The city’s Firemen’s Pension Fund had an unfunded liability of $138.9 million on January 1, 2016.
Two years later on January 1, 2018 the number was $166.1 million.
With the police shortfall at $233.9 million the public safety pension funds are unfunded by $400 million.
We deserve better
This entry was posted on Tuesday, September 24th, 2019 at 5:00 AM and is filed under City government. You can follow any responses to this entry through the RSS 2.0 feed.
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But, we got more in unused bonds, plus unnecessary trinkets and toys all over the place! I would not want to be a cop or a fireman in El Paso. Who would?
A lot of government entities are in the same pickle. Sometimes it’s public unions who see the tax base as their private cookie jar (San Diego comes to mind) and sometimes it’s over generous legislators and sometimes it’s just stupid.
I was looking at the 50-year anniversary edition of my college alumni magazine the other day (Class of 1969) that seems like yesterday. Back then, it was a financial sacrifice to go into government service at any level – state; local; national – compared to a private sector job that paid more and offered a better future.
No more. 40 years of globalist giveaways to Corporate America have stripped the future from two generations of Americans while government workers have done well across the board. This is noticed by retirees who see their neighbors who retired from government jobs drive off to vacation on their RVs.
Eventually there won’t be enough of other peoples’ money to bail out the system.
JerryK, very well said. I’ve done well in the private sector and will eventually retire and live comfortably. But most of my public sector friends are retired already and travelling at a level I would find hard to afford. Every time I hear a politician advocating cutting social security for “rich” retirees, I think about how many of us there are who have saved for retirement to ensure we could live comfortably with the safety net social security provides who will be totally screwed by means testing while our assets continue to be eroded by out of control property taxes. Meanwhile government employees will keep getting retirement checks paid by our taxes.
Wasn’t it back in 2010 or 2012 that increased funding (by the voters and also by the police and fireman’s union members) was placed on the ballot? Wasn’t it supposed to reduce, if not close outright, the unfunded liability gap? What changed?
In 2007 the city contributed an extra $100 million over their normal contribution rate.
In 2009 the city contributed another $110 million once again over their normal rate.
The money came from pension bonds that the city decided to sell.
Thanks for the update. I was in and out of war zones during that time period.
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