Sunday, September 26, 2010

Pension News

The latest information about our pension is from the July 2010 meeting.

Looks like the commissioners have gone against recommendations not to rehire retirees.

More disturbing is we were under the impression the "early out" cost us 30 million dollars. Instead it cost 43 million dollars.

We don't like what we are reading. We can see why they are being delinquent on posting the latest minutes from the meetings.

Click here for the July 2010 meeting minutes.

15 comments:

Anonymous said...

I feel like this is the first time that I have been in any way informed in any detail at all about what OUR pension board is doindg and I attribute this to this blog. I also do not like what I am reading. This early retirement was bad for the pension fund but if I was eligible I would have taken the offer too. I have spoken to several people that took the early out that say they realize that this was bad for the pension fund. The re hire of the retirees is really unbelievable. The pension board should be 100% for the employee pension fund and not at all interested in what the BOC wants to do with reguard to the pension. The $43 million that the BOC got from the pension to inpliment this early out was bad for the well being of the pension fund. I am very didappointd in what I see going on and agree with Robertson's comment that the pension board should not involve itself in the Dekalb County "good 'ole boy system" but I think that comment is coming a bit too late for what they have alread done in reference to the recent early out.

LoFlyer said...

Anon1, as one who got out on the sweetheart gold-plated retirement incentive, I couldn't agree with you more and I personally apologize to you and everyone else for taking the deal. Y'all deserve better, a whole lot better. I left on the gravy train and left y'all holding a bag of shit.

The fact that two of the employee members of the Pension board took the retirement incentive would indicate that those two board members did not have the pension fund best interests at heart and they unduly influenced the decision to gold-plate the incentive. The two board-members who personally gained by taking the incentive should of recused themselves from the vote due to conflict of interest. Instead they sold the rest of the employees and retirees down the river.

The other major factor in gold-plating the retirement incentive is the deep and expanding chasm between the BOC and DeKalb government employees.


The BOC and staffs are overpaid and work in a cushy environment of luxurious office spaces with a large flat screen, wood accents, and the latest furniture and computers. Their every whim is provided by the rest of the county employees, desperate, under-paid, overworked and just plain disgusted individuals who only want to get out of the place in one piece and with our pension.

DeKalb BOC's relationship with county employees has evolved to a a near feudal environment. DeKalb rulers spout out policy but exempt themselves and staff from the same policy and rules applied to rank 'n file employees. They make really good money and work in swanky offices while many county employees work in dumps, underpaid and overworked. Their is no connection between employees and the BOC.

When the employees think things could not get any worse the BOC does something stupid again and the employees all ways pay the cost.

So it is understandable that the BOC miscalculated the morale of county employees and misguidedly approved the gold-plated retirement incentive.

The results are negative to every surviving DeKalb employee. You guys have to work harder and give up more more of your cash to support slackers like me. Right now thunderstorms are running through the metro area and one of my underpaid ex-coworkers is on the phone off the clock and unpaid trying to fix failed systems due to power failures. None of them get a take home vehicle when they are on call, they don't get any 4000 dollar vehicle expense, and if they don't respond within minutes they will be written up but never receive thanks for a job well done.

My hats off to all you guys. You deserve better, mates!

LoFlyer said...

Anon1, as one who got out on the sweetheart gold-plated retirement incentive, I couldn't agree with you more and I personally apologize to you and everyone else for taking the deal. Y'all deserve better, a whole lot better. I left on the gravy train and left y'all holding a bag of shit.

The fact that two of the employee members of the Pension board took the retirement incentive would indicate that those two board members did not have the pension funds best interests at heart and they unduly influenced the decision to gold-plate the incentive. The two board-members who personally gained by taking the incentive should of recused themselves from the vote due to conflict of interest. Instead they sold the rest of the employees and retirees down the river.

The other major factor in gold-plating the retirement incentive is the deep and expanding chasm between the BOC and DeKalb government employees.

DeKalb BOC's relationship with county employees has evolved to a a near feudal environment. DeKalb rulers spout out policy but exempt themselves and staff from the same policy and rules applied to rank 'n file employees. They make really good money and work in swanky offices while many county employees work in dumps, underpaid and overworked. Their is no connection between employees and the BOC.

So it is understandable that the BOC miscalculated the morale of county employees and misguidedly approved the gold-plated retirement incentive.

The results are negative to every surviving DeKalb employee. You guys have to work harder and give up more more of your cash to support slackers like me. Right now thunderstorms are running through the metro area and one of my underpaid ex-coworkers is on the phone off the clock trying to fix failed systems due to power failures. None of them get a take home vehicle when they are on call, they don't get any 4000 dollar vehicle expense, and if they don't respond within minutes they will be written up but never receive thanks for a job well done.

