Archive for November, 2011
This is the time of year when the insurance companies are asking you to check your Medicare prescription drug coverage (Part D). How is Medicare (more…)
Next Tuesday, December 6, will be decision day for the Memphis City Council and the administration to change and reform the pension system for the city of Memphis. They have been delaying and delaying for some time. Hopefully they will do the right thing and do at least what Shelby County did last June.
Thanksgiving is this Thursday, November 24, 2011. Our streets are awash with riots, demonstrations, filth, rapes, murders and anarchy. These people claim to be the 99% but are they really?
Thanksgiving is a time to reflect on what this country means to you. Regardless of what people say, this country is unique. It stands out from every other (more…)
Seniority and tenure are two big items to educators. In perusing the MCS website I came across the seniority list of teachers. I have attached the list in various configurations, longest serving to newest, by schools and by job titles. The code for who is senior is determined by the hire date. E.g. 20050801 means they were hired in 2005, August 1. I cannot find such a list on the old Shelby County School website but it probably exists.
I decided to compare pensions and OPEB in various Tennessee cities and counties and throw in San Francisco just to spice up the mix. This is not a complete analysis as that would take a long time and much more information research. However, I found some interesting things. Look at the charts below.
|Population||Public Employees||Public Retirees||Pension Unfunded Liability|
|TotalShelby County and Memphis||919137||13567||7712||562,301,000|
|Number of disability recipients||OPEB UnfundedLiability OPEB meansOther Post Employment Benefits||Participants in OPEB, retirees and spouses|
|TotalShelby County and Memphis||769||1,426,726,000||6002|
? Indicates information unavailable at this time.
Memphis and Shelby County have similar populations to San Francisco but we have over 150,000 public school students and they have 56,299. Obviously families with children can’t afford to live in SF. SF has 26,554 public employees and we have 13,567. Talk about too much government. Shades of Greece and Italy.
Metro Davidson has a reasonable unfunded pension liability of $350 million dollars but a huge unfunded OPEB liability of $2 billion dollars. Also look at their disability recipients of 1103 compared to ours of 769, most of which come from the City of Memphis. Disability scams are a big national and local problem.
Now take a look at Knox County, Tennessee. They have gone to defined contribution plans and different retiree health care plans and their fiscal numbers show these good decisions. Click here to see what they say in their current CAFR report.
The Memphis City Council and the Administration have again delayed taking up needed reform from last Tuesday (November 1) until Tuesday December 6. I guess the great Pumpkin put a fright into all parties.
What is really going on is that the various employee representatives are (more…)