[snakeoil]

https://mishtalk.com/2016/12/09/dallas- ... thdrawals/" onclick="window.open(this.href);return false;

I think that this is the issue that is going sink our economy. We have been overly generous with our pension systems while, at the same time, underfunding them, I read about a year ago that California's pensions are $6 trillion under funded. What is going to happen when that bomb drops?

The option of working 20 years and then getting your full pension is unavailable to most Americans but is common for Government employees. The Dallas pension crisis has a unique twist; DROP Programt. The DROP Program is what is causing Dallas' problem now.

On Wednesday, the city officially unveiled its plan to save the fund. The biggest target was the lump-sum program officially called the Deferred Retirement Option Plan, or DROP.

That plan, originally intended as a retention perk for veterans, made hundreds of officers, firefighters and retirees into millionaires. DROP allowed them to retire on paper, continue working and meanwhile defer their pension benefit checks into a separate account. Once they actually retired, they could remain in DROP and continue deferring their checks. For years, DROP guaranteed at least 8 percent interest on the money.

8% guaranteed interest? You've got to be kidding me!

[johnforbes]

Wow, that is a figure from a long time ago, eh?

Friend of mine I used to play pickup ice hockey with asked me to look into the background of his pension plan, which is country-run.

His plan is 88 percent funded, and also there is a statutory mandate for taxpayer influx if stock-bond performance reeks for x amount of time.

So his plan is pretty much gold compared to most of the horribly underfunded plans out there.

I agree there are many ticking bombs out there in such plans.

[johnforbes]

County-run, not "country-run"

[RealJustme]

I agree there are many ticking bombs out there in such plans.

Yep,especially in our government's. If it was a private company all payments on pensions would have to be stopped, but our government just writes another bad check and continues on - http://www.usdebtclock.org/" onclick="window.open(this.href);return false;

[Clownkicker]

"If it was a private company all payments on pensions would have to be stopped,..."-RealTool

No, if it was a private company, Mitt Romney or Wilbur Ross would have bought the company, stolen the pension fund, and dismantled and sold off what remained, leaving themselves rich and the employees broke and out of work.

[sillydaddy]

Clown and his "IFs" :lol: :lol:

[Clownkicker]

What about RealTool and HIS "IFs" sillydummy?

You're all partisan hypocrites. :lol: :lol:

[johnforbes]

Heavens to Betsy, my heart is as pure as the driven snow.