GET OUT THE BOUNTY?….
It’s been a while since this writer posted Lemieux…due to several factors…time…and topics…that were already covered…and hoping that most faithful readers have subscribed to his weekly e-mails news…worth it…and it’s free…
Today…his first topic…Pensions and who took the hit with their state funds being in Lehman Bros. and AIG…etc….leaving an inevitable “boomerang” to come back and hit all taxpayers…who will be expected to cough up the funds to continue to give all these government employees all they are expecting when they walk out the door…and it’s a lot….
According to Lemeiux….. Florida…has enough money after this hit to cover the full retirement of every state employee…WOW!…
Three ways to look at this one…
The glass is half empty…for other states…
The glass is half full….for our state…
THE GLASS WAS OVERFLOWING …for our state to begin with?….
Especially after the 2007…”Pool”…see below…
http://www.thelemieuxreport.com/
full text online…
“The trouble Wall Street has seen in recent weeks has found its way to Florida not only in its general effect on the overall economy, but in particular with regard to the Florida Treasury.”…….” Similarly, the Florida Pension System, with investments in AIG, Lehman, Washington Mutual, and Wachovia Corp, lost nearly $350 million last month. With an asset value of $115 billion, the Florida Pension Fund is only marginally down. The Florida Treasury Investment Pool has lost $71 million in five months, over $25 million in September alone, but still totals $24 billion.
Bottom Line: Florida is one of the only states in the country with a fully funded pension system. If every state worker retired today, the pension fund could fully fund each worker’s retirement. These decreases in pension value are substantial, but it is important to keep in mind that for the time being, most of the losses have not been realized and are only on paper.”
REMEMBER 2007?……….
http://www.bloomberg.com/apps/news?pid=20601087&sid=aEWz6lIRbqE4&refer=home
Final Note:…LBTS still was never told by the Town Manager when she pulled our money….from that “POOL” if we paid a fee for that removal and what the actual amount was…HMMMM……
more to come…
Tags: florida pension funds, Scoops, State Politics
