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This also connects with video #4 as I uncovered more information
This video is meant to show 1 example of why I say our public pensions are mismanaged that leads to hundreds of millions of taxpayer dollars needed, a bailout. And it is first degree. Our leaders decide to do what they do and it’s not an accident or unintended.
These quotes are from the brochure written by the Minnesota Center for Fiscal Excellence entitled Public Pensions in Minnesota 2006. Call 651-224-7477 and receive a copy. This seems years ago but shows how leaders think and their goal of getting at taxpayer monies still goes on today. Leaders are legislators, union officials, and plan administrators but there could be more.
“Minnesota’s performance-based post-retirement benefit increases are unique. The Wisconsin Legislative Council’s 2004 Comparative Study of Major Public Employee Retirement Systems indicates that, of the 85 plans in their survey, only 4 provide investment surplus-based adjustments—three of which are in Minnesota (MSRS, PERA and TRA).” page 33
“Post-retirement benefit increase can have devastating and debilitating effects on pension health. In 1999 the Post Fund had a $4.4 billion surplus and a funded ratio of 129%. In 2005—only six years later—it had a $4.1 billion deficit and a funded ratio 82%. An even worse situation exists for the first-class city teachers’ fund, which pay out these performance-based increases regardless of their funded ratios.For MTRFA, the problem is compounded by its low funded ratio.”
page 35
“Minnesota’s generous post-retirement benefit increases fueled the large departure from national averages beginning around 1998.” page 37
“Per-capita payments by Minnesota’s public pension plans to its retirees grew 309.8% between 1992 and 2002, while the U.S. average grew at a relatively smaller 223.0% during the same period.” page 36
There are others but this one example shows Minnesota as an outlier and our leaders will abuse, exploit, you pick a word but have no respect for taxpayers.
As soon as I made the video I reviewed information I had discovered years ago but had forgotten. My brain is not smart enough, it’s a hard drive issue I am told.
Video #4 explains the ramifications of this incredible greed. (hint fund failure and bankruptcy called a merger)
I’m hoping that after learning from my completed platform taxpayers will be so upset that 50 maybe 100 thousand taxpayers all put on a blue robe and we storm the capitol demanding change! Think about that for awhile.