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Never Mind, King Cuomo II Got His Tier 6

Posted by SLRT on Thu May 24 11:23:52 2012

fiogf49gjkf0d
N.Y. State Pension Fund Posts 5.96% Return for Fiscal 2012
By Freeman Klopott - May 23, 2012 2:50 PM ET

The New York State Common Retirement Fund, the third-largest U.S. public pension, earned an estimated 5.96 percent on investments in the fiscal year that ended March 31, Comptroller Thomas DiNapoli said.

The fund’s estimated value of $150.3 billion is the highest since fiscal 2009, when the global financial crisis began, DiNapoli said in a statement e-mailed today.
Attachment: Under/Overfunded Pension Funds by State

The pension fund’s investments in U.S. stocks, which account for 38 percent of its holdings, returned 6.9 percent. Fixed income, about a quarter of all investments, gained 9 percent, while private equity generated 8.3 percent and non-U.S. equities lost 6.4 percent. Real estate returned 17.6 percent.

The Standard & Poor’s 500 (SPX) index of stocks rose 5.7 percent in the same period, according to data compiled by Bloomberg. The California Public Employees’ Retirement System, the largest U.S. pension, returned 1.9 percent in the nine months ending March 31, according to a summary posted on its website May 7.

“Over the last three years, the fund has experienced strong gains during a period of economic instability,” DiNapoli said in the statement. “We remain one of the strongest pension funds in the country, providing retirement security to more than 1 million New Yorkers.”

The fund had 101.5 percent of the money needed to pay its obligations in 2010, better than any other state, according to an annual study by Bloomberg Rankings. It had a 90 percent funding level at the end of fiscal 2011, Eric Sumberg, a DiNapoli spokesman, said in an e-mailed statement. New York’s pension plan provides benefits for state and local government retirees.

In September 2010, the fund lowered its assumed long-term investment rate of return to 7.5 percent from 8 percent.

http://www.bloomberg.com/news/2012-05-23/new-york-state-pension-fund-posts-5-96-return-for-fiscal-2012.html

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(944562)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by AlM on Thu May 24 13:50:22 2012, in response to Never Mind, King Cuomo II Got His Tier 6, posted by SLRT on Thu May 24 11:23:52 2012.

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That's a decent return for 2011. A lot of plans did worse.


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(944564)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Thu May 24 14:54:48 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by AlM on Thu May 24 13:50:22 2012.

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The republicans surely see it as ripe for raiding. That's what they do.

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(944569)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by SLRT on Thu May 24 15:33:40 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Thu May 24 14:54:48 2012.

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G-d save us from the Republicans; like that Republican Cuomo, who gutted pension benefits for future NY State retirees.

Not everything fits perfectly into your political POV, bingbong.

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(944570)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by Rockparkman on Thu May 24 15:35:28 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by SLRT on Thu May 24 15:33:40 2012.

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True enough, America needs a credible and STRONG LEFT WING.

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(944572)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Thu May 24 15:41:02 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by SLRT on Thu May 24 15:33:40 2012.

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He did, I agree.

On the other hand, I could see a future republican governor looting the pension fund for a taxcut, and doing serious harm to those already in the system, be they vetted or collecting. They don't think about why the money's there, they just see it and take it. That's part of the problem with Social Security. They saw the fund getting huge after the 1980s FICA tax hikes, and they then took it. President Clinton fought to get it back, by the time he was leaving office it was in surplus again. The bush took it all for his stupid Iraq invasion and Afghanistan when people were clamoring for tax hikes to pay for it all.

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(944574)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by SLRT on Thu May 24 16:02:57 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Thu May 24 15:41:02 2012.

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Well, without arguing your point who did this because of that, etc. etc. there is one big difference between a pension plan of the type New York has and Social Security.

The New York State Pension System is a contractual obligation; this is why they have "Tier this" and "Tier that." The state has a contractual obligation with current participants in the system and there is such a thing as "fiduciary responsibility."

Social Security, on the other hand, is a creature of the government. It made me nuts to see people saying "IT'S GUARANTEED"! Nonsense. Your social security "entitlement" is whatever the government says it is. They could eliminate it tomorrow and tell all the pensioners to take a hike. The ONLY thing that stops them is politics.


