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Old 07-17-2019, 09:15 AM   #2861
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Originally Posted by OMG!WTF! View Post
Well, except the premier, the mayor and every other premier, mayor, prime minister, fire chief, any elected official anywhere doesn't make nearly that much. So it seems a little excessive to me. It likely reflects the inflated wages of the lower ranks on up.
I've said many times elsewhere that perhaps if we paid some of those positions a more competitive wage, we'd end up with a higher caliber of people in them; might sound great to a drama teacher ( ), but if it's a pay cut to even most middle managers, they're not interested, especially with the blinding public scrutiny, etc... But that's an entirely different conversation.
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Old 07-17-2019, 09:35 AM   #2862
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Let's do the math...

$105K @ 11% = $962.50 per month.

Future value @ 6% annum over 20 years...

~$444714

Let's drawn that down...

Take out $3750/month... RoR of 2% on the remaining principal.

You have 11 years before all the money is gone.
I don’t agree with your assumptions... consider that a pension pool can be invested much more aggressively than an individual portfolio (ie why only 2% post retirement- even an individual should be more aggressive than that, let alone a pool)

It doesn’t take very aggressive assumptions to make their pension entirely user funded.
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Old 07-17-2019, 09:49 AM   #2863
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If I can't be rich, then god damn it, everyone's gotta be poor with me!
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Old 07-17-2019, 09:54 AM   #2864
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Originally Posted by Shazam View Post
Let's do the math...

$105K @ 11% = $962.50 per month.

Future value @ 6% annum over 20 years...

~$444714

Let's drawn that down...

Take out $3750/month... RoR of 2% on the remaining principal.

You have 11 years before all the money is gone.
The City also matches the employee contribution to the pension.
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Old 07-17-2019, 10:26 AM   #2865
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If I can't be rich, then god damn it, everyone's gotta be poor with me!
Again with the flippant remarks that once again miss the point.

Nobody is saying that City or Government workers 'need to be poor' except you.

But the pensions are unsustainable and its not pie-in-the-sky Chicken-Little BS or 'Pension Envy' or any of that.

Municipalities in North America have gone bankrupt because of overly-generous Public Sector pensions.

And if I've said this once I've said it a million times: Its unsustainable. So our choices are to either fix the system as it cannot operate for much longer in its current form or....the people counting on these pensions will have to deal with whatever happens when they can no longer honour their obligations.
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Old 07-17-2019, 10:49 AM   #2866
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Originally Posted by powderjunkie View Post
Expense accounts and other perks also tend to be substantially less in the public sector (at least in bull times). It may not seem like a big thing, but the boss taking the team out for dinner/drinks to celebrate an achievement can go a long way in terms of workplace morale...same with getting the odd set of un-needed Flames tix, etc.
yea, the comparison in good times in public sector might be a $10 tims card in good times...yay lol
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Old 07-17-2019, 01:20 PM   #2867
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And if I've said this once I've said it a million times: Its unsustainable. So our choices are to either fix the system as it cannot operate for much longer in its current form or....the people counting on these pensions will have to deal with whatever happens when they can no longer honour their obligations.
That might be true of other municipalities but the LAPP is one of the healthiest pension plans around. In 2018 it came out at 108% funded with the plan growing to over $44 Billion.

Check out the annual report!
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Old 07-17-2019, 02:11 PM   #2868
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Originally Posted by Rhettzky View Post
That might be true of other municipalities but the LAPP is one of the healthiest pension plans around. In 2018 it came out at 108% funded with the plan growing to over $44 Billion.

Check out the annual report!
Yearly employer contributions (matching) are higher than employee contributions. I don't know of any private company who does/can afford that. I could be wrong though.

Almost no private companies offer DB pensions anymore.
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