This article was written by Tyler Durden and originally published at Zero Hedge.
Editor’s Comment: Retirees are having to face the music of a terrible ponzi scheme that has been perpetrated against us all. In many cases, they have traded away the investment funds for pensions in the derivatives market; in others, spending promises have been simply impossible to fund and manage.y have
In most cases, the unpaid liability for these systems is monumental, and bring down a massive weight upon society. The security and trust of the system is evaporating… what do they have in store for you and your family?
In Unprecedented Move, Dallas Pension System Suspends Withdrawals
by Tyler Durden
Two days after the Mayor of Dallas, Mike Rawlings, filed a lawsuit against the Dallas Police and Fire Pension system to block withdrawals, which he referred to as a “run on the bank” of an “insolvent” pension system in “financial crisis, the Pension’s board has finally taken steps to halt further withdrawals. Of course, this delayed action has come only after $500 million in deposits have been withdrawn since just August.
According to the Dallas Daily News, an incremental $154mm in withdrawal requests were pending at the time the decision was made earlier today.
The Dallas Police and Fire Pension System’s Board of Trustees suspended lump-sum withdrawals from the pension fund Thursday, staving off a possible restraining order and stopping $154 million in withdrawal requests.
The system was set to pay out the weekly requests Friday. Pension officials said allowing the withdrawals would leave them without the liquid reserves required to sustain $2.1 billion fund.“Our situation is currently critical, and we took action,” Board chairman Sam Friar said.
While Dallas citizens cheered the decision, even opponents of the Mayor’s admitted that the redemptions had to be halted if the city had any chance of saving the pension system from insolvency.
Rawlings on Thursday afternoon told a crowd gathered at a Dallas Regional Chamber that “the bleeding has stopped. We can turn this ship around.”
The crowd responded with cheers after the mayor’s announcement of the board’s decision.At the pension board meeting, the mood was more somber.
Council member Scott Griggs said he couldn’t let the $154 million “go out the door” on Friday.
His council colleague, Philip Kingston, a board trustee, said the mayor “unquestionably” forced the pension board’s hand. He said Thursday was “the worst day I’ve had in public office.”
“Unfortunately, financially, this had to happen,” he said.
The fund has about $729 million in liquid assets. It needs to keep about $600 million on hand, meaning the restrictions could have been coming at some point even without the mayor’s actions. The withdrawal requests this week alone would have meant the fund would dip below that level.
Of course, not everyone was happy with the decision as at least one retired police officer threatened a lawsuit to force the fund to honor redemption requests while another declared that Mayor Rawlings had “successfully screwed over the retirees, the firefighters and the police officers.”
One retired police sergeant, Pete Bailey, suggested a lawsuit could be in the offing if the system didn’t pay out the requests that were made Tuesday. Friar understood that they might deal with more litigation.
“We may just have to deal with that, but that’s what the board decides,” Friar said. “We acted in the best interest of the pension fund today.”Retired Dallas police officer Jerry Rhodes, a pension meeting fixture, said he believed the board did what it had to do. Then he sarcastically lauded Rawlings.
“Merry Christmas, mayor,” he said. “Hopefully you have a good Christmas because you have successfully screwed over the retirees, the firefighters and the police officers.”
Perhaps future ponzi schemes pension systems will take note of Dallas’ current situation prior to guaranteeing 8% returns on retirees’ pension balances. Who could have ever guessed that a decision like that could have backfired so badly?
* * *
For those who missed it, here is what we recently posted after Mayor Rawlings sued to halt pension withdrawals.
Last week, Dallas Mayor Michael Rawlings sent a scathing letter to the Dallas Police and Fire Pension (DPFP) Board demanded that withdrawals be halted immediately until the “solvency and actuarial soundness of the Pension System is restored.” That said, the Mayor’s request was seemingly ignored as he has now filed a lawsuit with the Dallas District Court to force the pension board to halt withdrawals amid a “run on the bank.”
Within the suit, Rawlings notes that $500 million in lump-sum withdrawals have been made from the DPFP since August 2016 with $80 million of that amount being withdrawn in the first 2 weeks of November alone. The suit continues on to allege that “this mass exodus of DROP funds amounts to a “run on the bank” and is exacerbating the financial peril of the Pension System as a whole.”
In performing these ministerial duties, the Board has a duty to ensure that programs, such as the Pension System’s optional Deferred Retirement Option Plan (“DROP”), which is not a constitutionally protected benefit (or “benefit” at all), do not impair or reduce the Pension System’s core constitutionally protected benefits, e.g., service retirement benefits. The Board is willfully failing to perform these ministerial duties.
The Pension System, which the Board oversees, is in the midst of a financial crisis. In early 2016, the Board was warned by its own actuary that absent radical change,the Pension System would become insolvent within 15 years—irrevocably eradicating the constitutionally protected service retirement benefits (and other constitutionally protected benefits) of police and firefighter personnel of the City and their beneficiaries.
Critically, this 15-year projection of insolvency was based upon two overly optimistic assumptions that the Board has now known to be incorrect for several months. First, the actuary assumed that the Pension System’s $2.7 billion in assets would remain stable, even though approximately 56% of these assets were composed of optional DROP funds, which have historically been permitted to be withdrawn in lump-sums upon demand (even though this option was used infrequently before this year). Second, the actuary assumed that the Pension System would achieve its targeted 7.25% return or more on itsinvestments for the next 15 years.
Publication of this looming insolvency scenario prompted some DROP Participants to withdraw their DROP funds in lump-sum, which created a “snowball”effect, leading a staggering number of other DROP Participants to withdraw nearly $500 million in optional lump-sum DROP funds from the Pension System from August 13, 2016 to present. Over $80 million of these lump-sum DROP withdrawals have occurred within the first two weeks of November 2016 alone. Over this three-month time period, the Board has knowingly allowed DROP funds to continue to be withdrawn at record levels even though it is aware that doing so is irreparably harming the Pension System’s solvency and liquidity.
Lump-sum DROP withdrawals for 2016 are now on pace to be over 15 times higher than their historical average. This mass exodus of DROP funds amounts to a “run on the bank” and is exacerbating the financial peril of the Pension System as a whole.
The DPFP contreversy comes as hundreds of police and firefighters have poured millions into “DROP” accounts in which they were guaranteed exorbitant returns of 8% while the pension board has proposed a $1 billion bailout from the city of Dallas.
