By Lynn Bartels, Denver Post News Writer
A lawsuit was file today over legislation that reduces pensions benefits for members of the Public Employees Retirement Association Posted February 26, 2010, 11:12 am
The suit charges that the new law, signed by the governor Tuesday, is unconstitutional because it impairs the retirees’ contractual rights to receive pension benefits at the levels promised them when they became eligible to retire or when they actually retired.
The bill, in part, reduces the cost-of-living increase for retirees from 3.5 percent to 2 percent annually, except for this year when there is no increase. The move is an effort to shore up the retirement fund, which has $30 billion in unfunded liabilities.
“Both the United States and Colorado Constitutions bar reductions in pension benefits once the right to those pension vests. And that is exactly what the legislature did here,” said Stephen M. Pincus, one of the attorneys for the retirees.
More than 400 governmental and public agencies in Colorado belong to PERA, including school districts and state government.
Senate Minority Leader Josh Penry, R-Grand Junction, co-sponsored the legislation.
“Our reform bill represents the first time a state has cut the benefits of current retirees, so litigation was always expected,” he said.
“But to the plaintiff’s, who I assume are well meaning folks, I would say this: If we don’t reduce these automatic pension increases, the entire fund is poised to go bankrupt. Think United. Think GM. That didn’t work out well for the company or the retirees. These reforms are tough but they’re necessary.”
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On Feb 26, 2010, at 3:55 PM, Roni Bell wrote:
Wondered how long it'd take before this government would start nibbling away at PERA.
Yet another face of those who are murdering free enterprise, fair trade, American industry, freedoms and liberties, and stealing private property.
Why? Perhaps to feed their monstrous self-indulgent egos, get un-justly enriched, and pay back campaign contributors???
Really folks, that's what it all boils down to.
Sure, guests float through O'Reilly, Hannity, Huckabee, Beck, Stewart, Maher et al, hashing and re-hashing (Not just a Colorado thing.) whether to call "it" socialism, communism, fascism or Marxism, when the definition is the more straight forward anti-America!
Those whose private property has been taken by bureaucrats can describe to a tee, exactly what an anti-American looks like. Why not ask them? Sure would help U.S. Citizens know, so they can be on the look out and shield their loved ones.
Recently a friend told me they didn’t "agree with" my thoughts about this administration turning us into a socialistic society.
My response? "That's akin to telling those screwed over by Bernie Madoff that you don't "agree" with their thoughts on being screwed."
Roni
4 comments:
Great post, Roni!
You are right, of course...
did you read the book by Jerome Corsi, "The Late, Great U.S.A."
I read it over a year ago...and that is when I found out about the new deep sea Chinese container port at Lazaro Cardenas in Mexico -and the highway system planned into and across USA into Canada without a speed bump at the borders [what borders? USA perimeter control?? hahahahah]-and the Trans-Texas Corridor & subtle infiltration of illegal aliens of all stripes as I get it the plan is Calif will go to the Chinese pretty much (or more)the SW to Mexico etc
Alaska [back to from whence it came] to Russia
and Islamic against "non-believers" as taught in madrassas everywhere
WHO IS THIS GUY WHO IS our president and commander-in-chief anyway?
If you want a good read about the corrupt incestuous banking system and govt agencies
intentionally devaluing the U.S. Dollar as the world's reserve currency,
there is a good long article in this last issue of Rolling Stone.
If I can find it, I will try to forward it to you.
It explains the banking mess as"scams"and "stings"
It is what it is marxist, fascist totalitarian statism - it is NOT "health care"
It is the key piece they need in place ASAP so the databases and controllers "own our bodies and everything that can be done to and with such bodies."
The mandatory injections at some point will contain nanobots and who-knows-what
It is no secret that Rahm Emanuel and his brother Ezekiel Emanuel consider
us "useless eaters." We are living and breathing "1984" Big Brother and "Animal Farm"
Most U.S. citizens who might still be trying to survive, or work, or pay taxes have been so brainwashed that all this is actually happening
"Denial" is not a river in Africa!
CJ
What's amazing here is that the legislators and governor were told up front that the annual increaes that PERA members receive were a guaranteed benefit that could not be cut without violating the constitutions of both Colorado and the U.S. They went ahead and did it anyway! What the Post article doesn't say is that the state has underfunded its liabilities by $6 billion this decade. Or that the state offered an early retirement incentive to its employees in the late 1990s that caused a lot of this problem. Or that PERA, with the General Assembly's agreement, sold service credits to PERA members that were on sale at only 15.8% of annual salary rather than the 30% actuarial cost to PERA. Never think that the media ever gives you all the facts, nor do the talk show hosts give you anything but extreme bias and factual errors too numerous to be effectively challenged. This law will be overturned by the courts and then the financial problem for PERA and the state will be that much bigger.
The latest PERA Member Report - April 2010 - According to Executive Director, Meredith Williams " Included in SB 1 are the necessary provisions to ensure that we can provide retirement SECURITY not just for today's retirees, but also for those who may be just beginning their careers in public service or are yet to be hired"
What security? If they can change this what about next time? I thought I had security when I retired in 1999. Think again!!
The latest PERA Member Report - April 2010 - According to Executive Director, Meredith Williams " Included in SB 1 are the necessary provisions to ensure that we can provide retirement SECURITY not just for today's retirees, but also for those who may be just beginning their careers in public service or are yet to be hired"
What security? If they can change this what about next time? I thought I had security when I retired in 1999. Think again!!
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