Thursday, December 11, 2014

Stacy Head thinks "I got mine" is a perfectly cogent argument

I guess that's leadership, or something.
At the meeting, Head made her case for a change to the system. She noted that most of the employees in attendance were either retirees or nearing retirement age and likely would be unaffected by any proposal on the table.

“You’re going to get yours, no matter what happens,” Head said. “It’s the people coming behind you who are truly in jeopardy.”

Earlier this year, Head asked the system’s actuary to calculate the effects of five overhaul proposals, including changes to employee retirement eligibility age and benefit calculations as well as the elimination of cost of living adjustments through so-called “13th check” bonuses during years in which the system’s investments perform at a certain level.

In an email to The Lens, Head said that all options are on the table. But what appears for now to be the leading proposal is called Social Security integration. Unlike other systems, including the city’s firefighters’ pension system, city pension members members pay into Social Security and are eligible to receive Social Security benefits. The proposal would reduce the pension system’s payment by 50 percent of Social Security payments once a retiree becomes eligible.

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