Pension plans...

[whitetailfanatic]

I gave mine to my tax guy and he opened some ira's for us,or my beneficiaries should I say.

[jmeghunts]

Me and the wife hope to be sitting pretty with TCDRS in a few years. We both have 25+ years. We will be bringing home more than our current salaries...plus have good health insurance. But who knows what the future holds. That's why I have MREs and a hand pump well.

I’m in TMRS and my wife is in TRS. Both of them seem to be healthy so I’ve still got hope. I do however put some cash away in other places just for added security. And, if all else fails I will have my social security check right??? 😂

[Walker]

I live pretty good on my SA fire and police pension, but I advise newer guys to do some kind of 401 and max out every year. You never know what will happen in the next 30 years

[Atfulldraw]

There’s always a back door[emoji23]


Sent from my iPhone using Tapatalk

The ol’ taxes two step.....

Just converted ours yesterday.

[friscopaint]

I live pretty good on my SA fire and police pension, but I advise newer guys to do some kind of 401 and max out every year. You never know what will happen in the next 30 years

We were fine in Fort Worth too, until the city started claiming we weren't fine.....funny, nothing changed except the cities claims.......all they have to do is change up the formulary and bingo, underfunded.....then have media hyping doomsday scenarios all based on the Dallas debacle and we all get lumped into the same pot when there is no correlation whatsoever. All a part of every entity wanting to get out of the benefits business, every penny spent on benefits is one less to spend on political cronies pet projects with tax payer money versus their own......

[thegrouse]

We were fine in Fort Worth too, until the city started claiming we weren't fine.....funny, nothing changed except the cities claims.......all they have to do is change up the formulary and bingo, underfunded.....then have media hyping doomsday scenarios all based on the Dallas debacle and we all get lumped into the same pot when there is no correlation whatsoever. All a part of every entity wanting to get out of the benefits business, every penny spent on benefits is one less to spend on political cronies pet projects with tax payer money versus their own......

Was your pension in state law or was the city able to change it on their own?

[Atfulldraw]

We were fine in Fort Worth too, until the city started claiming we weren't fine.....funny, nothing changed except the cities claims.......all they have to do is change up the formulary and bingo, underfunded.....then have media hyping doomsday scenarios all based on the Dallas debacle and we all get lumped into the same pot when there is no correlation whatsoever. All a part of every entity wanting to get out of the benefits business, every penny spent on benefits is one less to spend on political cronies pet projects with tax payer money versus their own......

among other things this is exactly why my dad's former company got sued over their pension.

oh don't worry, they do this for a living -- they are the experts.

they wouldn't screw you.....

[friscopaint]

Was your pension in state law or was the city able to change it on their own?

Interesting, ours was protected under the constitutional amendment vote a couple yrs ago that it could not be reduced.....so they changed the multiplier, we sue.....state courts in Texas are not labor friendly.....cities have figured out all they have to do is tell you to sue them, they have an unlimited amount of taxpayer dollars to defend them......and after the Dallas debacle the state legislature is skeptical of any pension system now.......

[friscopaint]

Interesting, ours was protected under the constitutional amendment vote a couple yrs ago that it could not be reduced.....so they changed the multiplier, we sue.....state courts in Texas are not labor friendly.....cities have figured out all they have to do is tell you to sue them, they have an unlimited amount of taxpayer dollars to defend them......and after the Dallas debacle the state legislature is skeptical of any pension system now.......

sadly but as we all know the courts, virtually all of them, are biased one way or another and rather than enforce the law they interpret as they see, or their political donors see, fit.....

[thegrouse]

So all the retirees that were receiving a pension got a reduction in monthly pay or they changed it for everyone going forward?

[friscopaint]

Just like in the movie Open Range where Robert Duvall says if you listen to a man long enough he will tell you his intentions....well in our case the city has telegraphed their intentions, they won't take it all at once but they are coming after it a bit at a time....

[friscopaint]

So all the retirees that were receiving a pension got a reduction in monthly pay or they changed it for everyone going forward?

going forward but they did stop retirees COLA I believe and also wanting to drop spouses off retirees health care.....and eventually retirees altogether, they have already telegraphed that too....new hires aren't offered healthcare at all, retired, and I fully expect that when I retire in 3 yrs they will remove it for me......that part is pure speculation but I expect it.

[thegrouse]

Gotcha. So they changed the multiplier so everyone needs to stay longer and later will attempt the reduction for those who have already retired a la Detroit.

[friscopaint]

I'm realistic that they will reduce mine but at 54 it's tough when you have made certain plans/calculations on the cities promises over the past 20yrs yet no city council is held to the promises of a previous council.....we warn the young guys to not believe a word they are told by the city.

[thegrouse]

I'm realistic that they will reduce mine but at 54 it's tough when you have made certain plans/calculations on the cities promises over the past 20yrs yet no city council is held to the promises of a previous council.....we warn the young guys to not believe a word they are told by the city.

I tell my guys to put as much in a 457 and an Roth IRA/ IRA as they can just for that reason. But honestly the pension has factored big into my decisions. I plan on pulling as much out of the DROP just to keep their hands off it.