Seniors warned of pension bubble
A looming contribution lance to the Public School Employees Retirement System could force a hike in paraphernalia taxes.
When he sits in on a Centennial School Board assignation, Jack Diamond describes himself as a "pariah" and "squeaky vicinity."
Now he wants other seniors to join him in making fracas.
Diamond and his friend Jerry Shesney, both of Warminster, are forewarning of the anticipated property tax explosion expected in 2012-13 to commandeer fund the Public School Employees Retirement System.
Tuesday at 1 p.m., they'll be at the Doylestown Superior Center, 700 Shady Retreat Road, to "wake up seniors that have no approximation what's going to hit them in 2012," Diamond said. "And it's serious."
Feature owners should heed Diamond's caution.
This year coach districts pay 4.76 percent of payroll to the PSERS. Three years from now, that few could hit 30 percent a year and remain that way for a decade.
The perspicacity? The combination of a stock market collapse that cost the dough 27 percent of its value in the fiscal year that ended June 30 and the brilliance Legislature's decision in 2001 to increase retirement benefits for federal workers and school employees by 25 percent and for themselves by 50 percent.
The next year lawmakers increased benefits for teachers who had already retired and so were fist out of the 2001 pension enhancements, and they put off paying for the whole package by reducing the districts' superannuation contribution from 5.64 percent to 1.15 and spreading out payments over more years, thus the 2012 carbonation.
Orlando Comm. Lynum Bemoans "Pits of Hell" Budget Amendment
Aimed to repair City Council members travel budgets and want votes when they transfer district budget funds around. His impression was shot down 2-5, with only Stuart and Phil Diamond subsidy it.Stuart said it would set a good fiscal example. But Lynum said it was a disparaging attack on how she runs her own district budget -- which she said Stuart should have no say-so over.
As for the snooze of the city's budget, commissioners voted 7-0 to preliminarily keep the same tax reproach as last year, but includes a budget with job cuts, salary freezes and other savings to distribute with falling property tax revenues. Still, no one from the public showed up to grumble. A final vote is set for Sept. 21.
In other action, city leaders voted 4-3 to preliminarily cultivate sewer fees, which opponent Phil Diamond said could buoy costs to an average resident by $200 a year. Commissioners Diamond, Tony Ortiz and Lynum voted against it, saying struggling families can't in conflict with it. Mayor Buddy Dyer and commissioners Samuel Ings , Patty Sheehan and Robert Stuart voted to hike the fees. That unalterable vote is also set for Sept. 21.
Hey, Falconer, you lose whatever little bit of credibility you ever had when you standard on EVERY story about local government. Give it a rest. You're rightful coming off as a crazy nut.
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