years. 1. Elect a liberal, former police union head, former police chief, as Mayor for 3 straight terms, Lee Brown. By 2001 union employees got more money to retire early than to go to work each day, that s a no-brainer. Begin underfunding. 2. Elect a multi-millionaire bleeding heart liberal Mayor for 3 straight terms, Bill White. Continue underfunding and toss in some more bleeding heart liberal causes to raid the coffers surreptitiously. 3. Elect a lesbian, bleeding heart liberal Mayor for 3 straight terms, Annise Parker. Former multi-term city council member and 3 term City Controller who worked with Bill White, but "surprised" at the city's finances after she was elected Mayor. That's 6 years of fiduciary duty signed off on prior to being elected Mayor, hilarious news conference ensued. That's 17+ years of Houston history where we have been booming economically. But its always easier for politicians to make promises for the future generations to pay for than to actually fund their needs now. And those 9 elections were not really close. Hking Yay, more free shit. |
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Posted: 10/6/2015 5:15:32 PM EDT
[#21]
Quote HistoryQuoted:
A lot of these jobs are 20 years and a full retirement. some with health care. This was somewhat ok when municipal employees got paid little to nothing and health care was cheap but somehow they have gotten their wage up beyond the private sector and as we say shitting in tall cotton and wiping with the top leaf. People are living much longer and need to work longer. From a small business owner the thought of working 20 years and out is a fantasy dream. It's %55 of your highest three year average.There is no health care unless you pay full price for it. |
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Posted: 10/7/2015 1:23:21 PM EDT
[#22]
HPD maxed out was 80% at 25 years, 10.25 employee contribution. 7% got you 65% of salary. Vested after 10 years, led to double dipping, retire elsewhere, come in do 10 years, turn 55 and you got another check for as low as 2.5 employee contribution. At one time the legislature was going to look into it, no idea what ever happened.
HPD get medical, dental, vision subsidized by the city. Hking |
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Posted: 10/7/2015 1:43:01 PM EDT
[#23]
Quote HistoryQuoted:
A lot of these jobs are 20 years and a full retirement. some with health care. This was somewhat ok when municipal employees got paid little to nothing and health care was cheap but somehow they have gotten their wage up beyond the private sector and as we say shitting in tall cotton and wiping with the top leaf. People are living much longer and need to work longer. From a small business owner the thought of working 20 years and out is a fantasy dream. DBP are Ponzi schemes doomed to fail. But they get you re-elected everytime. |
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Posted: 10/7/2015 6:54:43 PM EDT
[#24]
Quote HistoryQuoted:
HPD maxed out was 80% at 25 years, 10.25 employee contribution. 7% got you 65% of salary. Vested after 10 years, led to double dipping, retire elsewhere, come in do 10 years, turn 55 and you got another check for as low as 2.5 employee contribution. At one time the legislature was going to look into it, no idea what ever happened. HPD get medical, dental, vision subsidized by the city. Hking When was this? I've been there 14 years and this definitely isn't the current contract. |
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Posted: 10/8/2015 8:30:17 AM EDT
[#25]
Andre3k, those max #'s would have been from the Brown administration into the White administration. Think of it as a golden parachute for the folks who were in HPD during Brown's tenure as chief from 82-90. Why you are not seeing those kind of #'s now, see the Ron Green quote about "belt tightening" and the long term. With 25c of every $ going to legacy costs the tightening will only get worse. These #'s have been known, as the article states, since 03 at least and the city still underfunded what should have been put into those funds. IIRC, the city was putting 23-24% but needed to be putting in 28-29% per year, if you are underfunding 5% for year after year those #'s really add up, no matter what you are paying out. There was once a website(city or union, I don't recall?) up, long since disappeared, where one could run the #'s and bear witness to what was heading our way. It's interesting to me that we only get such articles around election times and that the article only talks about pension plans and not about the overall city budget.
Regards, Hking |
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