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April 17, 2014

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COLA= Cost of Living Asjustment!! Why do retired cops get a raise every year? Does their pension fund pay for this raise with gains made in the market? Who manages this pension fund and if they aren't performing?,why do the enlisted recipients still get a COLA raise every year? Is their fund manager making it work? Your piece here indicates it doesn't matter if the fund manager loses money or makes money...this is insane if true!!

COLAs have already been phased out. There is now a new tier and all new employees will not get a COLA when they retire. This went into effect over five years ago.

That's for the new folks not those still under the old plan. The amount the police and fire pension plan is under funded will almost double as a result of GASB 67 and 68. GASB 67 is already in force and CASB 68 goes into effect in June. The plan will no longer be able to plug in a 7.5-8% return rate. The best they will probably be able to do is plug in a 3.5% rate into their calculations.

Makes no difference as there are only two paths to take. A bankruptcy or the city sells more pension bonds.

Get ready for a tax increase because its coming and council is in the mood to raise taxes.

Robert Stanton needs to leave the pension fund NOW! Based on his modus operandi he has a promising future with the county. When one door closes, another one opens.

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