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March 26, 2013

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Note that public enemies #1 s pal who profits from being on that board , voted to keep the crook on the payroll. Thank you Presi Ortega someone needs to call this guy out!

I was walking past Evan Mohl's cubicle at the Times and found these notes on the floor:
T Garcia missed 6 of 12 pension meetings.
She left the meetings early 4 other times.
Studer missed 4 meetings and left early 2 times.
Arrieta missed 4 meetings and left early once.
Arrieta and Studer gave the director a SUPERIOR performance rating for his evaluation last March.
At one meeting, Arrieta voted in FAVOR of buying a building because "it was closer to downtown".

No wonder the 3 amigos are backpedaling so furiously.
Good thing these items didn't make it into the article.

The big thing is those 3 individuals are and will be out voted every time by the actual police and fire personnel on the pension board. They picked this guy, they like this guy and they don't give a damn about what the city appointees want or suggest. Bottom line - the fund has again been mismanaged or the fund manager is incompetent or they were given unrealistic expectations of return on their investment. Plus 3% per year cost-of-living adjustments to all retirees will bankrupt it sooner rather than later. Social Security receipients have not had a cost of living adjustment of that size in years and years! So go find out what data the pension board has that says the retirees deserved a 3% COLA year after year. What index are they using.

When all this crap happened and the taxpayers voted to bail them out in 2004 the city really wanted the police/fire to merge their pension board into the city pension board (there are 2 separate pension boards) and they wouldn't do it. They so hate city management they won't work with them whatsoever for any reason - but they damn sure want the taxpayers to bail them out time and again because they are stupid.

I say screw 'em. Live with your stupid decisions.

Stop complaining it only going to cost you a little less than 300 million to clean the problem up.You got bottomless pockets shouldn't be a problem.
Oh do not forget the 162 million the CCC is giving to UMC.How many of you missed that one.Your rich community and can afford such little screw ups.
Sorry David no one will go to jail over this it's El Paso.

So, remind me why the taxpayer is going to get hit to clean up a problem that the police and firefighters clearly want?

Because taxpayers pay 60% of the police/fire pension. So the only way to "bail" them out is for the taxpayers to do it again - last time it was a Gen Obligation Bond over $200 Million - still paying on that one for the next 15 years. Mayor Cook is going to try to "solve" the problem before he leaves office.

Just so you know where the fund stands.

Together

1,838 paying into the fund.
1,441 receiving benefits
Thats 1.2755 employees paying into the fund for each one receiving benefits.

Police.
1044 paying in
828receiving benefits
Thats 1.26 police employees paying into the fund for each one receiving benefits


Fire.
794 paying in
613 receiving benefits

Thats 1.29 Fire Personal paying into the fund for every one receiving benefits.


This is data as of 1Jan2012 Actuarial Valuation.

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