The city estimates that, as of November, 517 police and firefighters have DROP accounts containing more than $1 million. One, belonging to an unnamed first responder, has $4.3 million in it, city figures show. On average, the city estimates that the average DROP account contains nearly $600,000.
The controversy all comes at a time when the board has asked the cash-strapped city for a bailout over $1 billion. The board’s position is that they legally can’t stop the withdrawals, but the mayor disagrees.
Of course, this all begs the question of whether the Dallas Police and Fire Pension will be the first pension ponzi to burst?
Here is the full lawsuit filed by Dallas Mayor Michael Rawlings:
This article was written by Tyler Durden and originally published at Zero Hedge.
Now is the time for all Dallas Police and Fire to go on strike. Blue Flu Red Flu what ever you want to call it.
You see they are telling you something. YOU ARE NEXT. Wake up guys and Gals that are working and paying into the system!!! Like I said you are next!!!!
Sgt.
This right here is why some scum politicians and unelected goons will lose their lives.
“M”
When they do loose a life theirs or a family member life they will blame the Police and or The Fire Department.
I will almost bet that this turd (Rawlings) that filed this is a Pinko Commi, BLM, Anarchist, or some such scum,(no offence to scum) that has been arrested and he wants to strike back at the police. May he die first, if the Good Lord wants him. May he rot and burn in HELL!!!!!
Sgt.
Agreed for sure Sgt
Its exactly why they should too, send a message, i bet these politicians all get their checks
There is something called Karma. “What goes Around comes Around.”
A man who spends a career as a Police goon:
-BULLYING people
-Robbing people of their hard earned money for made up arbitrary “Offenses”.
-Filling the coffers of the crooked Politicians with outrageous Fines. Acting as a modern day Highwayman, STEALING for the Politicians.
-Shooting people’s family pets.
-Shooting unarmed people. Beating up the elderly. Police body slam elderly people. In Ft. Worth Texas Police shot an elderly man in his own garage who had NOTHING to do with their call out.
-Being Bullies and Jerks in General
-Putting guns in peoples faces because some Police are afraid of their own shadow. Or maybe they are just sadistic pukes that like pointing guns at innocent people?
Police are not they same as they once were.
Police used to be mostly veterans that had seen REAL combat and knew the difference between a tangible REAL threat and a drunk guy just being a drunk dumb ass. Back then they just arrested a drunk or maybe thumped him if the drunk became combative. But they did NOT murder unarmed people. The Police then were not the COWARDS that are afraid of their own shadows that we have today.
As a kid I NEVER heard of a Police shoothing some ones pet dog in front of children.
I NEVER heard of elderly ladies being SLAMMED to the ground by aggressive cops.
These things would have NEVER been tolerated.
Men were men in the old days and would have gotten together beat that cop senseless for mistreating a fragile elderly person.
But today Police do ANYTHING. NO ACCOUNTABILITY. Police are criminals with badges. Police MURDER without consequence.
It is Karma that the Police masters, the CRIMINAL Politicians, SCREWED them just as the POLITICIANS have used the Police to ROB-STEAL-BEAT-and MURDER the average person.
Many people have lost EVERYTHING because of made up BULLSHIT by these CRIMINALS in uniform. Fake drug tests-false charges-planted evidence-made up scientific procedures that lack real science-CPS stealing children without cause.
Police have -Bullied-Robbed-Murdered the American People. Now they retire with NOTHING. The CRIMINAL Politicians have now robbed the Police enforcers.
They had it coming. When you act like a criminal working for other criminals and then you get screwed. Just how it goes.
Police serve Criminal Politicians as heavily Armed Enforcers and Collectors.
That is who MANY of them are. Politicians are criminals. Police serve criminal politicians.
TSA thugs just arrested actor at DFW because he didn’t like being screwed with or kissing TSA ass. I’m going to go out and buy three of Judge’s movies tonight. I will also contribute to any Fireman’s fund. I always support Fireman events and charity drives.
Mr. Police man, I could care less about you or your family. My Mother-brothers-baby sisters and I, did without HEAT in dead of winter, when we were kids, for two months. Because of made up tickets-fines because she was too poor to afford insurance and tags for the car. She worked two jobs. Was abused at both. She put up with mistreatment to put food on the table. That cop took everything she had to pay those made up fines.
You Mr. Police showed CONTEMPT when she explained why the magic papers were expired.
A few years later Police nearly beat a friend to death because he was a black kid walking home from ball practice. He made straight A’s in school, Always respectful and polite, played ball, worked two jobs. Gave ALL the money to his mother to pay bills. That is why he always dressed with worn clothing.
I could go on and on about these Police, “Just doing their Job.”
That is also what Nazi prison guards said. “Just doing their job.”
I feel very badly for the Fireman. They deserve much better than crooked Politicians robbing their families. Fireman serve the people.
Wake up to the real world. Not the garbage they tried to make you believe in school or the “real” mass media propaganda.
@Are you asleep: You, my son need to be very cautious with your ‘broad brush’ analogy. I was a good, respectful, actually ‘stellar’ cop in the DC metro area, ’66-’86. I was an MP during Vietnam, and a VFF….(that’s for no-pay asshole). We contributed to our pension, and the County matched. I/we earned every penny of our pensions, and NEVER forgot that we were public servants, and taught from day one, to treat EVERYONE as we would want to be treated. Are there rogue cops, some, but the great majority are good LEO’s, who now walk around w/targets on their backs, because of BS vitriol like you just spewed. In my 15 yrs. after my military service, and being forcibly retired for multiple line of duty injuries, I amassed 44 Commendations, so fuck you. BTW, my nickname was ‘Thumper’
Here Rosco and other boot lickers. Your ‘brave’ officers at work.
I’m sure you are proud.
blacklistednews.com/Disturbing_Video_Shows_Cops_Tie_Man_to_Chair%2C_Beat_Him_Until_He_Goes_Unconscious_and_Blind/55723/0/38/38/Y/M.html
Just an average day for a sadistic Police bully.
Many of these Police, are the grownup kids picked last for sports team in school.
The kid no one liked. Had few friends. Maybe they were picked on?
Or perhaps the opposite. They were the bully in school that had no friends except for a fellow henchman. So the bully gets a job were he can continue to bully.
Whatever it is. These Police officers are messed up with wrong wiring or they simply would not do the crimes they do. Normal human beings are not sadistic thugs.
At least not around here.
For anyone to defend that Police behavior is SICK.
For you to defend it is sick.
If I were a Nazi guard abusing people. I wouldn’t go around bragging about it.
