tag:blogger.com,1999:blog-2447438783001404385.post7078464641915590334..comments2024-03-28T19:00:12.726-05:00Comments on Jackson Jambalaya: PERS gets mo' money but funding level still fallsKingfishhttp://www.blogger.com/profile/06184990110961727404noreply@blogger.comBlogger26125tag:blogger.com,1999:blog-2447438783001404385.post-11395283508262265462013-11-08T16:07:24.996-06:002013-11-08T16:07:24.996-06:00Whether contracts can be broken is certainly up fo...Whether contracts can be broken is certainly up for debate and eventually up to the courts. Certainly not up to a bunch of ranting homers on a blog site. The whole thing needs to be retooled with retirees left alone and those in a few years of retirement left alone. It matters not how this program compares to the private sector or who thinks they can better invest the funds. The relationship is based on a contract. If the system is to be salvaged, get to work on it. And include putting the meat axe to SLRP. <br /><br />Some years back they allowed folks to retire with 25, hoping to get rid of a lot of folks. Now they're trying to figure out how to get those at retirement age to hang around and not retire. <br /><br />Don't count on Feel Brant to do anything about it. Besides he USED TO HAVE A FOUR OH WUN KAYE!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-53834927574067442532013-11-07T14:36:36.575-06:002013-11-07T14:36:36.575-06:00"November 6, 2013 at 8:39 PM = another anonym..."November 6, 2013 at 8:39 PM = another anonymous nobody". Are you saying that because you don't like the post or just because you wanted to comment, anonymously?<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-56523742825118250962013-11-07T05:15:43.065-06:002013-11-07T05:15:43.065-06:00November 6, 2013 at 8:39 PM = another anonymous no...November 6, 2013 at 8:39 PM = another anonymous nobodyAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-67024895246115740002013-11-06T20:39:12.038-06:002013-11-06T20:39:12.038-06:00What we have here is knee-jerk reporting based on ...What we have here is knee-jerk reporting based on half-assed understanding of the problem for the sake of touching the bases. Kingfish rarely drills down deeper than the first strata. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-4846115213236496102013-11-06T14:33:52.818-06:002013-11-06T14:33:52.818-06:00KF, obviously you haven't read my previous pos...KF, obviously you haven't read my previous post nor have you posted it. You can quote Fitch (gotta a kick out of someone believing this was the state treasurer) all day long, but ER contributions did not increase until 1 July 13.<br />I don't think anyone who is familiar with this system doesn't believe it has some serious problems. <br />KF, do you read John Mauldin? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-39481121818482323532013-11-06T11:39:46.379-06:002013-11-06T11:39:46.379-06:00Make up your mind, Kingfish. One month you'll ...Make up your mind, Kingfish. One month you'll extol the incompetence and inexperience and 'daddy funding' of Fitch, then the next, you're quoting her as some sort of clairvoyant. <br /><br />All she did in that quote was admit that the ponzi situation can't be controlled given the present rules. But, she'll be drawing a 13th check before the legislature acts. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-18138120158942103812013-11-06T11:36:08.817-06:002013-11-06T11:36:08.817-06:00I don't know anybody who thinks that, 9:30; ho...I don't know anybody who thinks that, 9:30; however, anybody who thinks SLRP is not a part of the problem is damned sure a fool. An automobile with a burned up engine and two flats is not going to make it down the highway. The engine needs work but you've still got two flats. <br /><br />Multiple programs under the state retirement umbrella; highway patrol, municipalities, SLRP and PERS (with double benefits for legislators) all roll into the overall problem. Not just one piece needs to be fixed. <br /><br />As someone once said, taking a bit of editorial license here, you take the millions eventually, down the road, paid out in retirement perks to part time legislators and pretty soon you're talking about real money. <br /><br />Of course suggesting that SLRP money pissed down a rathole is not really important makes me wonder if you're a Hinds County Supervisor. Piss away a little here and a little there.....<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-40476236652702607682013-11-06T09:30:17.370-06:002013-11-06T09:30:17.370-06:00Any fool who thinks PERS is failing because of SLR...Any fool who thinks PERS is failing because of SLRP is just that, a fool.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-74317921109792648322013-11-06T06:22:38.283-06:002013-11-06T06:22:38.283-06:00Fitch:
