Monday, July 15, 2013

Where do we go from here Dick?

Houston, we have a problem. 

It looks as if the Police pension and the General pension assumed rates of return submitted to the State of Florida have been rejected by the State.

Nope to General

Nope to Police?

Plan Administrator Barker needs to have a come to Jesus meeting with CFO Barker regarding what to do with the plans.  Does he act in the best interest of the Plans or in the best interest of the City?

What I love more than anything is the email below.

"I'm not sure where to go from here Dick."

Where do we go Dick?

Who does Barker represent?  The City or the Pensions?

3 comments:

Anonymous said...

Shell game finally catching up to Barker. He could only hide the true cost that the city staff hid from taxpayers when staff made big changes to the general and police pensions without the employees putting any skin in the game.

Anonymous said...

What is the real pension liability if the City used the average rate of return for the last five years rather than using an aspirational rate of return? I bet the number is quite humongous. I seem to remember David Penzone dropping the number $260 or $280 million on the table when he briefed the Council in 2011.

Anonymous said...

David Penzone knows about as much about it as the normal person on the street. Mr. Penzone was just another hire off Hayward's friends list.