If I were a Police I would be ashamed of others committing crimes.
I would ARREST them. Not defend them.
RR,
Plenty of people out there that agree with are you asleep. Why? Personal EXPERIENCE. A cop or former cop calling people Nasty names. YEP. No surprise there.
THUMPER THE STELLAR COP. HAHAHAHAHA.
Fuckyou parasite
How about go get a Real Job and stop being a Gubberment Beggar. Gubberment Pensions are soooo over rated and obsolete, and a set up by Unions to fleece the populace and tax payers. There are no more Freebees, we are broke. Firefighters in Tampa Florida are retiring as Millionaires. Same with the Post Office (Over Glorified Newspaper Boys) and them making $65K a year, with a full lifetime pension and benefits including healthcare. And all for LOW IQ Mentality of stuffing paper envelopes into a friggin 15″ by 8″ box. Like match the numbers on the paper to the box. WhoooHoooo Brilliant!!! Amazing the waste going on. Time to end ALL Government Pensions, including these Congress People who work 4 years and instantly get a life time pensions and health care. WTF??? Wake up America.
Unions, Sure Go on strike and you will be replaced tomorrow by Pinkertons. Reagan did that to the Air Traffic Controllers and replaced them with Military personnel. The planes never stopped flying.
Get used to it, every one in the Government is Replaceable, You are nobody special, and NO you don’t get a friggin trophy for just showing up.
What is the difference between a Paper boy and a Postal Delivery person. One throws the paper on the driveway, the other puts the paper in a Box, but he gets $650000 a year and Full lifetime benefits. See the Massive Financial Disconnect. The Gig is up, and you are obsolete. Get rid of all of it through attrition. All new employees start off on a anew retirement system. Not the burden of Tax payers. Do the Math, they are Broke. So some Clydesdale Cops gonna bring an entire City to its knees. I think NOT!!
The facts are Pensions systems are Flatass Broke or less than half fully funded. So who stole the other half? Who did the budgets over the years and not fully fund the pensions? The Facts are the Politicians running for City Council and Mayor, solicit the support of Both Cops and FF Unions, then get elected. When contract time comes up for renewal, they City shills in return scratch the FF & Cops backs, and give them plenty under contract.
Unions divert Union dues to who they want to get elected, then go into contract negotiations behind closed doors and wink wink, and over pay City Cops and FF. And the Tax Payers get the Tab. Tax Payers are Broke, and will loose their homes due to the Theft in Tax payers monies. Its all criminal.
So I am not fully Blaming Cops or FF just on the ground who are just doing their jobs. But Cities are Broke all due to Mismanagement, and putting out a lot of Municipal Bonds to fund their annual fleecing crimes.
Municipal Bond Defaults are the next big Gorilla in the Room ready to create mass havoc on the economy. Live below your means an sock away some savings for the hard times a coming.
This is just the beginning lady’s, and gentlemen. Over the next few years this same thing is going to play out in city’s all across our country.
Government public unions were, and are a VERY bad idea, even FDR said so. I hope these union members have made other plans for their retirement, because the money their counting on just isn’t going to be there.
Now before any of you start bashing me as a union hater, let me tell you that i was in the United Auto Workers union for almost 20 years. I fully agree with private unions, where our members worked out a contract between a PRIVATE company and us. But in the case of a public government unions there is NO ONE looking out for the tax payers.
Now in the case of Dallas, the public union is going to want a bail out to save their retirement from the tax payers, and that’s just WRONG! Most, if not all of the city council members knew that a contract listing a guaranteed return of 8% was just a pipe dream, but they went ahead with it to get votes, and money for their reelection campaign from the union bosses.
The city council members signed the contract, knowing full well that when things came crashing down years later they would be long gone. Well guess what, it’s now years later, and things are crashing down!
Problem is, there just isn’t enough money to pay all these members what their plan said they would be paid, many will end up getting NOTHING. Who’s to blame for this mess, well, that would be both the city council members, and union leaders. Problem is, none of those people well ever suffer for their actions, only the rank, and file will suffer what’s coming.
Unions played a huge role in worker safety like breathing masks for firefighters, and being properly manned for safety reason. Negotiating wages is another aspect unions do for the workers. Unions do have their place, but the corruption and payoffs at the publics expense is not affordable any longer. What makes you so special thinking you deserve a lifetime pension? No Work No pay. Go get a real job. Something productive.
Cops on the street, need to be paid no more than $40K Max, same with FF’s. Cops being paid $80K a year is fraud. Plus most Cops steal on the job. Double dipping. FF’s are honorable people. Most cops are arrogant pigs.
I have double dipping neighbors who take home 200k per year for the rest of their lives. I really dont feel too bad for the governmental employees who lose their pensions who never paid much into them in the first place anyhow. Ive made good money for most of my life and have put away large chunks of my yearly salary by not having vacations or nice cars and I still cant earn nearly 1/4 of what my retired governmental neighbors take home every year.
This is the evential outcome of all pensions (and other government defined retirement plans).
Consider you pension “contributions” as just another tax on people with poor math skills…
Anyone that believed that guaranteed 8% rates could continue indefinitely never grasped the concept of expontential equations.
Being retired I have read ZH articles for many years. Tyler posted a great RT video (Keiser Report first 5 minutes of video explain it) last June in the pension article from Gold Core (see Pensions Timebomb In UK, EU and U.S. in “Slow Motion Detonation”) about pension crashes coming in all over the world. The math is simple… pension funds need part of their assets to be in “well paying” secure sovereign fixed income assets in order for their pension models to work…but with rates on sovereign bonds near zero or negative pension funds are going belly up.
Our state employee pension and medical fund was underfunded by 2,000,000,000 in 2009,
And thats just this little state, the county of Maui was unfunded by 200,000,000 + in 2007,
Where they think thats going to come from? Thin air?
And Obama now has exceeded $85 Million Dollars in costs to Tax payers, so he can enjoy his golfing at Martha’s Vinyard.
As a Tax Payer, I need a reductions in my Taxes so I can pay for my cost of living inflations year after year.
That’s why Smart people move out of the Cities to the rural areas for cheaper property taxes, and let the Cities crush those who remain, with massive property taxes. 52% of my property taxes in the cities went to the Public Schools, and I don’t even have any kids. That’s called Commie Socialism.
Get out of the Cities now, what you think your house will be worth when your property taxes doubles over the next few years, to pay for these underfunded pensions??