Pension funding continues to decline and ...Fitch: <br /><br /><i>Pension funding continues to decline and the state utilizes a funding methodology that employs a fixed contribution and variation of the amortization period for its unfunded accrued liabilities. Despite having raised employer contributions to 15.75% of payroll and employee contributions to 9% of payroll, the funding of the state's Public Employees' Retirement System declined to 57.7% as of June 30, 2013 and its amortization period increased to 32.2 years. The Fitch-adjusted funded ratio is 51.9%</i>Kingfishhttps://www.blogger.com/profile/06184990110961727404noreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-1446108741180243112013-11-06T04:27:26.871-06:002013-11-06T04:27:26.871-06:008:19; Not that I'm aware of. Can you provide a...8:19; Not that I'm aware of. Can you provide a citation for that? And 6:50 is correct. Kingfish bases a large part of his 'sky falling' claim on an increase that didn't become effective until AFTER the fiscal year ended. And, as always, The Cap'n sits on the bleacher top row shooting spitballs and chanting "I told ya so; I told ya so!"<br /><br />As we have all known for at least thirteen years, defined benefit plans across the nation have begun to fail and there are simple reasons for the failure, none of which have a rat's ass to do with employees, retirees or investments. Even Baskin Robbins knows you can't order a gallon of ice cream each day and scoop out a gallon and half worth of cones. <br /><br />How many remember back when the legislature gave themselves full PERS retirement after only four years state service?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-70683866627099069162013-11-05T20:19:17.549-06:002013-11-05T20:19:17.549-06:00Weren't employees hired in the last few years...Weren't employees hired in the last few years excluded<br />from the defined benefit plan ? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-10524955614499348272013-11-05T19:10:13.955-06:002013-11-05T19:10:13.955-06:00Nothing is guaranteed by the government. It is alw...Nothing is guaranteed by the government. It is always in play, always in flux.<br /><br />Your entitlement without the "austerity measures" similar to health care today is SAFE.<br /><br />I'm not a politician, but I guarantee you they will tell you, YOU ARE SAFE.<br /><br />lmaoKaptKangaroohttps://www.blogger.com/profile/04205368935149517936noreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-34400922769776831062013-11-05T18:50:09.134-06:002013-11-05T18:50:09.134-06:00KF, the ER increase did not come about until 1 Jul...KF, the ER increase did not come about until 1 July 13, so it would not be included in this report since the previous FY ended June 30.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-17337318752948948322013-11-05T18:17:40.385-06:002013-11-05T18:17:40.385-06:00Miss. bond rating downgraded from 'stable'...<a href="http://www.clarionledger.com/article/20131105/NEWS01/131105021" rel="nofollow">Miss. bond rating downgraded from 'stable' to 'negative'</a><br /><br /><i>Fitch Ratings on Tuesday downgraded Mississippi’s bond rating outlook from “stable” to “negative,” saying lawmakers have relied too much on “one-time” money for recurring expenses and continue to raid the state’s rainy day fund to balance the budget.<br /><br />While the agency did not drop the state’s credit rating from AA+, it warned, “The rating may be lowered if the state is unable to consistently fund ongoing operations without relying on one-time revenue sources, if there is weakness in the economy that diverges from the national trend, or if funding for pension liabilities weakens.” A drop in credit rating would cost the state millions in interest rates for general obligation bonds, and can be a turnoff for major economic development projects.<br />.....<br />The rating company also warned that Mississippi’s economy is “overweight in the more volatile manufacturing sector” and has high poverty, low per capita income and unemployment remains above the national average.<br /><br />Fitch also said the state has “above average liabilities,” with net tax-supported debt of $5.3 billion, <b>and a state employee pension fund with high unfunded obligations.<br /><br />The combined debt, unfunded pension obligation and low income makes Mississippi “among the weakest of the states,” the report said.</b><br /><br />Reeves said, <b>“The fact our pension funding levels are weak and getting weaker, that’s a real issue</b> … But heretofore, there has not been the political will to do anything about it. I don’t know if that is changing or not.”<br /></i>BEWARE the Dunce Alert Duncenoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-13484804776633327442013-11-05T18:06:21.725-06:002013-11-05T18:06:21.725-06:00The numbskulls in Detroit equivalent to 5:14 PM sp...The numbskulls in Detroit equivalent to 5:14 PM spewed the same uninformed crapola. Enjoy your 16 cent screwing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-50970362093641329272013-11-05T17:25:40.041-06:002013-11-05T17:25:40.041-06:00I disagree you can't change them, especially i...I disagree you can't change them, especially if they were hired before 99 when the last increase went into effect. Were those part of the original contract? Nope. <br /><br />Just cuz Jim Hood says something don't mean it is so. SO that is why I say let it get down to the low 40's. Its the only way anything will happen. Kingfishhttps://www.blogger.com/profile/06184990110961727404noreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-570026280570180242013-11-05T17:14:09.285-06:002013-11-05T17:14:09.285-06:00That's the whole point, 2:10. By definition, d...That's the whole point, 2:10. By definition, defined-benefit is a guarantee. Duh. Even Kingfish realizes this. The only way to change it is to change it. It's not a simple matter of claiming taxpayers will be up in arms, they won't. <br /><br />Nor is it a matter of bitching the problem away. It's a ponzi situation, plain and simple. The retirees can't be blamed, although that seems to be a popular fallacy. <br /><br />Fact remains, the legislature has tweaked this system to their own personal benefit for forty or more years. Indeed, they have an additional separate retirement system on top of PERS-Regular. And their jobs depend on retention of a failing system.