Anne Arundel County's 1.3B Shortfall

[Norton]

So I'm confused, what do you mean kinda fund your own retirement health care?

I could of swore millions of tax payer dollars also funded it? We are ~110 million in the red each and every year, and that gap is going to get larger each and every year. They are all ready looking at changes in county contributions to close the gap.

It's called sarcasm. I have 7% taken from every paycheck to go towards my pension. This is in addition to the $600 a month I put into my private 403b.

I'm funding my own retirement. Is that a clearer statement?

 

[Norton]

not reading the entire thread but pensions are outdated and should be done away with
public employees should be moved to 401k style retirements
the burden of pensions on the system is not sustainable because the politicians cannot keep their hands off the money. it needs to be locked away from them

Cool. Just give me back what I've got in the system in a lump sum and we'll call it a day.

 

[lx1x]

Cool. Just give me back what I've got in the system in a lump sum and we'll call it a day.

Pfft .. don't hold your breath or you'll turn into a smurf. Lol

 

[mdram]

Cool. Just give me back what I've got in the system in a lump sum and we'll call it a day.

as much as that would be the best solution, its not practical


all new hires should be 401k style only

 

[Seagrave1963]

as much as that would be the best solution, its not practical


all new hires should be 401k style only

Wasn't the article and OP about the retiree healthcare predictions?

As for pensions, a 457b plan is probably a better option for future municipal hires as far addressing pension "reform" in county/city government. But, again, the thread was about healthcare, which is a separately managed benefit.

Personally, I have contributed heavily in the Deferred Compensation plan in an effort to be responsible for my own retirement. FYI - the government makes 0 contribution to the voluntary Deferred Compensation plan.

Looking forward to seeing who is sitting on the "Death Panel" when I have to join the ACA on retirement!

 

[Ragnar]

Us bad county retirees don't want anything more than to stay on the county health insurance. Which is something we were promised as part of our retirement for decades.

Thanks you for your service and I appreciate your points. However, "keeping promises" isn't free. The county is $1.3 billion in the hole, and if those "promises" are going to be kept, the money is going to have to come from somewhere. What's your plan? Tax me some more?

 

[Seagrave1963]

Thanks you for your service and I appreciate your points. However, "keeping promises" isn't free. The county is $1.3 billion in the hole, and if those "promises" are going to be kept, the money is going to have to come from somewhere. What's your plan? Tax me some more?

The county is not $1,300,000,000 in the hole - it will be if "something" is not done to rectify the current system. Hence the discussions, planning and proposed legislation, which is leaning heavily on reducing/shifting employee healthcare benefits and not solely on raising taxes (which they have been carefully dancing around ) to clean up the decades running/growing problem.

Increase revenue or reduce services or combination of both?

Which services should be cut in addition to the proposed benefit reduction?

 

[kohburn]

Cool. Just give me back what I've got in the system in a lump sum and we'll call it a day.

expecting it to go the way of SS eh?

 

[K31]

not reading the entire thread but pensions are outdated and should be done away with
public employees should be moved to 401k style retirements
the burden of pensions on the system is not sustainable because the politicians cannot keep their hands off the money. it needs to be locked away from them

And into the hands of the stock traders. You know, people who you can trust.

BTW, would you be interested in some investment opportunities?

Also, ask if anyone's ever lost money in their companies 401K. Not through bad investments but because the company used the funds as their own and/or failed to make payments.

 

[Robert]

It's called sarcasm. I have 7% taken from every paycheck to go towards my pension. This is in addition to the $600 a month I put into my private 403b.

I'm funding my own retirement. Is that a clearer statement?

Oh, I was talking about the retirement Health Care plan, so yes your statement is MUCH clearer.

 

[zoostation]

I think that is where the focus is currently.

The move to shift new hires into different plans is not where most of the current objections are.

