Excellent Critique on the Yale Daily News By Nathan Zelinsky:
http://www.yaledailynews.com/news/2010/nov/16/zelinsky-just-say-destefano/
Posts Tagged ‘Pensions’
Excellent Critique of John DeStefano
Wednesday, November 17th, 2010Unfunded Pension Obligations
Tuesday, June 15th, 2010Check out this article in CT News Junkie on Unfunded Pension Obligations
An important piece this article does not mention is the “discount rate” or “Return on Investment” assumptions. When you assume, as New Haven does, a high and unrealistic 8-9% return every year, year after year, you only need to put in a small amount of money AND you can claim that we are “funding the pensions at 100% actuarial required amount”. The problem, is that if you assume 5% then the amount we need to put away in our CERF and P&F funds would skyrocket each year. Our funded ratio is very low AND we assume a high rate of return. I would recommend you request from our actuaries SEVERAL scenarios with the rate of return, pessimistic/ best guess/ optimistic ROI. Our current ROI is hopelessly optimistic and concealing the true problem in our city’s pension funds.
An Inconvenient Budget
Sunday, April 11th, 2010NPR Covers Pension Shortfalls
Sunday, March 21st, 2010Pension Woes May Deepen Financial Crisis For States
There’s a looming U.S. financial problem that’s big, is getting larger and could threaten the solvency of some states. From Connecticut to California, pension funds for teachers, firefighters and other public employees are severely underfunded. Read More Or Listen to Coverage
Urgent Action
Wednesday, June 10th, 2009Contact the Police and Fire Pension Fund Commissioners to let them know you are outraged by people trying to game the system. Tell them they cannot afford to squander the pension fund when it is underfunded by 100s of Millions of dollars!
Read this article from the New Haven Register.
Background about the story from the New Haven Independent here, here, and here.
If someone is innocent, then they should continue in their job. The possibility of false accusations is a terrible reality for any police officer. That is why we have a judicial system, of which the police are an integral part. If this person is guilty, he should be fired and not given special treatment — which is all too common in New Haven (CJ Cuticello and Billy White). Check out this outrageous practice in Long Isand.
Contact the Board and tell them we want this to stop!
RETIREMENT BOARD – POLICE AND FIRE FUND
| Name | Address | Phone |
|---|
- Bishop Theodore L. Brooks, 271 Stevenson Road, New Haven, CT 06515 203-387-3899
- Wendy Mongillo, 12 Oliver Road, New Haven, CT 06515 (203) 387-7948
- Richard Epstein, 59 McKinley Avenue, New Haven, CT 06515 Home Phone: 203-397-2299, Cell Phone: 203-982-4838, email
- John DeStefano, Jr., Ex-Officio Representative, 150 Judwin Ave, New Haven, CT 06515 203-946-7660, email
Spreadsheets
Wednesday, December 17th, 2008There has been a discussion about the following spreadsheets going on. Take a look and help make them better.
