The study printed in today's Palm Beach Post gives Lake Worth an F grade. If you notice in the graph, Lake Worth has gone from C and D grades to F's for Employees and Police since 2010. According to the C.A.F.R. for the year ending September 30, 2013, the following are Lake Worth's unfunded liabilities:
The Employee’s retirement $ 43,463,807
The Police retirement plan $ 22,660,667
The Fire retirement plan $ 23,593,457
7 comments:
Does anyone notice the trend? Since Stanton, all is worse.
@8:52 you're clueless. -Mrs. Silicone
Why aren't employees retirements being changed to 401K's for new employees- the corporate world realized long ago that retirement plans were sustainable, and negotiate existing union contracts with current general employees. I suppose since the Sheriff's Dept. and the County own our police and fire contracts we have no leverage there. We appreciate the services of those who have served the public, but it was a job they were paid for, and bankrupting a town for benefits is irrational and a financial fiasco!
Not surprising, of course the City kept telling us we had no debt during the LW2020 campaign.
PBSO and fire benefits are absolutely unsustainable b/c they retire after 20 years. Most pull benefits far longer than they ever work. But find an elected official who would ever speak out against LEO or FF benefits, I've never seen one.
Well Lynn seeing as you are so unenthusiastic about this commission, maybe you can find someone to runn against Szerdi, and you will ave at least 2 votes on the commission.
And that's because you almost can't get elected without the endorsement of the Unions. So once you sell your soul to the public sector unions who fund your campaign, how can you speak out against them?
That is corruption worse than anything railed against on this blog. Millions wasted for unfunded pension liability while our streets fall into the sewer pipes below like a sieve.
Maybe a trend of municipal bankruptcies will get people to start changing their minds on union negotiated benefits. As it is now, the public is not part of the conversation. That needs to change.
@11:29--not my job to "find someone"
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