My hats off to all you guys. You deserve better, mates!

Anonymous said...

Is this true? if so Yes, recuse themselves or better than that, the chairman of the pension board should have seen the conflict and removed the conflict from the decision. Better than that, the rest of the pension board seeing the same peoblem and removing it. But remember,we are in Dekalb County. Using common sense and avoiding conflicts of interest doesn't seem to enter anyone's mind here. Why is that?
And Lo Flyer, was this $43 million a gift or a loan ? at what interest rate and repayment terms if it was a loan? Is anyone willing to answer this? The lack of information from the board brews up all kinds of rumors.

LoFlyer said...

Anon2, what I read in the May pension board minutes indicates the 43 million is a loan. I don't know what the interest is, but the payback is 20 years.

The May minutes was pretty revealing on several issues and I recommend all employees to read them.

First, it is apparent that everyone at the May meeting, board members and county representatives, including DeKalb's finance director Bell was attempting to do their best for the pension fund. (you don't know how much it pains me to compliment a DeKalb director but I call them as I see them)

Second, the May minutes indicate the BOC reneged on an agreement with the pension board to raise the county contributions to the pension fund 1/2 percent along with the employees 1/2 percent pension fund contribution increase.

In the July board meeting minutes, commissioner Waldorf was present and participating as a voting member of the board. In the minutes, no one questioned or brought up the BOC's refusal to raise the county contribution to the pension fund as approved for the employees.

This was the opportunity to pin down the commissioners on the county contribution and the subject was never brought up.

I would rate Mays meeting at an "A", July as a "C-".

If the pension board would care to elaborate on the non-discussion of county contributions to pension fund in the July meeting, it would be appreciated.

Best of luck mates! KenC

A Voice Ya'll Know said...

I took the early out incentive & am very glad I did. Not because of County BS entirely, but because of the crap that went on in my division. I'm only drawing a 25% pension & having to look for other employment. But it's all good. There's no way in hell, for any price, I'd go back. The BOC opened themselves up with that plan but I'm glad they did. I feel sorry for those that wanted to take it but couldn't. I miss the people, but NOT the lack of job ethics.

Ya'll 10-0 out there

Anonymous said...

Enjoy it while you can retirees but be thinking of a second career somewhere as the pension will soon be bankrupt like everything else in Dekalb. ...GUARANTEED

Anonymous said...

Picking up my new take home unit next week as a new employee having NEVER had one as a 20 year employee at Dekalb (what a joke). NIce working for a supportive community that doesn't wish to see me in jail for doing my job and oh yeah, windshield wipers that actually work and don't compromise my safety. A ghetto police department, ghetto equipment, and ghetto community is all Dekalb will ever be now.

Anonymous said...

Sorry for the hijack, but.....Holy Crap Batman - probably not good timing for terminology like this!:

“This is a good example of the non-sexy things we do as county commissioners,” May said.

Sorry you have such a difficult, unsexy job, Commissioner May. What can I do to help??

(AJC article on DC use of stimulus funds)

Anonymous said...

"Second, the May minutes indicate the BOC reneged on an agreement with the pension board to raise the county contributions to the pension fund 1/2 percent along with the employees 1/2 percent pension fund contribution increase."

Yea BOC and and pension board. What the hell about the county's part? We should get something for our $43 million to try to help you goof ball's out shouldn't we? "Reneged" means more lies to me.

Anonymous said...

Doesn't $43 million "borrowed" mean that there will be $43 million LESS money in the pension fund earning money in the normal way to support the fund? The offset would be the interest paid on the loan by the County. But what is that? Must be top secret.

Anonymous said...

Shaaaaaaadap ! you are just a mushroom. Who has to tell you anything about what you invest in here?

Anonymous said...

Hey, those of you who have left the county no longer need to remain "Anonymous" like the rest of us unless you see yourself coming back. From the sound of it, that won't happen. Don't be bashful. Proudly sign your name as others have now that you can speak without fear of retribution.

Cheers!

A Voice Ya'll Know said...

I do have a 2nd career & love it ! Nothing to do with Public Safety.

Anonymous said...

According to the minutes, the pension board is getting a GUARANTEED 8% return on the money. Where in the world is the pension board going to get a better return with a guarantee? Take a look at the investment climate. Fixed income does not yield anywhere near that and stocks may or may not, but the risk is significantly higher. I think it was a good choice and the trustees did the right thing.