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November 12, 2005 09:00 AM UTC
32 Comments
Is it possible to reduce PERA benefits in the future if the costs get too high?
You can reduce benefits to new hires. The question is – and it depends on who you ask – can you reduce benefits of current employees without an actuarial emergency? And what exactly constitutes the crisis that would allow for a reduction in benefits. I think the courts will get an opportunity to weigh in on this before it is all said and done.
The courts would have to decide, and I doubt they would allow it. Corporate pension plans have had success reducing benefits, but government pension plans have not.
Wow – Beauprez has updated his website in a huge way – http://www.beauprezforgovernor.com
No he hasn’t. That’s the same website content it’s been forever.
Why are PERA benefits at issue? What costs? Unless you mean the bankrupting of the USA by the “cut taxes and spend” morons in the WH.
If there are some VALID reasons for cutting benefits to former individuals serving in the public sector in Colorado, the easiest way is to reduce the annual benefit increase to less than the cost of living.
Maybe we can screw with PERA’s structure to make them as financially solvent as Social Security or private retirement plans like at Flying United.
Can the state legally reduce the benefits of retirees now under the PERA plan? My father’s a retired Jeffco teacher, so the question hits close to home.
Individuals give their lives to companies, day in and day out. They do so under a wage/salary/benefit program promised to them at some time in their employment. Someone, please tell me why these benefits aren’t protected by law. Mismanagement is no excuse for raising benefits.
Individuals give their lives to companies, day in and day out. They do so under a wage/salary/benefit program promised to them at some time in their employment. Someone, please tell me why these benefits aren’t protected by law. Mismanagement is no excuse for claiming lost or reduced benefits. They should be in the hands of 3rd party money managers, and insured.
Kevin, Robin – benefits for current PERA retirees ARE protected by law. By the contract clause of the US Constitution, no less.
Hmmm is right, no one has suggested cutting benefits for current retirees. Future hires may be offered less generous benefits, but that won’t reduce payments to current retirees. As DB cooper noted, the real question is can you redudce benefits now being accumulated by current employees. For example, Susan has 10 years vested in PERA. The benefits acrued in those 10 years are not in doubt. But could we say , Susan, if you work another ten years, the formula for the nexzt ten years will be less generous? That’s one for the courts and legislature, but I’m not convinced it’s necessary. the problem is simply that the legislature gave a huge and unwarranted boost to benefits a few years back without having the money to back it up. But rest easy, if you are now receiving PERA benefits, they won’t change and if you are close to retiring under PERA, do so with complete confidence. The problem, if one exists, is pretty long term and likely to affect only new hires.
I’m interested in the Contract Clause of the U.S. Consitution guarantees. Are they inviolate? Can they become another form of corporate welfare? I’d like to see what the contract between PERA employees and PERA looks like. I doubt if, written into it, there were provisions for weakening benefits after 10 years. What “huge and unwarranted boost” did the legislature give?
The future is promised to know one, I suppose. What does history show in this regard? To my way of thinking, it’s quite clear. When an individual promises to perform for another individual (even a for profit or not for profit entity), and that other individual promises a compensation package, the devil, as always, will be found in the details. It appears that individuals may well need better cousel and contracts going forward. You’ll be screwed if you don’t.
During the C & D campaign, there were stories going around that the lack of state funds would lead to the state welching on its PERA committments to retirees. I never did look into it, but my father seemed to believe it.
You’re probably on a slow connection and pulling up the old site from your cache. Hit refresh and you should be able to see the new site. Nice design. Very sharp.
