On Sunday the OC Register recognized Fullerton Councilman Shawn Nelson’s lone stand to protect the Fullerton taxpayer against a proposed employee pension spike plan that was being discussed behind closed doors last summer. Register editorialist Steve Greenhut commended Nelson for saving Fullerton from an underfunded pension disaster of the sort that is bankrupting California cities like Vallejo. Poor Steve! He spoke too soon! Click here to read the rest of this article.
Perhaps of Interest - https://youtu.be/EXwT_7HVmys?si=VNxBy6dDtYKr9usu
A Day in the Life of Tenants United Anaheim Last week a tenant messaged us on Facebook asking for help,…
WE DIDN'T START THE EATON FIRE! This piece is from the Fucking News. No, seriously, "The Fucking News" on Substack.…
Is Zelensky an American asset??
From the "Fear and Loathing / Closer to the Edge" substack blog https://closertotheedge.substack.com/p/what-else-could-a-russian-asset-possibly : Senator Jeff Merkley walked into the…
So, good thing he was killed, you're saying?
Daniel DID do drugs. Report below shows he had METH in his system and an extensive criminal history that included…
Greg, You can think what you want. Criminals, illegal immigration and neighboring countries can all erode countries sovereignty. But war…
My definition is ... irrelevant to this discussion, counselor. (I'd look up case law if I needed one.) You're the…
Wait what is your definition of sovereign nation? And I don’t think you understand what independence is. Entering into treaties…
Right. Don’t spike the ball until you’re in the end zone.
Umm, sometimes you guys use that term “spiking” to mean ANY change in the pension plan. Is this a change that the employees are paying for or is it a change the employer is paying for? I think employees should be free to increase their contribution and thereby improve their pension benefit without criticism. While there are pension practices that need to be avoided, not all pension practices are bad. In fact, at one time pensions weren’t used to defer compensation providing employers with needed operating capital? Of course that was before crooks like Enron alerted us to the growing corruption within our midst.
#2, it’s easy to find out. Read the staff report executive summary and find out if there’s any added cost to the city’s annual budget.
David don’t you have to take out all the added costs that aren’t related to the pensions from the annual budget first? Does Fullerton put their budget and the ‘staff report executive summary’ online.
Just checked the city website, not there.
The “staff report” is for the agenda item at the meeting. I presume that such a report would start with an “executive summary” with basic highlights – including added costs to the City. I haven’t seen the staff report which should be available on line in a pdf.
In any case, if there are added costs created by an action of the council they would have to be reflected in the City’s budget – a transfer from the appropriate fund to whichever fund would be affected. This transfer would be included as part of the approval action.
#2 and David, here’s a portion of the “Executive Summary”:
RECOMMENDATION
That the City Council
1. Adopt Resolution 0906 a Memorandum of Agreement with the FMEF dated August 11, 2008.
2. Adopt Resolution 0907 a supplemental Memorandum of Agreement with the FMEF regarding an amendment to the Agreement between the City and CaIPERS for Miscellaneous Employees.
PROPOSED COSTS:
The annualized cost of the memorandum of agreement is approximately $963,600. There are adequate funds budgeted in the various department budgets to cover the cost of the agreement.
Tony does the MOA only include the change to the pension plan? I only ask because without seeing the MOA I don’t know what it includes. How much is the entire city budget? It might be helpful to know what percent of the entire budget the 963K is. As Everett Dirkson once said about the size of the federal budget: “A million here, a million there and pretty soon you’re talking about real money.” Hell 96 dollars is a lot to me and 963K is a helluva lot but not in a multi-million dollar budget. I gotta admit though if that increase is more than a few points in the entire budget then its not a good idea in this economic climate. I’m inclined to agree with you on this one.
Thanks, Tony for the info:
“There are adequate funds budgeted in the various department budgets to cover the cost of the agreement.”
WTF? This means that the increase was already budgeted LAST YEAR – before the City Council discussed (behind closed doors) the increase!
When it approved the budget did the Council know that the pension increase was already built it? And wouldn’t that tantamount to pre-approval?
Topic for spam?