Right, Visitor. Some companies go bankrupt, some do not abide by the pension/retirement laws in their state which protect workers funds.
CONVERSELY, the City of Schenectady has systematically forced hundreds of homeowners/taxpayers to flee, go into bankruptcy and eventually foreclose on their homes, because they will not take a stand on pension padding, limits on overtime, free rides home in City vehicles, free cell phones, lifetime medical benefits....etc...etc.
A private business not securing pension benefits hurts the employees...the City of Schenectady not putting their foot down on employee glutton has decimated the homeowners way of life.
Well said rachael72. The fact is that if the government did their job and made sure that Enron funded the Pension properly then the employees would have received their Pension regardless of the bankrupcy. I am not sure if the US or NYS government is protecting the city employees when you see the statement such as on page 4 of this doc?
As more fully described in Note 1, the regulatory basis financial statements referred to above do not include the non-current government asset account group, which should be included in order to conform with accounting practices prescribed or permitted by the Office of the State Comptroller of the State of New York. The amounts that should be recorded in the non-current government asset and the liability for postemployment benefits other than pensions are not known.
The fact remains that the City of Schenectady Pension is also not 100% guaranteed since it is not fully funded yet. It would be nice to know the full City Employee Benefit and Retirement Liability that remains but the city does not use GAAP accounting like the rest of the legit operations in the country. I guess they dont want to scare us.
Accourding to Cusack and Company the auditors the Unfunded Actuarial Accrued Liability (“UAL”) at beginning of year 2011 was $191,521,924. The required payments into the reirement system is approaching $10 million and that is based upon higher interest rates. The state just announced that due to the lower interest rates they will begin requiring increased funding of these plans to make sure they are viable. The squeeze is on.
visitor, you may be an expert on the Schenectady Union contracts, but I have the education and experience in Finance and Operations to back up my statements and hunches. This is a perfect storm that is brewing in Schenectady.
Read these from the auditor. Print them out and compare them side by side. See how they change year to year in a not so nice way. You dont need to be of great financial or accounting knowledge to get the picture. All the unknowns sited in this document are scaring me. Enjoy.
Life is tough, but it's tougher when you're stupid - John Wayne
TIP TO NEW VISITORS TO THIS FORUM - To improve your blogging pleasure it is recommended to ignore (Through editing your prefere) the posts of the following bloggers - DemocraticVoiceofReason, Scotsgod08 and Smoking Bananas. They continually go off topic, do not provide facts and make irrational remarks. If you do not believe me, this can be proven by their reputation scores or by a sampling of their posts.
TiB - OT is often determined by who volunteers - it is not simply a matter of ensuring every gets an equal amount.
Second, it is the same re: the point I made, just because someone works more than a 40 hour workweek does not make them incompetent at the task they are performing.
Yeah, Rachel the unions are the sole cause of Schenectady's financial problems.
TiB - OT is often determined by who volunteers - it is not simply a matter of ensuring every gets an equal amount.
Second, it is the same re: the point I made, just because someone works more than a 40 hour workweek does not make them incompetent at the task they are performing.
Yeah, Rachel the unions are the sole cause of Schenectady's financial problems.
the public unions across the board are the reason any municipality can't seem to get their budgets in line...they keep kicking the podium puck of ,future GUARANTEED payments/COLA's to retirees, on to the next politician and the next generation...THEY DON'T HAVE A CRYSTAL BALL...and the VALUE OF TAXES PAID CHANGES ALL THE TIME...YET THE PENSIONS/COLA'S STILL GET A RUBBER STAMP....
that's not smart...that's political and that is gangster mentality
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
TiB - OT is often determined by who volunteers - it is not simply a matter of ensuring every gets an equal amount.
Second, it is the same re: the point I made, just because someone works more than a 40 hour workweek does not make them incompetent at the task they are performing.
Yeah, Rachel the unions are the sole cause of Schenectady's financial problems.
Management should have the ability to manage the extra work....Spread the burden of this very stressful and demanding job or does the union contract not allow sensible management.
You can't have it both ways, either the job is difficult and deserving of hi pay and benefits or it is cushy enough to work 60 to 70 hours regularly.
Niskayuna School budget problem....main issue is retirement benefits. Go figure.
Visitor, Don't hate me, I'm just jealous. I don't hate the Schenectady cops, just their greedy union.
Pigs get fat, hogs get slaughtered.
Life is tough, but it's tougher when you're stupid - John Wayne
TIP TO NEW VISITORS TO THIS FORUM - To improve your blogging pleasure it is recommended to ignore (Through editing your prefere) the posts of the following bloggers - DemocraticVoiceofReason, Scotsgod08 and Smoking Bananas. They continually go off topic, do not provide facts and make irrational remarks. If you do not believe me, this can be proven by their reputation scores or by a sampling of their posts.
CONVERSELY, the City of Schenectady has systematically forced hundreds of homeowners/taxpayers to flee, go into bankruptcy and eventually foreclose on their homes, because they will not take a stand on pension padding, limits on overtime, free rides home in City vehicles, free cell phones, lifetime medical benefits....etc...etc.
A private business not securing pension benefits hurts the employees...the City of Schenectady not putting their foot down on employee glutton has decimated the homeowners way of life.
Visitor, I NEVER said anything about unions...I said it is the FAULT of the City (Mayor, Council) for simply passing each contract without rhyme or reason. There is no longer a balance of power in this City and the homeowners/taxpayers are paying for their complete incompetence. When one party runs the County and dictates to the City what to do..in other words...our purse strings are being pulled by the puppets.
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
I find it funny that the good old state of NY is allowing for the Amortization of a payment to the pension plan that is amortized. Forget kicking the can down the road, this is a punt.
Anyone have a problem paying their mortgage? Ever asked the bank to amortize one of your amortized mortgage payments.
Anyone have a problem paying their city taxes? Nope, not allowed. Cant even pay a partial payment. They want it all.
Pretty good to be a municipality or government entity when yoiu can make up your own rules.
Life is tough, but it's tougher when you're stupid - John Wayne
TIP TO NEW VISITORS TO THIS FORUM - To improve your blogging pleasure it is recommended to ignore (Through editing your prefere) the posts of the following bloggers - DemocraticVoiceofReason, Scotsgod08 and Smoking Bananas. They continually go off topic, do not provide facts and make irrational remarks. If you do not believe me, this can be proven by their reputation scores or by a sampling of their posts.
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