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LuckyOne

Gb Was Right .....

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At some point, someone has to put an end to "double dipping".

Retirement needs to be permanent. Pensions also need to be lower, rather than higher, than the pay that can be earned from a similar job.

The apologists who try to justify the specifics by talking about generalities to protect their privileged positions ought to be ashamed.

James Hunderfund, who earns at least $225,000 a year as a school superintendent on Long Island, is also entitled to a $316,245 annual pension from a previous administrative post, according to a compilation of pension data by the Empire Center for New York State Policy.

Hunderfund retired in 2006 as superintendent of the Commack school district, also on Long Island. His current contract with Malverne stipulates that he receive an annual salary of no less than $225,000 through June 30, according to Empire’s report, which used a database from the New York State Teachers Retirement System.

His maximum benefit was the highest of the 136,644 teachers and administrators collecting pensions in 2010, said the report, which doesn’t detail how the benefits were calculated or the final salary of the named pensioners. The report found that 1,255, or less than 1 percent, of retired New York educators are entitled to annual retirement pay of at least $100,000.

Hunderfund didn’t immediately return phone and e-mail messages seeking comment.

The average pension for educators retiring in 2010 was $52,270, compared with $38,924 for all retirees, the report said. It also found that 1,167 took in benefits with annualized values of between $100,000 and $150,000. Two people’s benefits were valued between $250,000 and $300,000.

New York-based Manhattan Institute, Empire’s parent organization, supports turning state defined-benefit pensions into 401(k)-type plans, similar to what is offered at private companies. It says on its website that “public-employee unions have been the major stumbling block to pension reform throughout the country.”

Nothing New

“What a surprise -- an interest group representing Wall Street wants to reduce government spending,” Carl Korn, a spokesman for the New York State United Teachers, an umbrella group for state teachers’ unions, said by telephone from Albany. “There’s nothing new here. All this report does is perpetuate myths about public pensions like the average public-employee makes a six-figure pension, which isn’t true.”

Most of the top earners on Empire’s list are school administrators and superintendents, while the median salary for teachers in the state is $66,000 a year, Korn said.

The “maximum annual pension” reflects the maximum benefit to which a retiree is entitled, not necessarily the amount collected during the past year, the report said. Some retirees started collecting benefits mid-year or may have chosen to collect a lower monthly benefit so as to preserve a larger death benefit for their beneficiaries, it said.

http://www.bloomberg.com/news/2011-05-18/long-island-school-official-gets-225-000-salary-while-on-316-245-pension.html

Edit : Tidied up the link to the original article

Edited by LuckyOne

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They can moan all they like, soon enough the US govt. will be using its citizens pension pots to pay its bills. Poverty in retirement beckons.

It has already started in America (again). They are raiding some pension funds to get around the inconvenient truth that they have broken through their debt ceiling.

At least partially confiscating pensions is a tried and trusted way for governments to deal with fiscal problems. We have seen it in the US, the UK, Argentina and Ireland within the last decade.

I think that we have all known that Argentina is corrupt for a long time. It will take a while for many to understand that the means by which the US, the UK and Ireland confiscate pension wealth is more subtle but just as corrupt as what happened in Argentina.

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It has already started in America (again). They are raiding some pension funds to get around the inconvenient truth that they have broken through their debt ceiling.

At least partially confiscating pensions is a tried and trusted way for governments to deal with fiscal problems. We have seen it in the US, the UK, Argentina and Ireland within the last decade.

I think that we have all known that Argentina is corrupt for a long time. It will take a while for many to understand that the means by which the US, the UK and Ireland confiscate pension wealth is more subtle but just as corrupt as what happened in Argentina.

Just out of curiosity, does that mean you are revising your end of year forecast for cable?

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Just out of curiosity, does that mean you are revising your end of year forecast for cable?

I am increasingly concerned that the value of promises will drop relative to the value of things.

Promises include exchange rates (both between currencies and between paper and things) and bond prices. Things include shares and rationally priced property (in Germany, parts of the US etc and not the UK).

Since I have been on this site, I think that I have been fairly consistent in saying that I am terrible at predicting short term price action and slightly less terrible at identifying longer term themes.

If I were anywhere near perfect, I would be flying to Spain in my G550 to watch F1 with a bevy of beauties this weekend rather than posting here.

As an admission of my fallibility, I agreed to leave some predictions in my signature for a year so that everyone could have a laugh at how wrong I was in December.

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I am increasingly concerned that the value of promises will drop relative to the value of things.

Promises include exchange rates (both between currencies and between paper and things) and bond prices. Things include shares and rationally priced property (in Germany, parts of the US etc and not the UK).

Since I have been on this site, I think that I have been fairly consistent in saying that I am terrible at predicting short term price action and slightly less terrible at identifying longer term themes.

If I were anywhere near perfect, I would be flying to Spain in my G550 to watch F1 with a bevy of beauties this weekend rather than posting here.

As an admission of my fallibility, I agreed to leave some predictions in my signature for a year so that everyone could have a laugh at how wrong I was in December.

I didn't mean to be sarchastic, I am genuinely interested in your views and was wondering where you see cable headed now, as opposed to your view at the beginning of the year

Edited by Greener Pastures

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I didn't mean to be sarchastic, I am genuinely interested in your views and was wondering where you see cable headed now, as opposed to your view at the beginning of the year

+1

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I didn't mean to be sarchastic, I am genuinely interested in your views and was wondering where you see cable headed now, as opposed to your view at the beginning of the year

Fair enough.

In general, I think that the market really concentrates its attacks on fiscally vulnerable markets one at a time. At the beginning of the process, things appear to be very slow until market actions react a critical mass which then dramatically accelerates the rest of the process.

I think that the market has already got what it wants from Greece, Ireland and Portugal. My suspicion is that it wants to runs its sword through Spain next.

After that, it will have to decide whether to attack Italy or the UK.

Attacking the UK is tricky if the Bank is able to soak up the resulting supply of Gilts through QE. By the time that the market has Spain where it wants it, further QE by the Bank will be out of the question if inflation remains at similar levels to to-day.

This could cause the market to pick on the UK rather than Italy. If this were to be the case, Gilt yields would soar and Sterling would collapse causing huge pressure on the Base Rate.

I think that it will be a close run thing but, at the moment, it looks to me like the UK will be dealt with by the market before Italy.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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