Comment test. Go about your business.
the point, Robin, is that benefits once earned are generally inviolate, barring bankruptcy. But ongoing benefits for future work are always negotiable, within bounds. I doubt you would want to work for the same wage you did 20 years ago. Your employer may choose to offer you a higher wage and better benefits…or a lower wage and lower benefits, for your continued service, or some mix of the two. As a former union officer, I had to negotiate some reductions in wages and benefits for a troubled company. We didn’t like it, but we saved hundreds of jobs. Sometimes, 90 percent of something is better than 100 percent of nothing. Public employees are sheltered from some private risks, usually including the risk of bankruptcy. Their “social contract” used to be competitive but not outstanding wages, usually determined with a salary survey system such as used by Colorado, very strong job security, a good pension and rather indifferent health insurance benefits. But the increasing rigidity of our budget process, TABOR, Amendment 23 and a host of others, combined with the recession, has put them under the same pressure private sector employees face.
Am I the only one who realizes that’s *the same* site as Pete Coors? Same candidate on the left – up against the mountains – soft blue denim shirt? If I start to see his big mug shot on the lapel stickers (assuming those will come out at some point) then I’ll know for sure Sean Tonner really is running that campaign.
Not that that’s a bad thing. Tonner certainly knows what he’s doing – but are they really trying to re-create the senate race? Or is this a matter of, “if it aint broke, don’t fix it”?
Pete Coors didn’t have Bob Schaffer’s endorsement on his homepage. 🙂
First time blogger. Whatever happened to Holtzman?
He spent the afternoon and evening here in Jefferson. He seems to be getting better on the stump. Same message as before, but better delivery. Bob Beauprez will be at a friend’s function next Friday, I’m curious if he’s talking the same stuff he was when I saw him last, in July, I think. So I’ll go to that and then see them both (I think) at the state meeting Saturday.
Hey – anyone heard word about the “love fest”? Is that still happening?
According to the press the lovefest was “postponed indefinitely”, a term used in the legislature when a bill in killed in committee.
Good. The “love fest” should be postopned forever. The sooner that Gov. Owens takes a political appointment in DC and gets out of Colorado the better.
the truth hurts:
Owens isn’t going anywhere, especially the Cabinet.
CoorsTwo:
Tonner is involved with Beauprez’s campaign on some level. Cinamon “Only a Stripper Would Have My Name” Watson, a partner in Tonner’s Phase Line Strategies, is helping raise money for Beauprez.
Tonner gave the Beauprez campaign the fund-raising lists of former Phase Line clients, so it wouldn’t be surprising if he gave the Beauprez campaign the template of the Coors Web site.
PERA people:
PERA benefits are unlikely to change, at least for current retirees and current hires already paying into PERA. There will be efforts to change benefits for future hires, but those efforts will most likely fail.
PERA will be just fine. The markets will bring it back no problem. There are no changed needed what so ever. One big happy family!
Hi Kevin,
I understand your concern. But the information being provided by our fellow posters in this thread is right on.
I also have a family member who would be devastated by any decrease in benefit. She has heard the same reasoning as posted here as to why it won’t happen but is extremely concerned nonetheless.
Wow, Beauprez’s website is so incredibly generic! I guess it’s safe to say that his fundraising money isn’t being invested in web design.
I guess there is some advantage to living up here in the mountains without the luxury of cable and all the Front Range TV ads. I had no idea how dire the straits of CO financial well-being in my ignorance. Since C passed and actually has no bearing on PERA, I feel much the same as ever.
Just an FYI, guys. Even though the Denver Employees Retirement Plan (DERP) was found to be 99.1% funded, the Mayor and City Council of Denver acted responsibly and insisted on two things to assure the continued health of the plan: 1) New employee’s retirement will be calculated on a lesser (from 2% to 1.5%) percentage per year; and 2) Employees will pay an additional one-half of one-percent into the retirement fund.
The issues with PERA seem to me to be really, really scary. I am just thankful that my retirement is not PERA based, but responsibly protected by the good sense and management of the Denver Employee’s Retirement Plan.
http://www.derp.org/about_us.asp#topic2
My retirement is just hoping I die before I have to retire. Got a very large life insurance policy but based on my family history, I’ll be dead before I retire. Then at least my house and bills will be paid for.
Something to look forward to, huh?
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