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May 27, 2005

Comments

Orange Squirt

I'm not sure what the benefit to the taxpayers is - we still have employees who give us service with a snarl, major projects that don't get done, and a bigger bill for govt with fewer results. What is really interesting to note is that the "Republican" board of supes heartily support the unions. Our "Republican" supes are even more pro-union than hard core Democrats. And, one of their folks, Mil Thornton, is practically a socialist because of the level of benefits and protection he expects the govt to provide to union workers.

Lurk

I wouldn't be calling Correa a Republican -- he'd have to learn how to spell it.

Jim

I'm a County employee, and let me give you my perspective on 2.7@55.

It may or may not be "taxpayer largesse." The deal with the Supes is that we have to pay the difference, with payroll deductions and lowered benefits, between the old pension and the new 2.7@55. The Supes can legitimately say the County did not "give" us anything, we are paying for it ourselves. For me, this will result in a new deduction of about 4% of my gross salary starting July 1, plus increased health care costs and less money in my Optional Benefit Plan.

The wild card is what happens in future years. The Supes have emphasized that the employees must pay for the new pension benefit themselves. We'll see if that continues. But what scares me is that the cost to us is based on actuarial assumptions, and what if those are too optimistic? I'm paying 4% now; what if in future years they tell us, "Oops, did we say 4%? We forgot to carry the 1, it's really 8%." The retirees who bailed out in droves in July 2005 will have gotten 2.7 essentially free, leaving us younger workers to pay the bill.

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