CommieFornia, (CAL) is over a Trillion Dollars short into their State Govnt pension systems. Good Luck Property owners, bend over.
I’m Guessing, We could cut the LEO Force Annual Costs in Cali by 30%, if we eliminated this Illegal Alien Problem. Its a heavily financial burden on US Tax payers to chase these illegals, and all the crime they bring with them. Trump Gets It, We get it,.. Lets Fix it.
No Sgt, now is the time for all Law Enforcement Peace Officers, who are REAL HUMAN BEINGS, and not programmed indoctrinated fascist boot licking Corporate Mercenary COWARDS to realize and understand the following:
Psychopaths control your entire American government, psychopaths control ALL Corporate PROGRAMMING for the dumbed down American cowards including Fox News, psychopaths are controlling the planned collapse of America, psychopaths have taken over your food supply, psychopaths are destroying the health and freedoms of your children, psychopaths have taken over and control your Medical Big Pharma Death Machine, psychopaths are controlling the division and the attitudes of police toward civilians and civilians towards police to create CHAOS and then Martial Law, psychopaths have control of the Military Industrial Complex REAL PRESIDENTS of the past warned us about and they are using it like NEVER before, psychopaths control the UNJUST Fourth Reich Justice System of collapsing American Police State hell on earth, psychopaths have militarized the Police to use them against American civilians, psychopaths using programmed indoctrinated dumbed down US Military ROBOTS have destroyed the entire Middle East sending refugees all over the world for their planned New World Order and One World Government, psychopaths control ALL the TREASONOUS so-called US Government Intelligence Agencies and their Stasi Fusion Center dystopian totalitarian horror, psychopaths completely destroyed and tore up the now NULL AND VOID US Constitution, and the list of crimes and horror of these psychopaths controlling the US Government are LEGION…
So Sgt, How about instead of a useless strike, worthless petitions, or other civil disobedience…How about for once the cowards in Law Enforcement, who I know from personal experience over 32 years just want to get drunk, get laid, and get paid, How about they JUST START ARRESTING THE PSYCHOPATHS!!!!!
Ron Ahrens,
I sure like your comment. Right on!
Just a couple of random observations.
No one has mentioned that the board members and “investment officers of the public retirement funds get personal bonuses. over and above their base salary, for each “investment” of funds they make. That smacks of payoffs and under-the-table kickbacks and sundry grafts and corruption. In the fist ZeroHedge article I read on this Dallas pension debacle, it was mentioned in the video that two or three of the Dallas city council members previously “served” on the police and Fire pension board of directors, and those guys were personally responsible for doing funny-money accounting tricks, like “illiquid” no-yield real estate investments, and other Garbage Accepted Accounting Procedures to make the fund look “actuarial sound” and “fully funded.” The opportunities for grand larceny here are endless.
John F. Kennedy, for all his faults, was not a psychopath. He wanted real money put out by the U.S. government and for that he was whacked in, most appropriately, Dallas. (JFK wanted to end the CIA. He wanted us out of Viet Nam. He wanted Israel to not have nuclear bombs and to be fully investigated for that big lie of theirs.) The Dallas government hierarchy has been living with that mortal sin on their consciences, if they ever had those, for over half a century. It was the BIG SATANIC LIE that murdered tens of thousands of innocent people all over the world. I do not like the term “psychopaths” because it implies a person is simply “mentally ill.” No, though those psychopaths by definition have no conscience and feel no remorse or sympathy whatsoever for their actions and sins of deliberate omission and will continue on in their perfidy forever and each and every one of them should be in hard labor in prison for life. Dallas is suffused with keeping quiet about their murder of JFK, the last real president this country had.
There was a time when unions were a good thing and helped the common man. Those days are behind us it seems.
Exactly right, Sgt Dale. Does anyone think this insolvency is somehow unique to Dallas police and firemen pensions?
When more people catch on, there could be a run on the bank, so to speak. IRA and 401K funds could be emptied, but remember, there’s only enough money for the first few in line.
I remember a cartoon showing 2 Wall Street Bankers looking out their office window at police beating demonstrators, one said to the other, “I wonder if they’ll still be this helpful when they learn we stole
their pensions?”
Well,suck as the city burns but as for the cops,please go on strike.The dumb laws will not be enforced and muggers/burglars ect. will be met with a armed citizenry.I would rather shoot the fuckers meself then have the cops come minutes later to chalk out me body outline,and now do not have to spend 1000’s defending meself because I well,defended meself!
All folks in pension system a are screwed,cops/fire/emt’s/teachers/highway depts. ect.Oh,and will not be paying higher taxes to cover the lies your union heads told,any simpleton with basic math skills could have seen this was not going to work,just like the ss system,we are all fucked.
WORD!
Close and BAN Both the IRS and the Dept of Edumufucation. Both inept, and useless. Why does the Government need to collect taxes, when they can print as much money as they need. Because the More money they get, just creates a bigger monster bureaucracy. I want to see Trump fire half the Useless Federal Government that does nothing, but live off Tax payers sweat and toil.
Sgt Dale.
I too hope they have blue flu/strike.
That means:
–Fewer unarmed innocent people will be murdered
–Fewer developmentally challenged people will murdered.
–Fewer broken hearted drunks with marital issues get murdered
–Fewer elderly people or alzhiemers people get murdered.
–Fewer family pets are murdered.
———————-THESE ARE ALL MURDERED BY POLICE.
Every damn day in this country.
NO ACCOUNTABILITY FOR POLICE CRIMINAL BEHAVIOR.
And other cops DEFEND that behavior.
Instead of shunning or arresting fellow cops for CRIMES against Americans.
Cops fist bump each other for crimes THEY commit. THAT IS FACT.
We NEVER call 911 in this neighborhood. We don’t want our pets, neighbors, children KILLED by stray bullets from trigger happy cops that watch too much TV.
Instead we take care of our own. That is why there are a couple of “For Rent” signs in neighborhood.
People always complain that city employees bankrupt the municipalities with heavy retirement benefits, but it is the retirement plan board that are screwing everybody else over.
I worked for a City and I contributed 7% and the city matched it with 14%. Dallas is the same.
So there was no free ride. I paid for my retirement.
The retirement system in my city was facing a similar problem as Dallas. I saw the red flags and retired one month before the retirement plan made the changes. My city cut benefits 13% across the board for everybody that stayed. They also created a run on the bank, so to speak.
The knee jerk reaction is to always screw over the hard working employees first.
