Pensions are gone like last month's rent and teachers will get hammered

Update on retirement issues (5/9/12): The Louisiana Legislature is as unpredictable (other than being predictably gutless) as a bowl of gumbo in a tornado. On May 7, the Senate Retirement Committee passed retirement bills to go to the full Senate. The proposals have not passed the full Senate yet. Some say it will be voted on May 9. Isn't this State Employee Appreciation Day? 

Can't make this stuff up. Lord have mercy. Christ have mercy!

How much will the pension craziness cost the taxpayers in legal fees? $750,000-3 million.

In my case, the bills break a contract and add 9-10 years to my promised retirement date among other lies and breaches of contract. How could anyone ever trust the retirement system again after midstream changes to employee contracts? (We do not have Social Security.)

See summaries of the bills here:

LASERS - http://lasersonline.org/uploads/SenateAmendments.pdf

TRSL - http://trsl.org/uploads/File/News%20releases/pension_reform_SB749_May7.pdf
 
Retirement Systems– Do You Get What You Pay For?
http://www.louisianaprogress.org/WordPress/retirement-systems-do-you-get-what-you-pay-for/

Gov. Bobby Jindal's retirement system overhaul watered down by Senate committee
Published: Tuesday, May 08, 2012
http://www.nola.com/politics/index.ssf/2012/05/senate_committee_waters_down_g.html

Great quote: "Other concerns arose from projections prepared by the Legislative Auditor's Office show that, in certain circumstances, the value of an employee's contribution to the system would be worth more than the amount the worker could receive in benefits. That could cause the federal government to revoke the Social Security exemption for state employees since that waiver is based on the state running a system that is a 'reasonable approximation' of the federal program, said Cindy Rougeou, executive director of Louisiana State Employees' Retirement System."

See the fuzzy math in Baton Rouge - "Bobby's Bad Math":
http://www.bestofneworleans.com/gambit/bobby-jindals-bad-math/Content?oid=2001136

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As always, this is written as a citizen of Louisiana, not as an employee of a state agency.

Thanks.

Dayne Sherman
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Monday, May 7, the Louisiana Senate will vote to steal the pensions of tens of thousands. Teachers, you are next if not now. 


See article in today's Advocate newspaper:

"Pension change revise proposed"

‘Heartburn’ reduced, sponsor says

By Marsha Shuler

Capitol news bureau

May 07, 2012

http://theadvocate.com/home/2694854-125/pension-change-revise-proposed

Why do I still have heartburn?

Thanks for reading.

Dayne Sherman
PS. Thanks John Hiatt for the "last month's rent" line.