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	<title>Comments on: The Pension Play</title>
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	<link>http://www.gothamgazette.com/blogs/wonkster/2005/12/21/the-pension-play/</link>
	<description>A blog about the views and spews of editorialists, bloggers and other unsavory opinionated New Yorkers.</description>
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		<title>By: Del Davis</title>
		<link>http://www.gothamgazette.com/blogs/wonkster/2005/12/21/the-pension-play/comment-page-1/#comment-281</link>
		<dc:creator>Del Davis</dc:creator>
		<pubDate>Thu, 22 Dec 2005 00:06:25 +0000</pubDate>
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		<description>Why did the mayor not mention this two tier retirement plan with the teacher&#039;s when the negotiated their contract?</description>
		<content:encoded><![CDATA[<p>Why did the mayor not mention this two tier retirement plan with the teacher&#8217;s when the negotiated their contract?</p>
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		<title>By: anonymous</title>
		<link>http://www.gothamgazette.com/blogs/wonkster/2005/12/21/the-pension-play/comment-page-1/#comment-279</link>
		<dc:creator>anonymous</dc:creator>
		<pubDate>Wed, 21 Dec 2005 21:29:17 +0000</pubDate>
		<guid isPermaLink="false">http://www.gothamgazette.com/blogs/wonkster/2005/12/21/the-pension-play/#comment-279</guid>
		<description>I think you, and Steven Greenhouse, have misrepresented the facts here. Steven, by burying the real financial details on his second page, and you, by not even citing it. 

This math problem is not linear, it&#039;s exponetial, as an economist cited in Greenhouse&#039;s article pointed out, and as one of your readers cited.

As more new workers are added, more money is saved. There is no way that NYC can sustain the current pension plan for more than another decade. I for one, don&#039;t want to have to pay $10 for a subway ride*, but that&#039;s where we are headed without a TWU contract that has some grounding in the financial realities of the next few decades. 

We&#039;ll probably be paying this price by the end of the decade, perhaps not directly, but certainly through municipal taxes taxen from other programs and used instead to fund MTA liabilities.</description>
		<content:encoded><![CDATA[<p>I think you, and Steven Greenhouse, have misrepresented the facts here. Steven, by burying the real financial details on his second page, and you, by not even citing it. </p>
<p>This math problem is not linear, it&#8217;s exponetial, as an economist cited in Greenhouse&#8217;s article pointed out, and as one of your readers cited.</p>
<p>As more new workers are added, more money is saved. There is no way that NYC can sustain the current pension plan for more than another decade. I for one, don&#8217;t want to have to pay $10 for a subway ride*, but that&#8217;s where we are headed without a TWU contract that has some grounding in the financial realities of the next few decades. </p>
<p>We&#8217;ll probably be paying this price by the end of the decade, perhaps not directly, but certainly through municipal taxes taxen from other programs and used instead to fund MTA liabilities.</p>
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		<title>By: IB</title>
		<link>http://www.gothamgazette.com/blogs/wonkster/2005/12/21/the-pension-play/comment-page-1/#comment-276</link>
		<dc:creator>IB</dc:creator>
		<pubDate>Wed, 21 Dec 2005 18:37:40 +0000</pubDate>
		<guid isPermaLink="false">http://www.gothamgazette.com/blogs/wonkster/2005/12/21/the-pension-play/#comment-276</guid>
		<description>Not to suggest that this latest post is misleading, (and in fact I have enjoyed this blog and the Gazette as a pleasant alternative to the major media sources) but did that NY Times article not also indicate that that $20 million savings over 3 years, could also turn into much larger savings over the course of a longer period of time:

&lt;i&gt;John J. Murphy, a pension expert and former executive director of the New York City Employees&#039; Retirement System, said he computed that the authority&#039;s pension proposal would have a modest saving at first: $2.25 million in the first year, $4.8 million in the second year and $7.8 million in the third year.
 
G. Paul Burnett/The New York Times
Roger Toussaint, president of Local 100 of the Transport Workers Union, announced the strike at union headquarters around 3 a.m. More Photos &gt; 
But he said the plan would achieve significant savings, more than $160 million in the first 10 years, with some officials estimating that it would save more than $80 million a year after 20 years.

Mr. Dellaverson said it was important for the authority to try to control its pension outlays even in a year when it had a surplus. The authority&#039;s pension outlays for the transit workers have soared to $453 million this year, triple the amount in 2002.

&quot;If you know a tidal wave is coming and you can still play around in the surf because it&#039;s not here yet, anyone would think that&#039;s foolishness,&quot; Mr. Dellaverson said.

That wave, he suggested, is a continued rise in pension costs and the authority&#039;s forecast of a $1 billion deficit in 2009.

Mr. Dellaverson said the week of negotiations at the Grand Hyatt hotel in Midtown were unusual because the union made hardly any firm counteroffers. &quot;The longer you wait to start to address the problem,&quot; he said, &quot;the more dramatic the changes must be to address them.&quot;&lt;/i&gt;

I wonder if there is any information, or analyst who suggests otherwise, or has a different proposal to this situation?</description>
		<content:encoded><![CDATA[<p>Not to suggest that this latest post is misleading, (and in fact I have enjoyed this blog and the Gazette as a pleasant alternative to the major media sources) but did that NY Times article not also indicate that that $20 million savings over 3 years, could also turn into much larger savings over the course of a longer period of time:</p>
<p><i>John J. Murphy, a pension expert and former executive director of the New York City Employees&#8217; Retirement System, said he computed that the authority&#8217;s pension proposal would have a modest saving at first: $2.25 million in the first year, $4.8 million in the second year and $7.8 million in the third year.</p>
<p>G. Paul Burnett/The New York Times<br />
Roger Toussaint, president of Local 100 of the Transport Workers Union, announced the strike at union headquarters around 3 a.m. More Photos &gt;<br />
But he said the plan would achieve significant savings, more than $160 million in the first 10 years, with some officials estimating that it would save more than $80 million a year after 20 years.</p>
<p>Mr. Dellaverson said it was important for the authority to try to control its pension outlays even in a year when it had a surplus. The authority&#8217;s pension outlays for the transit workers have soared to $453 million this year, triple the amount in 2002.</p>
<p>&#8220;If you know a tidal wave is coming and you can still play around in the surf because it&#8217;s not here yet, anyone would think that&#8217;s foolishness,&#8221; Mr. Dellaverson said.</p>
<p>That wave, he suggested, is a continued rise in pension costs and the authority&#8217;s forecast of a $1 billion deficit in 2009.</p>
<p>Mr. Dellaverson said the week of negotiations at the Grand Hyatt hotel in Midtown were unusual because the union made hardly any firm counteroffers. &#8220;The longer you wait to start to address the problem,&#8221; he said, &#8220;the more dramatic the changes must be to address them.&#8221;</i></p>
<p>I wonder if there is any information, or analyst who suggests otherwise, or has a different proposal to this situation?</p>
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