John
Only 7%. I paid 10% the City matched it with 10% for 21 years, and they guys we had invested it and when I retired I had over $750,000.00 in my so called account alone. The city had over $4,500,00.00+/- in our retirement fund. Neat thing about it is only two guys from the P.D. are retired off of this fund. Myself and my Chief.
Sgt.
Hubby is retired fire from Nashville,TN.
He took his drop plan two yrs ago.
If Nash had done like Dallas, there would have been
all kinds of #$&%*@!!! to pay.
The fire folks in Dallas had financial plans for their drop $s.
Maybe pay off the mortgage or send a child to college or take care of a medical need. Or that trip of a life time! To take that away just before they are to get that benefit is pretty cruel.
While a plague of jigaboo flu might send a message, doubt it would change the outcome of their decision.
So sorry Dallas fire/police. It was a mean deal y’all got.
http://www.quickmeme.com/Old-Economy-Steven/
http://www.quickmeme.com/Scumbag-Baby-Boomers/
Your makework and your pensions came with a welfare mentality, as though it was a right or guarantee.
The retired drunken Corporate Mercenary boot licking protectors of a fascist psychopath controlled Police State government do not care, most of them are drunken Big Pharma pill popping GMO gobbling toxic dump Trumpbots riding around on motorized toys cheering because Orange Hitler and his Military Junta Death Squad are going to make them all “rich” again. Oh Lord, these poor coward victims are so dumbed down from toxic poisoning and programmed indoctrinated mass delusion, I pray for them all to wake up, before they start committing atrocities for Orange Hitler and his Military Junta Death Squad.
Ron, so Hillary was your choice?
Jill Stein?
Gary Johnson?
What kind of a complete dumbed down toxic dump COWARD votes for ANYONE in a collapsing psychopath controlled POLICE STATE hell on earth…no more voting for psychopathic Corporatist fascist genocidal criminals for this God fearing real human being, I want to keep my soul and spirit un-corrupted by Whore of Babylon damned and doomed America. No real true Christian votes in this collapsing hell of mindless entertainment driven drunken materialistic hedonistic debauchery. I do not care what Supreme Court Justices Orange Hitler promises, after you have already murdered over 60 million children from abortion, killed and dumbed down many more children with vaccines and poisonous toxic GMO and chemical filled garbage food, all while you get drunk, watch football and forget about it….Please tell me what kind of an outcome you would expect from such and evil society gone completely WRONG, and why would you vote for psychopaths supporting and controlling it????
You really are ignorant
Everyone complains about entitlements until their own entitlements are cut. Plans are not promises. No one owes you anything.
Not so says the grandee.
These benefits (at least in Nashville) were in lieu of a higher
$cash$ salary. We lived on less payroll cash in order to have the medical/retirement benefits.
It is a promise made to people who risk their lives. The actuaries didn’t do their job very well. They are the ones who should be taken to task for messing up with the proverbial capital “F”
Everyone who lives in tx knows dallas and austin are havens for democratic liberal scum. I expext the dpd to loose more than half of its officers due to this. Im sure they all know that plano,allen,mckinney,richardson, mesquite are all paying more than dallas and most are hiring right now. Even working private security is looking better than workin dpd. On the other hand thats what they get for not putting their retirement in mason jars and stowing it away
In Dallas’s case, they will never fix it unless the whole state gets involved to pass legislation against such pyramid schemes.
Screwed Over Retirees: Dallas Suspends Withdrawals From “Insolvent Pension System”
This is the end result of what Modern Unions can do for you.
It appears most State, Federal, & Local Unions have moved into 401k type programs for their employees.
In a manipulative Market … with manipulative numbers … there will only be one outcome for those who plan on funds when retiring.
When the Market(s) crash … and crash really hard … expect
NO MONTHLY PAYCHECK!
I … like many others are linked into this ponzi scheme – difference with many to most is … I’ve already accepted and don’t expect anything in return down the road when it is my time to retire – I plan on working ’till I physically or mentally am unable to.
So, gov owes citizens and won’t pay and doesn’t have to worry about punishment.
Wonder what would happen if citizens owed gov and didn’t pay. Oh yeah, lose your house, property and go to jail. Funny how that works.
That mayor is a liberal, and needs to be sued. The cops and firefighters have proven that the money in those said accounts are not safe. Why is it so important to prevent the firefighters and cops from getting the money, could it be because that money is being possibly converted, or co-mingled and being used for things that are against the interest of those cops and firefighters? Could it be that all the money is not there? could that be the concern that the mayor will be caught, when the cops and firefighters find out that the money is not there, so where is the pension money? Busy fattening up the pockets of federal beurocrats. No wonder we are listed as fake news now. I have to fucking laugh.
Cops, sue his ass and get the funds. Besides if we remember when the muslims came to Dallas and attacked the cops, the mayor was not too sympathetic about those losses, and did a poor job with his comment. Look at the roads in Houston, Dallas and all over Texas, every where you look, potholes, and broken, damaged side walks and curves, all over the entire city and all over Houston.
Merry Christmas mother fucker, the cops are on to your bullshit. And cops, when you get the money, make sure you deposit into well known local banks. Here is a list of the ones that are trustworthy for now.
SHIT BANKS:
Bank of America-natzi owned and operated by the Pope.
This piece of shit bank should change its name, it has nothing to do with America, how insulting. Fuck them.
Case Bank/jp morgan, -natzi, piece of shit bank, fuck them.
Wells Fargo-anothe shit bank,. fuck them.
Amegy-posing as a Texas bank, when in fact, not a Texas Bank.
Good Texas Banks:
Comerica-Texas based
Bank of Texas
Spirit of Texas Bank
Patriot Bank.
Texas Community Bank.
Regards,
HCKS
While I feel bad for the retiree millionaires getting stiffed, this what happens when government employees and Democrat politicians negotiate union contracts. The public gets fucked. My pensions are all private, are quite solvent, and will remain so, barring a “black swan” event, which I continue to prepare for. We will see more and more of this sort of default on public employee pension systems. Can’t say I feel bad for those big city Democrats. Before you flame me I’ve been a union member most of my life. I hate unions and I despise Democrats, because I’ve seen the damage they cause to society.
Who Says Donald Trump is Not Charitable?
Black Homeless Woman Says Trump Allowed Her to Live in Trump Tower Rent Free For 8 Years
12-09-2016 • http://www.prisonplanet.com, Paul Joseph Watson
A homeless black woman reveals that she has been living in Trump Tower for eight years with the blessings of the Donald himself.
