At its committee meetings last week, City Finance Director Dick Barker told the Pensacola City Council that the city pension funds have lost about another $40M in value since Sept. 30, 2008.
Tag: Pensions
Public pensions are a national issue
Bloomberg.com reports: Public pensions in the U.S. had total liabilities of $2.9 trillion as of Dec. 16, according to the Center for Retirement Research at Boston College. Their total assets are about…
BTW: DROP program cost $2 mil
As per the City of Pensacola’s CAFR: the Deferred Retirement Option Program (DROP) cost us $1,957,764 in 2008.
Nobles: no pension panic
While researching for my Outtakes column, I ran across this quote from then-Councilman Jack Nobles from August 2005: “Let’s reward employees and be fair to them. I’m not ready to push the…
Pension Tsunami
My posts on the City of Pensacola pensions caught the attention of the Pension watchdog blog, PensionTsunami.com. The author writes, “The purpose of this site is to provide an overview of the…
City unfunded pension liability is up 80 percent
According to the City of Pensacola’s comprehensive financial reports, the unfunded liability for the pension funds is much greater than it was in 1998: General Pension 1998 unfunded liability: $29,228,000 2007: $50,312,000…
City pensions lose $38.8 million
The City of Pensacola has posted its comprehensive financial reports on its website. The Stock Market collapse has significantly hurt the city pension plans: Investment income Net depreciation in fair value of…
Holley is part of double dipping wave
Escambia County tax collector, Janet Holley, retired this month. She will take office again in January. The St. Pete Times reports that Holley is part of a “new crop of double dippers,…
State pension fund plummets
St. Pete Times reports that in the last 13 months, the state pension plan lost more than a quarter of its value, or $37.9-billion. It peaked at $138.4-billion on Sept. 30, 2007,…