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(944576)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by Newkirk Plaza David on Thu May 24 17:23:52 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Thu May 24 14:54:48 2012.

fiogf49gjkf0d
Your scum Democrat Cuomo screwed every new NY State public service employee with the Tier 6.



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(944577)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by Railman718 on Thu May 24 17:27:51 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by Newkirk Plaza David on Thu May 24 17:23:52 2012.

fiogf49gjkf0d
Your scum Democrat Cuomo screwed every new NY State public service employee with the Tier 6.

Funny thing is from the folks i talked too(Public Service) they seen this coming!



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(944582)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Thu May 24 18:26:37 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by SLRT on Thu May 24 16:02:57 2012.

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You're wrong on one thing....Social Security IS a pension same as the NYS State Employee pension system. It is, and was always intended to be a supplemental pension to whatever pension a retiree received from their employer. There used to be a pension system where every employer paid retirees. Many went bust in the Great Depression, after which pension payments were reduced or nonexistent. and Social Security was formed to fill the gap between what your job's pension provided and what you needed to live.

So, you're right, they cannot eliminate it as once an individual pays into they system, they earn the right to payment upon retirement based on what they (and their employer) paid in. It IS a pension. It IS guaranteed. Private pensions aren't.

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(944583)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Thu May 24 18:33:51 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by Newkirk Plaza David on Thu May 24 17:23:52 2012.

fiogf49gjkf0d
Where do you think I disagree? There was no reason to do this aside from tax cuts. The NYS pension system is one of the securest in the country. I don't think NY needs a tax cut. They need better schools, better infrastructure and better internet to continue to attract more Global Foundries.

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(944586)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by SLRT on Thu May 24 18:57:42 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Thu May 24 18:33:51 2012.

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Most damning thing against Cuomo is that diNapoli, the controller, said there was no need, and the recent figures on the Fund bear him out.

But neither tax cuts nor spending needs was an issue. Neither the state not the localities will see any savings from this for ears and then very little.


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(944591)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by SelkirkTMO on Thu May 24 19:23:25 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by SLRT on Thu May 24 18:57:42 2012.

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Prince Andrew has no love upstate. He's one of them democrats that thinks he's a republican. And here we are. :(

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(944625)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by Train Dude on Fri May 25 11:58:39 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Thu May 24 18:33:51 2012.

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That's pretty good. The demoncrats do it so you say the Republicans would have done it. You are nothing more than a political hack with an axe to grind. BTW: Thanks for the great vacation.

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(944631)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Fri May 25 12:57:00 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by Train Dude on Fri May 25 11:58:39 2012.

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You just have to look at Wisconsin and any number of other republican-ruled states to see that's correct.

Vacation???? You're fookin retired. You're always on vacation.

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(944680)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by Train Dude on Fri May 25 17:41:16 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Fri May 25 12:57:00 2012.

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Changing the subject again? We were discussing Tier VI in New York State. Try to stay on one topic at a time. BTW Wisconsin "recall" isn't gonna happen.

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(944733)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Fri May 25 22:15:47 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by Train Dude on Fri May 25 17:41:16 2012.

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Wrong. Wisconsinsin already raided their pension fund. They made everyone "tier 6". If you every paid attention, you'd know that.

It's a matter of Imelda before they get to the MTA fund yunno. Be careful what you ask for. You just might elect it.

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(944735)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Fri May 25 22:19:26 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Fri May 25 22:15:47 2012.

fiogf49gjkf0d
Wrong. Wisconsin already raided their pension fund. They made everyone "tier 6". If you ever paid attention, you'd know that.

It's a matter of time before they get to the MTA fund yunno. Be careful what you ask for. You just might elect it.


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(944757)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by Train Dude on Sat May 26 01:39:11 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Fri May 25 22:15:47 2012.

fiogf49gjkf0d
Guess you have some reading comprehension issues. I was talking about the recall vote.

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(944794)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by SLRT on Sat May 26 10:45:22 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Fri May 25 22:19:26 2012.

fiogf49gjkf0d
Deja vu.