Filming from her hotel window, the woman says she originally snuck in the building before becoming a squatter in one of the empty rooms. Police arrived the next day and told the woman to leave or she’d be arrested.
“When I told them I would not go, they contacted Mr. Trump over the phone and he came down here. Instead of evicting me off the property, he said that I can stay and it’s been eight years I’ve been here,” the woman reveals.
“Not only did he not evict me off the property, he made sure that I ate three meals a day by room service and that I get a delivery of fresh flowers every week,” she adds.
The African-American woman expresses her displeasure at the characterization of Trump as a “bad guy”.
“If it weren’t for him I’d be homeless – I’d be dead right now, I’d be in the street,” she says, adding that Trump hasn’t asked her to pay a dime.
See Video – Black Homeless Woman Says Trump Let Her Live Rent Free in Trump Tower for 8 years! ht tps://www.youtube.com/watch?v=nRWdWpgDHDA
Pensions. Under funded pensions. Politicians promise future pensions that they know they can’t fund with enough taxpayer money. They get your vote and forget about funding it for 20 or 30 years. The time finally arrives when someone has to pay the piper. Raise taxes through the roof or cut the pensions. Stock market goes down and it’s even worse.
Government and its employees back at the trough of hard-earned tax dollars. Why don’t they man-up and get real jobs in the dreaded private sector?
Who will be at work at the fire station??? You?
Chauffeur;
Yeah, she could. Remember when they were firemen? When did they become FireFIGHTERS? volunteer firemen did just fine for a long time. Most of us don’t need to drive a 500,000 dollar fire truck to the store to buy the weeks barbeque needs.
Thanks to the municipal unions proclaiming themselves (Hero’s) the sheeple have bought it. My thought is, when there is a fire, turn off the power, turn off the gas, and spray a bunch of fucking water on it.
DONALD TRUMP IS TRULY AND HERO.
YOU GOTTA LOVE DONALD TRUMP
Trump saves black woman’s life, allowing homeless woman to live for free in Trump Tower, when she was caught as a squatter.. Look what Trump did when they called him and told him that a black homeless woman was squatting on this property.
Blacks take note, Trump is not a racist.
http://www.infowars.com/black-homeless-woman-says-trump-allowed-her-to-live-in-trump-tower-rent-free-for-8-years/
I was really surprised at what I just learned. Look what Trump just did. Mac, please post a new article on this one if you can. If we can do something for Trump publically, lets get SHTF To one the first ones to acknowledge this fact of Trump and the fact that he is really good man.
Regards,
HCKS
When your a star, they let your do it.
Donald Trump.
Don’t worry folks. United State is now secure and America is headed to become great again. Just check the news and see the selection of the new admin………
Goldman Sacks is in charge and two of their selected tribal members will fix everything.
Now everyone scream…….JSA JSA JSA
Lemme see: New retirees are upset because they can’t take a lump sum pension. If they do, then the monthly pensioners won’t have an income because all the money will have gone to the recent retirees. The city is on the hook for $1B to cover future pensions, which, at the recent rate of disbursement, won’t last a year. Nice of the new retirees to care so much about the people who retired before them, but they do have the right to get theirs while they can. Oh, wait, they can’t anymore. Gee, who to feel sorry for…. Does the cost of defending the pension fund from lawsuits come out of the pension fund?
Just so you know, if you plan on taking Social Security, you will have to pay federal income tax on it, so be sure to have at least 15% withheld to pay for it, otherwise you may have to pony up a chunk of change come April 15. More, depending on your tax bracket and if your state taxes it, too.
The Federal pension system used to allow retirees to opt for a reduced monthly pension check and take out all their own contributions to the system once they opted to retire. This sounds a lot like the DROP system in Dallas.
The Feds got rid of that concept 20 years ago, for a damn good reason. Now, the only people who can withdraw their contributions and retire on a pension are terminally ill employees, with I think less than a year to live, and are otherwise eligible for retirement.
Always felt public service employee unions were a contradiction in terms. You don’t retire at 55 and live off the taxpayer’s dime at 100k for the next 30 years. Anyone that seriously believed this possible given the last 8 years of miniscule interest paid on capital was in a state of willingly suspended belief.
Who’s getting 100k? My wife is a retired teacher here in NC and her check comes to less than $20,000 per year.
Agree. Hubby’s Fire Dept pension is less than half his previous monthly income. If it weren’t for his private retirement plan and my private retirement plan, we would be greeters at WallyWorld.
100k????
Where?
California. Teachers, Cops, Firemen, even Transit Workers get ret. packages of 6 figures Don’t believe it? Look it up. But getting back to my original point, unions which require the taxpayer to meet their employee demands are bullshit. Most of these folks couldn’t cut it in the private sector to begin with.
Old Gringo, I’m a retired TX teacher (35 yrs. experience with a doctoral degree) and I make $36,000 a year. We don’t get Social Security, either, because of a “double-dipping” restraint imposed on TX public servants.
Got Gold? Got Silver? If you don’t posses it, you don’t own it. Meh, they’ll give you an IOU and a mickey mouse watch, none of which will buy you groceries.
Recount: Project Veratis Nailed it.
Michigan Recount: Over 1/2 of Hillary Clinton’s Detroit Vote Faces Disqualification
12-09-2016 • http://alexanderhiggins.com
Specifically, the number of votes recorded by the voting machines were higher than the number of voters that were logged into to vote in these precincts.
The news comes as Hillary Clinton lost 32,423 votes in day 5 of the Wisconsin recount which are now showing anomalies that may indicate absentee ballot fraud in Milwaukee.
In many cases Canvassers say there were aware of the discrepancies in the original vote counts but gave no explanation for the why counts did not match up but certified the original election counts anyway.
Now officials are mainly blaming the discrepancy on jams in the optical ballots in the scanners which forced workers to run the same ballots through the machines more than once.
Yeah What ever.. Trump Won.
Link: ht tp://alexanderhiggins.com/vote-fraud-12-michigan-hillary-vote-disqualified-recount/
“One, belonging to an unnamed first responder, has $4.3 million in it, city figures show.”
OK…someone tell me how an ‘underpaid’ first responder came up with 4.3 million in a retirement account.
Assuming an 8% return, the money would double every 9 years (rule of 72). Work it backwards…assuming the guy has 27 years on the job, he put 500k in the first year to get there….OR….a whole lot of it is OPM….other people’s money. along the way…like taxpayers, the average of which don’t have 1/20 of that in a retirement account AT retirement.
