While athletic departments across the country lay off employees, UConn has largely avoided any layoffs. There's a reason why... (Borges)

[Zissou]

Had a medical set back....didn't have enough energy to think and post cogently....

By the by...Bobby Bowden spent 9 days in the hospital with Covid...and beat it. That 91 year old man is a tough old goat...

I’m glad you are recovering. We have never really been accustomed to cogent commentary from you anyway so don’t hold back.

Seriously though, I wish for you better health.

 

[billybud]

Thanks Zissou...didn't seem to miss much here...no UConn football games to discuss and basketball was a few months in the future.

Been following my beloved football and women's soccer...(FSU's women are 4-0 and have not allowed a goal...#1 defense)...FSU men's football has a long way to go but showed some life against #5 Notre Dame...This should be a downish year for FSU basketball since the team lost two lottery picks from last year's team.

I am doing well....my 74 year old heart finally gave me a problem...gym was closed and I had an attack while excersizing at home....

 

[Exit 4]

Thanks Zissou...didn't seem to miss much here...no UConn football games to discuss and basketball was a few months in the future.

Been following football and women's soccer...(FSU's women are 4-0 and have not allowed a goal...#1 defense)...men's football has a long way to go but showed some life against #5 Notre Dame...This should be a downish year for FSU basketball since the team lost two lottery picks from last year's team.

Feel better weirdo on a ridge in western Carolina who hangs on a UConn board to dispense FSU updates to an indifferent audience. No really, get well.

 

[billybud]

LOL

 

[billybud]

Like many folks, my retirement is a three legged stool...pension, 401k (and 403B) and social security....some legs are shorter than the other....

Stocks go up and down and you ride the average (hopefully gain) over time...but it is tough watching assets bleed in down turns.

Pensions are immune from downturns but often are not protected against inflation....you need 53% more money in 2020 to equal the CPI in 2000.

 

[LBird33]

You go 401Ks, you are going to never find state employees of merit. They will leave at first moment The pension is there to keep the talent here. The reason you go to work for the state is to get the pension. Don't want to get into the economics of paying people in public and private sector similar compensation, but it is a give and take there to create equilibrium between the workforces.

I disagree. This is 1980,s thinking that no longer applies. State compensation im( total pay and beanies) are higher then the private sector in most cases

 

[JohnFSilver]

I disagree. This is 1980,s thinking that no longer applies. State compensation im( total pay and beanies) are higher then the private sector in most cases

Depends on job. Talking professional band and management. Not janitors and blue collar staff. In IT, their salaries are lower but total comp could be better because of the benefits. If you went 401k, big detractor as a recruiting tool.

 

[DoctorWho85]

401k's are trash retirement savings. My retirement shouldn't be dependent on how rich people do in the stock market. Anyone against pensions doesn't care about anyone but themselves.

 

[metsfan2323]

Anyone against pensions doesn't care about anyone but themselves.

]This statement can easily be flipped around. Anyone who thinks they should continue to receive full pay from the state or town after they retire regardless of the inevitable crushing tax burden it will create for the state's taxpayers, doesn't care about anybody but themselves.

State employees should receive the same pension non state employees receive, it's called social security.

If you know anything about basic math you will be able to easily figure out the current pension system will fail at some point, its unavoidable. At least with social security the federal government can deficit spend so that will last longer.

 

[metsfan2323]

401k's are trash retirement savings. My retirement shouldn't be dependent on how rich people do in the stock market.

BTW, correct me if I am wrong, but isn't the state's pension fund invested in the stock market?

 

[auror]

401k's are trash retirement savings. My retirement shouldn't be dependent on how rich people do in the stock market. Anyone against pensions doesn't care about anyone but themselves.

If you have a lot of money in your 401k, which you will if you contribute to it and get compounded results over decades, you're the rich person in this conversation.

Further, depending on your company's program, you can pick where to invest. The broadest possible fund or full market index is usually the way to go, which doesn't really rely on any rich people to invest for you, just betting on the US economy.

 

[Bongo Fury]

If you have a lot of money in your 401k, which you will if you contribute to it and get compounded results over decades, you're the rich person in this conversation.

Further, depending on your company's program, you can pick where to invest. The broadest possible fund or full market index is usually the way to go, which doesn't really rely on any rich people to invest for you, just betting on the US economy.

So true. I expect at least 10% compounded returns from retirement accounts. I pay into a pension that gives 0% interest. Have to. Also have to pay union dues. For what? I have my wife’s insurance benefits. They are good but monthly payments are comparable to private sector. Not free. The small pension I will receive will reduce the social security I will receive. I will not be able to live comfortably on pension and social security. Thank goodness for saving and responsible investing.

 

[Dream Jobbed 2.0]

Wow I had no idea that any coach could be a part of a professorship CBA. Clearly a relic of old that needs to go

Have you not followed the Kevin Ollie saga?

