By R. Pock
For thirty years I was employed by New York Life, and about 1970 Pension Plans were becoming popular as a means for keeping employees around during their growing experience years, valuable to the firm. The pension, or retirement plan, also served as a noble method to move older more expensive employees out to pasture and make room for the younger hungry go-getters. My position at that time was estimating start-up costs and the amount of necessary annual funding so that employer promises would be kept and the employee happy to have a few years to play and travel. The money set aside in the employee’s name was invested carefully and examined often as the economy changed. The more employees in the pension plan the more effort is required to keep the plan on track.
Unfortunately thousands of pension plans get behind; funding proper amounts was often delayed or never paid. This obviously caused businesses to revise or amend plans and funding. Employees, if they were aware, became disgruntled and worried. So the Federal Government stepped in. And when the Feds step in so do you. Your tax dollars may now fund the pension plan shortages. Here is how they solved the dilemma. Create an insurance program to protect the company that created the shortage. How this happens and the details are not important here.
Is Portsmouth in funding trouble? According to David Rose, Portsmouth’s financial adviser, they are behind $24,000,000 while Suffolk’s arrears amount to $6,000,000. David Rose is also Suffolk's financial adviser. Perhaps he will provide citizens, especially employees, the status of our pension plans.
4 comments:
Before she flies off to London for the wedding, her Majesty could address this to her Ruling Class subjects during the State of the City address today. The conference center room will be filled with politicos, money grubbing functionaries, and politicains back slapping each other for the awards they received. The uninvited citizens to be diving into the dumpsters for the table scraps. Maybe Parr could do that at the next Waste of Suffolk, serving meals out of dumpsters from one of the few if any, remaining restaurants in downtown.
Parr does not care, so long as he has your vote as usual. He will feed big at the public troff and wipe his mouth on your soiled shirt in his usual contempt. How else could he live with himself?
This bunch is doing one thing for Suffolk. They are providing a reason we all stop fueding and strat fighting them. We all need to come together are make sure no one that votes to sell us out on taxes, garbage fees, and other new taxes get any votes next year. Where is the big brain Barklay about this outrage? Looks like he got more that Linda's seat three years ago, he also got her love of spending other's money.
Thanks but no thanks!
Is our sister city in Suffolk England ruled as much by their monarchy as we are by ours here?
There's that name again David Rose. Stange how often his name appears and how well he masks fiscal reality.
Money Magazine's 100 Best Cities Award to Suffolk can be translated to a million plus spent on the tourism office.
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