I get $779/mo from social security after Medicare is paid….that is my total retirement income, (wife draws 1500/mo because she had a higher paying job thru the years + a small pension from that, so income wise, we do fine) because I dumped every extra buck I had along my mostly self employed working life into the homestead, preps, investing in land, precious metals, solar power, etc.
What that means is we have no utility bills, not much in the way of grocery bills (as we still raise about 90% of our food), and so on. I built a 100′ tower at the top of our mountain years ago for wireless internet….that company died, but a new one sprang up recently, and now we get 100mb free connection, plus they pay me enough to cover my property taxes on the entire farm…..so that got rid of a DSL cost, AND a property tax bill, in one swoop.
My goal was to lessen the need for ANY outside income during retirement, because frankly I saw the handwriting on the wall 20 years ago…..no pension fund, including social security, is likely to be around in the long term….or the ‘money’ sent won’t buy much. So by setting up to produce as much as we can for ourselves, including power/water/heat/food/etc, we reduce the need for income.
Mission accomplished.
Bravo. Excellent.
If I had the acreage and my hubby wasn’t allergic to straw, I would be trin’ to get where you are.
We should all be doing it to what ever extent we can!
Any tit-sucking public leech that believed in 8% returns in perpetuity 1) also probably believes in Skittle-shitting unicorns and 2) deserves to have their union-negotiated, public-fleecing pensions blow up.
BS to the max here folks. Lets ask a rational question, what were or are union demands regarding pensions the ability to game it or as in many , buy years for a fraction of the actual costs.
When I see a FULL explanation of what is going on then fine, but to blame outrage with out ALL the facts is stupidity and even worse can result in mob action.
Told ya so
Yep,that you did
this is what they get for taking the bait
Unionizing public services is fucking us all.. and now its fucking its own members as been warned was coming
one of the main reasons why the cops feel so invincible ,, they have a Union behind them forcing its hand on our legal system and making these people seem untouchable .. that needs to change along with when they fuck up , sueing us tax payers
gotta love it .. much deserved
Unions learned they couldn’t move with the manufacturing companies when they left for other countries, so they glommed on our public services that cant move .. cops, fire, even city government positions .. wake up people, dam!
Isn’t Dallas a Sanctuary City? Basic Economics 101 violations there folks! Can’t spend more than you take in, geez.
well all those government employees where overpaid parasites any way. now the Making Producing folks who produce cannot afford to fund them. Its been really tough on the workers who have employers who must derive a profit from whatever job they perform. About time the government parasites feel the crunch. Let them go on strike. Good Riddance they are largely revenue enhancement enforcers. They will have to tighten their belt just like everyone else.
Thanks to the bankrupting of our finances by the left, along with their co-opted crony faux capitalists, it is, as Monty Python said, “The cheques’ in the mail.”
“Socialism (lit. gouvernement)is the great fiction, whereby everybody endeavours to live off of everybody else.”
– Frederic Bastiat, 1801-1850
And nope… the left STILL doesn’t get why this has never worked, will never work, and CAN never work. But that won’t stop them from trying again and again with your (not theirs! That’s in the Cayman Islands) money
This is my take on pensions.
A business commitment is not negotiable after the fact. If a person is hired for a job at ten dollars per hour and that person works for a month. Then the employer says he is broke, the employer is still obligated to pay the employee for the work he did.
People take a job with benefits such as medical and dental and turn down another job which pays more but does not offer benefits. It is because buying this insurance would actually leave the employee with less money even if his hourly wage is more.
A pension is a job benefit. If it were not figured into the deal, many intelligent people would opt to put their energies into two or three more years at University and a high paying profession. These intelligent folks take on a career as police or firefighters, mail carriers, etc,; they do these difficult, dangerous, lousy jobs, and in return they get a descent salary, benefits, and a PENSION.
If the city, county, or state is broke, tuff. This contract with the worker is under obligation legally to be upheld, just the same as the work done deserves to be paid as promised.
Now, if the city decides pensions are too expensive; STOP OFFERING them to future employees.
If you strip pigs of their pensions, those pigs just might GO POSTAL.
__
Pigs might go postal BA?!Think about the millions of taxpayers who find they can’t keep their homes because of bad decisions of govt. and unions,you wanna see postal just wait till they try and raise taxes/fees ect. even more,folks just going to say fuck you which is a good thing and back it up with postal when threatened with loss of homes ect.I suppose you could burn your house down and the fire dept. won’t be there as on strike due to pension theft,lets town/city have your burned out house lot!
Warchild:
Who said pass the costs on to tax payers. How about getting the money from those who stole it. We all know who has our money.
People just are afraid to deal with the real big thieves, criminals, and con artists. That’s the real problem.
__
@ Zeus, you are a complete douche, keep your mouth shut and speak about things you really know about which I’m guessing is very little. First off being a current Tampa firefighter I can tell you there has not been any firefighter with the city that has retired a millionaire, unless they have an off duty business of their own. That being said , our pension is a private pension, not a state pension ( i.e. FRS)again you talking about things you have no idea about clown, and who cares if a fireman or cop is making $80,000 a year, I say that’s still nothing considering the risk involved , you know our lives. So really we are way under paid. This is all something someone like you would not understand since your nothing but a turd,obviously your wife got banged down by one of us or a few of us and now your jealousy is just pouring out through your keyboard. Too bad you didn’t pick a profession with a great pension, but the world needs bartenders, and ditch diggers.
18 year old Americans are in Afghanistan-Iraq-Syria-Africa RIGHT NOW.
Savages in dirty night shirts are shooting at them and trying to blow them up.
They are not pulling $80k. A squad likely doesn’t pull 80k Collectively.
Their trucks are Not Air Conditioned.
Their trucks are not shiny almost new and most do NOT work properly.
Their meals are not often hot or prepared in Chef Standard kitchen of average USA Firehouse.
Their beds are often not in ideal air-heat-dry- or safe conditions. In fact savages have often tried to kill you when you sleep.
We slept on a cot in a cold Bosnia warehouse, roof leaking, with pigeons shitting on everything and rats the size of small dogs. And we felt very Blessed and grateful of those conditions. Beats the hell out of being in the mud and wet-cold all the time.
And the US Government Department of Defense came after our reenlistment bonuses Decades later. The state of California wanted INTEREST on the bonuses we were paid.
