SES Foundation

Dinasaur Defined Benefit Pensions = higher taxes

Michael McDaniel Aug 26th 2008

New City Manager of Springfield Missouri Cries Uncle After Pension Review

Wes Johnson of News-Leader.com reports the ills facing Springfield Missouri's pension "New City Manager Greg Burris isn’t ready to recommend a solution to the city’s police-fire pension fund. But after listening to a nearly hour-long Powerpoint presentation on the topic this afternoon, he did make some observations. “The public needs to know we can’t invest our way out of the problem and we can’t cut our way out,” Burris said of the shortfall in the pension fund, which already totals $140 million and will only get worse without a sizeable infusion of money."

Springfield's name can be added to the list of municipalities burdened by "dinosaur" defined benefit pension plans.  The only viable option for them now appears to be raising taxes; again.

See http://www.pensiontsunami.com/ for continuing coverage.

Score a Point for Nevada County Taxpayers

BOS Prove Fiscally Conservative

Michael McDaniel August 20 2008

Nevada County has made improvements to their health care unfunded liability problem. Two Nevada County BOS's have confirmed that as of July 1 2008 new hires are not to be given retiree health care benefits at the expense of Nevada County taxpayers.  This amendment to Nevada County's employee benefit package will provide considerable savings to taxpayers down the road (assuming future BOS's don't re-amend this positive change). 

Please join me in thanking the current board on a job well done.  This is a big step in the right direction.