Quote:
Originally Posted by My Post
So as to the original post, were these gold plated, insane pensions like we saw in California? Where they had something in there that they had to be the highest paid people in the country or whatever? I would like to see the exact numbers.
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Pensions: Cranston Loses, Here's Why | Turn Out Blog
Cranston Police & Fire Pensions 80% More Generous than MERS Peers - RI Center for Freedom and Prosperity
Disability pensions run heavy in Cranston - News - providencejournal.com - Providence, RI
Many of these cases develop because of over-generous benefits, poor judgement, incorrect assumptions and plain old greed.
Guaranteed ways to screw it up:
Allow overly optimistic forecasts on investment returns or asset valuations so you can pass an enhancement.
Cut deals with elected officials and administrators to allow municipalities to skip required payments to the system because of rosy returns or fund balances. (San Diego)
Allow average final compensation to include overtime pay, vacation pay, known as pension spiking. (New York)
Lock in an absurd mandatory interest rate due on investment earnings in a deferred retirement plan. (Dallas)
Allow frivolous service-connected disability retirements which bleed the system dry. (Fairfax pre-1996)
Have a pension board agreeing to knowingly risky or even absurd investments. (Dallas)