So when I hear you FIREFIGHTER think you life in danger for $80,000 a year in your CONUS safe comfy warm dry air conditioned modern fire stations.
I laugh.
Damn few headshed officers make $80,000. And their headaches and responsibilities are a FAR greater than most fireman’s daily chores.
Many married enlisted men with children are on food stamps and public aid. Did you know that? So how much are their lives worth Mr Expert?
BTW-Two brothers, cousin, two friends are Paramedic-Firefighters. They are also GRATEFUL for their some times difficult jobs.
And NONE of them make $80,000. I asked. Range was 23k-41k. Guess they need to get to Florida? Guess their lives aren’t worth much either.
Also FireFighter I am a ditch digger. Also known as a Plumber. And last year I made over six numbers. That was working very hard and getting the bids on new construction. So ditch diggers can do all right if they are willing to work hard.
So shovel off, I will shovel on.
I’m with you brother!
Ronald Reagan was president:
Beruit:
240 Young men lost their lives while sleeping. 240 Marines + 1 other service member
241 Americans DEAD.
USA Politicians decided the gate guards should NOT have ammo in their weapons.
Don’t you love Brilliant Wise All Knowing politicians.” I despise them ALL.
So don’t talk to me about danger, FireFighter.
I was supposed to have been deployed. I would have been there.
Last minute circumstances kept me CONUS.
I would have died. Died Sleeping. When you are a Marine even sleeping is dangerous.
My brothers are DEAD. I should be dead.
That building was one of the biggest explosions of a structure before 911.
The floors pancaked down. Just like 911 New York City Twin Towers.
911 was Controlled Demolition.
My guess is the SAME USA or foreign State agency, (Israel?) is responsible for Beruit and 911. The job was professional. CIA-Israel-NWO Demon worshippers?
USA GOVERNMENT has been infiltrated by TRAITORS.
You fireman are an idiot. You speak of firemen and gang rape, you put down other occupations. Occasionally there may be an element of danger involved but mostly it’s ‘put the wet stuff on the hot stuff’ from a safe distance. There are many volunteers lined up to do your job,so it can’t be too difficult.
I’ve been reading this site for a while, but never say much, so well, well, well….how do you know what other people have in their retirement? You think you are underpaid? Well let me tell you there are many jobs as dangerous as your’s. By the way, you don’t fight fire’s 8 to 16 hour’s a day 5 to 7 days a week do you? As for the name calling and then including someone’s wife….go fuck yourself asshole, what a little fucking pissant!I alway’s enjoy running into people like in real live being able to call them out in public. Sheesh!
Unfortunately they are now suffering from a promis that was either unattainable/undeliverable when the Government made it or was made that way by Government incompetent management. Either way the problem is the same – Government
For all you people who like to bitch- – – next time you get in trouble, don’t call a cop! Just see how far you get. Perhaps the hospital can put you back together again.
I was a “Nam veteran, 2 tours, and yes I entered law Enforcement, got my degree and after 12 years of being a street cop, got into the federal service. Those 20 years was all “Anti-Terrorism” black box sort of thing. You bet I earned my retirement- – what did you do? “enough said! I was a “Bad Ass” in “Nam when you most likely weren’t even BORN! God, I’m so sick of all you liberal socialists! Here is one for you- – GET A LIFE!
So what, maybe there are a lot of people sick of people like you thinking your so special. Think about what civil service really is. My uncle served 4 tour’s in Nam, captuered twice, broke out, shot three times with a total of 20 tear’s in the service and 20 in the merchant marine’s. I also had dozens of family member’s in Nam and WWII. They never boasted like you. I have nothing but the highest repect for veterns. Knock it off.
Firemen have too much time sitting/sleeping, watching t.v.
When people are idle they talk and form high opinion of themselves, then force it on others.People are waking up, not easily tricked anymore. Costs are getting out of control.
Well said, thumb’s up!
A lot of people are saying just get the flu, or don’t go to work, Just remember our country is owned by another. ( Read Netanyahu’s speech at finks bar 1990) And if your not ready for a real revolution don’t get one started because you will lose. Americans have become back biters and corrupt party stooges. Instead of left /right banding together most will stick by the very criminals that are ruining their lives. Look at how many times McShame has been voted in dispite his record against veterans, partying with ISIS, the Forrestal etc.etc. Or this nonsense with Hillary Clintoon and her mongrel husband. Until Americans start BEING Americans again we are doomed. Every day we allow more and more illegals from all over the world enter we water down our already weakened and backbiting army ( The citizens).
No blue flu or fake sickness. They will show up for their job. Its a cushy job and they don’t want to lose it. I was a vollintier fireman with our local fire dept for several decades. And never once felt that my life was in danger.
this is not the regular pension monthly payment this is a result of a bad financial policy called the drop somehow there seem to be a supposed shortage of trained people and the drop was started you technically retire and for 5 years you continue to work but you pension is paid into a separate fund then when you retire they the get 5 yrs pension and interest as a lump sum they they draw the pension based on the last year earnings. which that year they work all overtime possible. and this program has expanded to almost all gov workers even elected officials. so this has become another taxpayer ripoff. i do not denigh decent wage and pension but ps employees who used to make less so got better benefits now make much more that average and have larger pensions and often can retire at 50-55
also pensions were larger in past because they were not in ss but now they get both add to the last 8 yrs the fed drove intrest rates below inflation and the devalued the fiat dollar
My husband is a detective with the Dallas Police Dept. In 1983, he was a patrol officer, and he was shot while answering a kidnapping call. It left him a hemiplegic with all of the problems associated. The city allowed him to continue to work at a desk job, and instead of a huge cash settlement, they gave him lifetime medical benefits (through Worker’s Comp) for anything associated with the shooting. We’ve been very grateful to Dallas for looking after him. He can’t work extra off-duty jobs, and he was planning to retire this year. When the debacle about the pension started, officers and firemen who suspected there was something really hinky going on kept telling city officials to look into the pension board and what they were doing. Their pleas fell on deaf ears. This is what happened as a result. BTW, public service people in Dallas don’t receive Social Security, and TX is a non-union state. There will not be any “blue flu” or strikes. Officers and firefighters will jut keep on working every day. My husband can’t afford to retire, because he may not have any income if he does. No one would think about hiring a 60 year old crippled person. I’m a schoolteacher and our pension system is also in jeopardy. I would hate to think we’ll end up living with our kids and being paupers. Thank goodness our little (1050 sq. ft.) house is paid for.