<br /><br />Outlaw the SLURP benefit and make changes that are sensible. Too many of you are, frankly, idiots. Dunce Alert Dunce Alertnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-5712437338340743262013-11-05T16:48:38.534-06:002013-11-05T16:48:38.534-06:00and the so-called finance people have been mainly ...and the so-called finance people have been mainly CPA's. Cecil Brown would be a huge improvement than most of them as he is actually a financial planner. CPA's tell you how much money you have, not what to do with it. <br /><br />The Republicans suggested placing some non voting experts on the PERS board so the system could gain some independent financial expertise. Billy McCoy, Moak, and company blasted them for trying to sell out to Wall Street. They don't want anyone to have an informed opinion about PERS whatsoever. Period. Kingfishhttps://www.blogger.com/profile/06184990110961727404noreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-43694171466126900902013-11-05T16:46:23.382-06:002013-11-05T16:46:23.382-06:00So you just pull it all out of the general fund...So you just pull it all out of the general fund's ass and leave less for Medicaid, education, and other services. Yeah, that will go over real well. <br /><br />Funny how none of you have refuted my post with actual facts or numbers. Kingfishhttps://www.blogger.com/profile/06184990110961727404noreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-16610439545873538482013-11-05T16:02:31.956-06:002013-11-05T16:02:31.956-06:00Let's see how far your law goes 2:10 PM when t...Let's see how far your law goes 2:10 PM when the remaining 95% of Mississippi's taxpayers saw NO to any more bailouts for a PERS system that refuses to fix itself.<br /><br />PERS retirees are not exempt from receiving a haircut.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-59065595678394675432013-11-05T15:44:19.319-06:002013-11-05T15:44:19.319-06:0010:59 is an idiot. Let meez explainz its to youz i...10:59 is an idiot. Let meez explainz its to youz in wordeses youz canz understandzeses. Last year a board member made the statement that they should invest in derivatives. Someone not on the board was patiently listening. Finally he had had enough and ask the guy if he knew what derivatives were? He had no idea. Nor did anyone else. This is your PERS BOARD. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-36588094377573943862013-11-05T14:10:14.700-06:002013-11-05T14:10:14.700-06:00RE: 11:22 AM
No one has to ask the taxpayers to b...RE: 11:22 AM<br /><br />No one has to ask the taxpayers to bail the PERS out. It is in the law that the benefits are guaranteed by the state govt i.e. general fund.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-19561162420245944712013-11-05T12:22:11.617-06:002013-11-05T12:22:11.617-06:00In re: November 5, 2013 at 10:59 AM
I see a gubme...In re: November 5, 2013 at 10:59 AM<br /><br />I see a gubment retiree found the story.<br /><br />Your comments make no sense.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-4144488244402530342013-11-05T11:22:31.902-06:002013-11-05T11:22:31.902-06:00Retirees in Detroit are going to receive 16 cents ...Retirees in Detroit are going to receive 16 cents on the dollar. If that doesn't provide all involved enough pause to get off their asses and act then they deserve the disaster that comes their way.<br /><br />Don't ask the taxpayers to bail you out.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2447438783001404385.post-2270317176390863042013-11-05T10:59:42.818-06:002013-11-05T10:59:42.818-06:00I see Kingfish has been listening to that financia...I see Kingfish has been listening to that financial wizzard, Kangaroo, again. Both are simply clueless. It's a defined benefit system, dunce. Those don't work well anymore. But it is what it is. It's simply a giant Ponzi project, not a scheme, just won't work in today's world, just like all Ponzis. <br /><br />And it has zero to do with the makeup of the board. Every state treasurer over the lifetime of the system has been a board member and several real finance people are always on the board as appointees by the Gov and Gov Light. At one time, when these types of systems (defined benefit) were doing well, Mississippi PERS was the most sound in the nation. The soundness of this program does not correlate with members past or present or future. <br /><br />People live longer = retirees live longer. Government grows = more enter and retire from the system. Do the math dummy. If the legislature decides to buck-up and change this system (it's needed, no doubt) then they'll do that. Til that time, all the moaning and Homer-posturing by geniuses like Kingfish are farts in a whirlwind. Dunce Alert Dunce Alertnoreply@blogger.com