tag:blogger.com,1999:blog-1628172601886929098.post815291313032770023..comments2024-03-28T08:55:53.818-04:00Comments on Perdido Street School: Governor Cuomo And The NY Post - In Search Of A Pension Crisis That Doesn't Existreality-based educatorhttp://www.blogger.com/profile/01712885202661371924noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1628172601886929098.post-36598699085344931142015-01-06T11:33:38.241-05:002015-01-06T11:33:38.241-05:00If anyone can bring clarity and understanding to a...If anyone can bring clarity and understanding to a complex issue, Harry is the person who can do it. Once again, he has clearly detailed and revealed the so-called latest issue, the "pension crisis", which will unfortunately happen to those tiers (V+). However, I am definitely going to ask the three TRS board members (UFT members) regarding "the UNITY board members agreed fifteen years ago to a pension accounting gimmick that allowed the Giuliani Administration to grab some of our pension funds in return for a short-term gain for members but which put the City TRS at a long-term structural disadvantage compared to the State TRS where no pension grab ever occurred."<br /><br />I truly feel that all the members should email the TRS members ask if the "accounting gimmick" has been removed or redressed. I plan to share this with my colleagues on my listserv. Thank you once Harry!<br /><br />P.S. I just read an article in the ny post regarding "cooking the books" with respect to the retroactive payments in our new contract. http://nypost.com/2015/01/05/new-york-citys-enron-peril-cooking-the-books-for-teacher-union-payoff/<br /><br />Here's an interesting statement that made me very wary about the accounting sleight of hands that the city is using.<br /><br /> " "If the past 15 years have taught us anything about financial disasters, it’s this: Beware of “alternative” accounting.""<br /><br />Have we not learned anything at all?! How many times can we be duped?I noticed that...noreply@blogger.comtag:blogger.com,1999:blog-1628172601886929098.post-7645997963752396572015-01-05T19:09:57.361-05:002015-01-05T19:09:57.361-05:00Tier 6 is a huge benefit to our retirement system....Tier 6 is a huge benefit to our retirement system. New teachers must contribute 5.75% for almost their entire career and cannot retire before the age of 63, no matter how many years they have worked. The amount of money that will flow into the retirement system is amazing and I strongly doubt most of those teachers will stay to get their pension. Tier 6 people don't even get 2% for their first 20 years, they get a lower percentage!<br /><br />I can't understand one bit why NYS would want to add another tier or even go the way of a 401k. This current tier will see most teachers paying in and never getting back a comparable benefit. Teachers in a decade will be screaming for a 401k!Anonymousnoreply@blogger.com