 

[Rocktheworld]

Have you not followed the Kevin Ollie saga?

Not really after the first couple months, then people randomly updated with stories like when he tried to play the race card and all that.

The discussions here surrounding it became a tedious waste of bandwidth real fast

 

[LBird33]

Depends on job. Talking professional band and management. Not janitors and blue collar staff. In IT, their salaries are lower but total comp could be better because of the benefits. If you went 401k, big detractor as a recruiting tool.

Respectfully disagree

 

[Dream Jobbed 2.0]

No offense but most if not all of our state employees should be happy they even have a 401 k plan. Pensions were originally designed so low paying jobs like teachers in the 70 s got some income when they retired. A close friend of mines wife starting teaching in late 79. She told me she made 13 thousand a year. Within 4 years she was making over 40 thousand. She now makes 98 thousand a e year and is retiring this year. When she retires she will make over 80 thousand a year plus yearly increases. This is one of the reasons Connecticut is broke and in horrible trouble. The unions need to go now even if the state has to go bankrupt.

If she was doing this in the private sector you’d be cheering her. She worked at a job for 40 years and I’d assume has one, but most likely two MAs given that salary. She contributed to the teacher retirement fund for 40 years. Teachers do not receive social security. Good luck recruiting/retaining teachers without the protection of a union. I assume you’d probably like to privatize education and have children attend Chuck E. Cheese Elementary School. Who exactly pays for that? What do you care, you’re in your 60s and done with children! Screw em!

 

[Dream Jobbed 2.0]

Not really after the first couple months, then people randomly updated with stories like when he tried to play the race card and all that.

The discussions here surrounding it became a tedious waste of bandwidth real fast

A key element in the case is his membership in the professor union.

 

[JohnFSilver]

If she was doing this in the private sector you’d be cheering her. She worked at a job for 40 years and I’d assume has one, but most likely two MAs given that salary. She contributed to the teacher retirement fund for 40 years. Teachers do not receive social security. Good luck recruiting/retaining teachers without the protection of a union. I assume you’d probably like to privatize education and have children attend Chuck E. Cheese Elementary School. Who exactly pays for that? What do you care, you’re in your 60s and done with children! Screw em!

Teachers and janitors make too much? God forbid they have a degree of security in their life.

Teachers are either important or not. The state job is either important and necessary or not. If it is necessary, pay the people. Americans have taken it on the chin with regard to 401ks and health care for the last 20 years.

Pensions keep people in jobs and allow them security late in life. That allows them to leave the workforce and not have to work until death.

 

[Dream Jobbed 2.0]

Teachers and janitors make too much? God forbid they have a degree of security in their life.

Teachers are either important or not. The state job is either important and necessary or not. If it is necessary, pay the people. Americans have taken it on the chin with regard to 401ks and health care for the last 20 years.

Pensions keep people in jobs and allow them security late in life. That allows them to leave the workforce and not have to work until death.

I’m with ya on this one big time.

 

[BlueDogs]

A huge problem with the pension was the state not paying its portion. The employees have paid their share. Jody Rell bragged about amassing a rainy day fund while not making the contributions to the PF. The state has also borrowed from it and not paid the money back. Malloy at least tried to address the money owed to it.

Legacy employees are contributing on the order of 7% of pay, not nearly enough to reduce the huge liability at 80% of highest pay (which includes OT for public safety) for 20+ years of retirement. A 100k employee will net 80K a year which is $1.6 Million over 20 years, before healthcare benefits.

 

[billybud]

Wow...in Florida, unless you are law enforcement, a public employee with 20 years service and making $100,000 would make $32,000 a year at age 65...and a reduction from that year for year under 65.

 

[JohnFSilver]

Wow...in Florida, unless you are law enforcement, a public employee with 20 years service and making $100,000 would make $32,000 a year at age 65...and a reduction from that year for year under 65.

The state needs to adequately fund its pension obligations. The deal isn’t as good now as it was so many years ago.

And, should OT be calculated? And how are the earnings calculated? We can look at that, but that has to be collectively bargained. State Police union will never agree to a new way to calculate pension.

 

[UConnJim]

Teachers and janitors make too much? God forbid they have a degree of security in their life.

Teachers are either important or not. The state job is either important and necessary or not. If it is necessary, pay the people. Americans have taken it on the chin with regard to 401ks and health care for the last 20 years.

Pensions keep people in jobs and allow them security late in life. That allows them to leave the workforce and not have to work until death.

Actually, having a 401k vs a pension is liberating as you are able to change jobs with no impact to your retirement. When pensions were common in the private sector, many people stayed at jobs they hated because of their pension. I’d bet there are plenty of state employees that hate their job, but are sticking it out due to their pension.

Based on the history of pension problems, I advise friends to not count on their pension as their only source of income and they should be saving and investing as well to fund their retirement. Unfortunately, the pension obligations of many states are not sustainable and they will have to be restructured. I think politicians are doing retirees a disservice by not admitting to the problem now to allow retirees to plan for the future.

 

[JohnFSilver]

The tone of your questions seem to imply you believe the teacher in question is not receiving retirement benefits out of the ordinary compared to the average worker. What do you think the average worker in a comparable job receives in retirement pay and benefits?

It's a hard question to answer because of so many variables.

How many people have full-time jobs that only require them to work about 9 months of the year with summers off and several weeks off during the school year?

How much is the job security enjoyed by teachers worth? How many teachers will ever face the white collar job losses being implemented by United Technologies in East Hartford and Middletown this week?

How many people will receive 80% of their highest salary in retirement pay after 40 years?

Is the teacher also eligible to receive Social Security Retirement Retirement Income?

Will the teacher also receive lifetime health insurance, dental insurance and other benefits as part of the overall retirement benefit?

Answer some Of your questions.
Teachers also don’t get windfall salaries, bonuses, performance raises for hitting targets.

I get a 15% bonus, stock options, career movement and performance raises every year. no one gets rich being a teacher.

They are permanently in a middle class range and have no ability to break out, go somewhere else aa higher salary. They make that deal for long term security and the lifestyle.


On the 9-month thing.You are paying teachers to teach. It is not by the day, rather, for their performance as a teacher. It is irrelevant what days they have off or on.

Also, teachers don’t pay into social security. They get no credits for years as a teacher.

 

[Exit 4]

State Police union will never agree to a new way to calculate pension.

It’s this power over the “negotiation” that makes unions for public service legalized extortion. Government and the tax payer have one lever to pull in this game and that is to understaff and that’s what we doing now. Some game.

Union labor at hotel or airline or mining operation etc all have market forces curbing abusive tactics. No such balance for governments except people voting with their feet.
When the pension bomb explodes the wealthy will already be gone leaving Joe lower middle class with the burden.

 

[JohnFSilver]

Actually, having a 401k vs a pension is liberating as you are able to change jobs with no impact to your retirement. When pensions were common in the private sector, many people stayed at jobs they hated because of their pension. I’d bet there are plenty of state employees that hate their job, but are sticking it out due to their pension.

Based on the history of pension problems, I advise friends to not count on their pension as their only source of income and they should be saving and investing as well to fund their retirement. Unfortunately, the pension obligations of many states are not sustainable and they will have to be restructured. I think politicians are doing retirees a disservice by not admitting to the problem now to allow retirees to plan for the future.

What you said is very true. 401k is portable and yes, pensions keep you tied to a company.

Private company pensions are at risk. Hedge funds love to shed the obligations in bankruptcy.

You will never get a reduced payout on a public pension. Literally, states can just raise taxes, allocate, or borrow to pay the pension. Smart? No.
But that is an option.

I don’t like the obligation, it my issue is with the managers of the state who didn’t adequately fund it. Why? This hole isnt anything that couldn’t be predicted.

 

[JohnFSilver]

Btw, complicated issue and there are merits to what a lot of people have to say about state pensions.

Very hard issue to tackle. I blame the previous administrations going back to the 1980s that failed to plan for this.

 

[UConnJim]

Answer some Of your questions.
Teachers also don’t get windfall salaries, bonuses, performance raises for hitting targets.

I get a 15% bonus, stock options, career movement and performance raises every year. no one gets rich being a teacher.

They are permanently in a middle class range and have no ability to break out, go somewhere else aa higher salary. They make that deal for long term security and the lifestyle.


On the 9-month thing.You are paying teachers to teach. It is not by the day, rather, for their performance as a teacher. It is irrelevant what days they have off or on.

Also, teachers don’t pay into social security. They get no credits for years as a teacher.

Here’s how teachers are becoming milllionaires. The value of a $70k per year pension is over $1 million. If they are getting retiree health care, that adds hundreds of thousands of dollars to that value.

 

[Exit 4]

Here’s how teachers are becoming milllionaires. The value of a $70k per year pension is over $1 million. If they are getting retiree health care, that adds hundreds of thousands of dollars to that value.

And many are taking that lofty retirement out of state because of lower cost of living! #Economic drain

 

[UConnJim]

What you said is very true. 401k is portable and yes, pensions keep you tied to a company.

Private company pensions are at risk. Hedge funds love to shed the obligations in bankruptcy.

You will never get a reduced payout on a public pension. Literally, states can just raise taxes, allocate, or borrow to pay the pension. Smart? No.
But that is an option.

I don’t like the obligation, it my issue is with the managers of the state who didn’t adequately fund it. Why? This hole isnt anything that couldn’t be predicted.

The vast majority of pensions that failed had nothing to do with hedge funds, but everything to do with business failure. The biggest pension failures were in the steel industry and airlines.

The bottom line is state pensions in many cities and states need to be restructured and the longer they wait, the uglier it will be for retirees.