What is causing people to get upset over this effort are the provisions in the bill that force the current retirees and their families out of the county health plan, if the retiree or their spouse have any other coverage available to them. With so many employers being forced to sign onto Obamacare, that's where a lot of these people will end up. As a for instance, out of pocket costs for family plan premiums where my wife works would cost us almost $11K a year more than what we are paying out of pocket now on the county plan (around $5K), not including deductibles or co-pays. I can take that kind of a financial hit if I absolutely have to, I am blessed with a decent retirement job. I know a lot of retirees who would be damn near eating cat food if that happened to them.

And believe me, take what you hear from the county budget office with a grain of salt. I worked with the budget and finance people in Annapolis for years when I was at police headquarters. They are run by political appointees and have about as much credibility as Brady Campaign statistics. I'm serious.

 

[Robert]

The move to shift new hires into different plans is not where most of the current objections are.

What is causing people to get upset over this effort are the provisions in the bill that force the current retirees and their families out of the county health plan, if the retiree or their spouse have any other coverage available to them. With so many employers being forced to sign onto Obamacare, that's where a lot of these people will end up. As a for instance, out of pocket costs for family plan premiums where my wife works would cost us almost $11K a year more than what we are paying out of pocket now on the county plan (around $5K), not including deductibles or co-pays. I can take that kind of a financial hit if I absolutely have to, I am blessed with a decent retirement job. I know a lot of retirees who would be damn near eating cat food if that happened to them.

And believe me, take what you hear from the county budget office with a grain of salt. I worked with the budget and finance people in Annapolis for years when I was at police headquarters. They are run by political appointees and have about as much credibility as Brady Campaign statistics. I'm serious.

16K for a family sounds about right these days, and I'm sure you know, it's not just the government who is having problems affording these costs for their employees. This may be the last year my employer offers health, and that's a nut I can't crack.

 

[zoostation]

16K for a family sounds about right these days, and I'm sure you know, it's not just the government who is having problems affording these costs for their employees. This may be the last year my employer offers health, and that's a nut I can't crack.

Well, I myself know of very few people who are paying $16K out of pocket for family coverage, outside of my wife's work. There's a larger story specific to her company there that I won't go into. But I guess we'll have to agree to disagree on that one.

I do hope your employer keeps up your benefits though. Unfortunately I think the advent of Obamacare is going to become a shining example of The Law of Unintended Consequences for people losing health insurance. Working people anyway.

 

[Norton]

as much as that would be the best solution, its not practical


all new hires should be 401k style only

We already fund our own 403b with no matching.

Let's just say that i will be the first guy at the door of the pension fund office emphatically reminding them of exactly how much I put into the system and my insistence that I just get what's mine and nothing more.

I haven't played by the rules for my entire career and lived a frugal lifestyle just so that I can have my money stolen and I end up shopping in the cat food aisle.

 

[Norton]

expecting it to go the way of SS eh?

The way the are mismanaging it, yes.

I left 9 years of my money in the Virginia system just to hedge my bets.

 

[Ragnar]

Which services should be cut in addition to the proposed benefit reduction?

All I really need/use are public safety (police, fire, jail, courts, etc.), transportation/roads and trash removal. Everything else can go.

 

[Robert]

Well, I myself know of very few people who are paying $16K out of pocket for family coverage, outside of my wife's work. There's a larger story specific to her company there that I won't go into. But I guess we'll have to agree to disagree on that one.

I do hope your employer keeps up your benefits though. Unfortunately I think the advent of Obamacare is going to become a shining example of The Law of Unintended Consequences for people losing health insurance. Working people anyway.

My employer does (comes out of their pocket). Actually pays more for my family. We are a small company of 8 and they are extremely good to us, but the health care cost are becoming a huge problem.

Yes it was part of the deal when they hired me 10 years ago but I see the numbers and for our little shop they are crazy.

Anyway no matter how we slice and dice it the problem is everywhere both public and private.


Sent from my SCH-I545