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(944796)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Sat May 26 10:56:32 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by Train Dude on Sat May 26 01:39:11 2012.

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I wasn't. You tried to change the subject. I'm not interested in discussing what you wanted to divert the conversation to.

I was talking about Walker gutting Wisconsin's government employee pension fund, stealing from people that worked all their lives and paid into it.

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(944803)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by Train Dude on Sat May 26 12:12:22 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Fri May 25 22:19:26 2012.

fiogf49gjkf0d
Your abuse of the English language makes you sound like an ignorant redneck. Wake up and die right.

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(944807)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by Train Dude on Sat May 26 12:23:48 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Sat May 26 10:56:32 2012.

fiogf49gjkf0d
Of course you are twisting and shaving the truth. It has nothing to do with pensions but has to do with negotiated retirement benefits. The DEMONCRAT Cuomo snuck a similar law in 6 months ago. He can now unilaterally impose increased healthcare costs on current employees despite their collective bargaining agreement and he can begin to charge state retirees for their health care costs as well. The demoncrats only have to be willing to eat the backlash bullet if they pull the trigger. Get your facts straight. Wake up and die right.

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(944813)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Sat May 26 12:54:08 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by Train Dude on Sat May 26 12:23:48 2012.

fiogf49gjkf0d
Public employees (such as YOURSELF not so long ago) have pension systems providing defined benefits. What these benefits are is determined at hiring. Walker changed that for Wisconsin employees, which effectively means he's stealing their money.

Let's put it another way that you may be able to understand. Hypothetically, there's republicans in Albany again. They don't want to see MTA fares increased.(not that they'd give a FF, they commute by helicopter, but we're talking hypothetical here)The see a lot of $$$ in the pension fund (truth is it's somewhat underfunded, but we're hypothetical here). So Gov Elephantshit says let's follow Walker's footsteps and cut pension benefits to MTA retirees and raid the pension fund to subsidize the poor LIRR riders so they don't have to pay $3/ride. Your letter arrives. What do you do? (don't forget Gov Elephantshit was your guy the previous November)

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(944814)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by Train Dude on Sat May 26 12:59:12 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Sat May 26 12:54:08 2012.

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What the fuck are you babbling about. If my pension gets cut the fool you're married to has his cut such that he gets any. ANd for the life of me I don't have a clue who Gov. Elaphantshit is. At first I thought that you had been elected while I slept. Wake up and die right.

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(944815)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Sat May 26 13:07:10 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by Train Dude on Sat May 26 12:59:12 2012.

fiogf49gjkf0d
You are in a different pension system. The MTA is its own corporate entity, which is owned by the state. If they cut the MTA pension it would not affect NYS Employees.

So go back, read the message until you comprehend it, then answer the hypothetical question.

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(944825)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by Train Dude on Sat May 26 15:00:55 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Sat May 26 13:07:10 2012.

fiogf49gjkf0d
My pension is part of NYCERS, not the state. I'm really pleased, though that you take such an interest in my fiscal health. Leave us not forget that I also have a "modest" 401K that I will need not touch for the next 10 years. Wake up and die right

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(944833)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Sat May 26 16:20:55 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by Train Dude on Sat May 26 12:12:22 2012.

fiogf49gjkf0d
....after you....

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(944837)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by Train Dude on Sat May 26 16:53:19 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Sat May 26 16:20:55 2012.

fiogf49gjkf0d
I'd say, "ladies first." but that would be assuming things not in evidence.

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(944843)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by bingbong on Sat May 26 17:55:32 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by Train Dude on Sat May 26 16:53:19 2012.

fiogf49gjkf0d
..so please go right ahead. Age before beauty.

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(944853)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by SLRT on Sat May 26 20:07:22 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by bingbong on Sat May 26 17:55:32 2012.

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Keeping in mind this is Subchat, this seems like an intellectual discussion.

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(944854)

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Re: Never Mind, King Cuomo II Got His Tier 6

Posted by SelkirkTMO on Sat May 26 20:20:44 2012, in response to Re: Never Mind, King Cuomo II Got His Tier 6, posted by SLRT on Sat May 26 20:07:22 2012.

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For TD, this is Master's dissertation level kinda stuff. :)

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