Re(6): Mike Deeson from Tampa 10 IP: 173.65.64.243 Posted on March 13, 2010 at 07:37:48 PM by Larry Vincent
To All Retirees,
As all Retirees, Actives and Trustees look at Ribaya's moves, the common question is "WHY." Lets look at this mover and shaker. He retired on a non-line-of duty pension and it a small pension. When we get a cost-of-living raise, it is a percentage of our base pension. If my pension is $100.00 and we get a 3% COLA then I get a $3.00 raise in my total check. If I had a non-line-of-duty pension, my base pesnion may be $50.00. Therefore, if we get a 3% COLA, it would add $1.50 to the total pension check. NOt much money anyway you look at it. So, we need to look for a way to get more money regardless of the consequences. Now comes Ribaya, a non-line-of-duty pensioner. He figures that if the PRAA puts in all the money to erase the funds loss then he and all of us will be able to get a 13th.Check, which is a whole lot more money than the COLA. Sounds good doesn't it. The problem is that if and I say if the funds in the COLA fund goes to zero, no one will get a COLA. Not the current Retirees or future Retirees. If the COLA (PRAA FUND) goes to zero then I would suspect that the fund would be in a loss mode. Therefore, no COLA and certainly no 13th. Check. I don't think we will ever get there but thing is possible in finance, the market and pension funds. At present, we have a pension fund that is funded at 102%, the only one like it anywhere. So, I would suggest you don't try to fix a pension fund that isn't broke. Our pension fund has endured losses in the past and has returned to a healthy state just by letting the contract mandates do their work. If the PRAA fund is tapped and goes to zero, Retirees will get no COLA each year. In addition to that, the CITY and the ACTIVES will have to raise their contributions to around 40%. How will this help? Here is the word. LEAVE OUR PENSION FUND ALONE. All those who think they have a brilliant idea on how to fix our pension fund should just shut up. Ribaya has said that if the CITY can save $3 million dollars, how many current jobs can that save? Since when is it Ribayas job to worry about the CITY and current jobs when it puts all current Retirees and future Retirees in financial jeopardy. Why is he more concerned about current jobs and the CITY than Retirees, current and future. This rant comes from a malcontent and he should just shut up and crawl back under the rock he came out from under. This is my personal opinion but it is shared by many from the ranks of the Retired Fire and Police. None of us should be trying to change our pension. It has proven, over the last 40 years that we have a workable pension that continues to provide all fund members with a financial security second to none.
There is no need to try to fix a pension fund that works so well. Any changes that would be made should be carefully thought out and input from experts reviewed. Then and only then should we proceed and do so with the utmost caution.
Larry Vincent Replies: