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

[jdb50]

During negotiations state needs to try and get OT pay out of the calculations. State Police will be the loudest against this. Very few 100k employees are going to be drawing 80k pensions, and almost none after 20 years. After 20 years you are guaranteed 50% of the average of your highest 3 years. 2 percent for each additional year of service past your 20. This IS ONLY your hazardous duty employees which are a fraction of the state work force, and only Tier 1, 2, and 2A, have that current set up. Tier 3 and 4, have different arrangements.

Sadly many people take what you posted as the truth for every employee making 100k, they're going to retire after 20 years and make 80k. You couldn't even work that many overtime hours to pull it off.

Professors and judges on the other hand, though not as many take home some VERY handsome amounts for less than 20 years, in the case of judges. MUCH LESS.

The overtime money earned has to be removed from pension calculations and this includes for all cops. The State cops have always been able to avoid concessions as their contract came up in a different year from the rest of the State workers. I doubt if Lamont cares if he is in office for a long time and ending this crap would be a good thing for long term State fiscal security even if he loses votes.

 

[noeynox]

The overtime money earned has to be removed from pension calculations and this includes for all cops. The State cops have always been able to avoid concessions as their contract came up in a different year from the rest of the State workers. I doubt if Lamont cares if he is in office for a long time and ending this crap would be a good thing for long term State fiscal security even if he loses votes.

Its part of the SEBAC agreement that runs till 2027. They have to get it in that round of negotiations.

 

[drayenob]

The pension problem in CT is because for 32 years CT made zero contributions to its pension fund and paid benefits on a pay as you go basis. When the state did start making payments, it was never the required amount. They also had unrealistic assumed returns. http://publicplansdata.org/wp-content/uploads/2015/12/slp_46.pdf

 

[JohnFSilver]

Krugman is lying. The gold standard was abolished for the world during WW2 and the early 70s for the US. Which is why the US dollar was "trusted" to be the reserve currency. No fiat currency stands the test of time; only will have real value to numismatists.

There's talk of a mixed basket of currencies, including metals, as a peg currency. Gold and silver have been peg currencies since ancient Greece and the Achaemenid empire until recently.

I don’t have really strong historical monetary policy thoughts. I really like reading Krugman and am an avid reader of Econimist and WSJ. So my arguments on spending are really based on Keynes and Krugman. Not a big fan of Chicago school. If that is what was needed, there would be no need for federal stimulus.

But, I am probably biased and not fully knowledgeable of the different schools of thought.

 

[Adios]

I don’t have really strong historical monetary policy thoughts. I really like reading Krugman and am an avid reader of Econimist and WSJ. So my arguments on spending are really based on Keynes and Krugman. Not a big fan of Chicago school. If that is what was needed, there would be no need for federal stimulus.

But, I am probably biased and not fully knowledgeable of the different schools of thought.

"He who has the gold makes the rules." Still true today. China, Russia, etc, have been stockpiling, while clumsy NATO hippies, such as Gordon Brown, sell off their countries' supplies. Finance is not necessarily speculative; it can also be scientific.

 

[pepband99]

So sorry. I'm apparently not allowed to make a typo especially on my phone. Thanks for English lesson. I'll be sure to file that under you being an a hole.

Don't feel bad - Syracuse called Vanessa Williams an "alumnus" at a basketball game when singing the anthem. Unless there's some news I'm not privy to, she's clearly not one.

 

[jdb50]

Its part of the SEBAC agreement that runs till 2027. They have to get it in that round of negotiations.

I just read the contract and it makes a change where the overtime contribution is calculated on total overtime hours over the last 25 years (instead of spiking the final 3 years) multiplied by the employees average hourly wage base rate during the five years used for computing Final Average Earnings. Now the FAE is from the highest years of earnings no matter where in the career they occurred. So this is a small improvement but still puts overtime into the pension calculation. Malloy was an idiot in not seeking to get overtime out of pension calculations.

 

[noeynox]

I just read the contract and it makes a change where the overtime contribution is calculated on total overtime hours over the last 25 years (instead of spiking the final 3 years) multiplied by the employees average hourly wage base rate during the five years used for computing Final Average Earnings. Now the FAE is from the highest years of earnings no matter where in the career they occurred. So this is a small improvement but still puts overtime into the pension calculation. Malloy was an idiot in not seeking to get overtime out of pension calculations.

Malloy got the concessions he did by extending SEBAC to 2027, as where it was supposed to end 2022.