What does a city do when it runs out of money? It must try to keep pensions current but it also must maintain a law enforcement division as well as numerous other divisions. You can keep going to the state hoping for funding then of course state to the FED then of course the entire bunch of sources including you are BK. Now we have a new problem no other nation in the world wants your currency or your debt.
We vote for people who seem to be forgetting that with our vote comes our trust that you will do what is best for us. I suppose I could add to that if you fail us we expect you to be the Lone Ranger we will provide you with transportation called Silver and now you can act like the entire police force for us, as we can no longer afford one.
I say it is long but a good read What do you say AG
I am very glad I am not running that pension fund.
bloomberg.com
Police Chief’s $204,000 Pension Shows How Cities Crashed
By Alison Vekshin, James Nash and Rodney Yap - Jul 31, 2012 7:28 PM PT
Stockton, California, Police Chief Tom Morris was supposed to bring stability to law enforcement when he was appointed to the job four years ago
He lasted eight months and left the now-bankrupt city at age 52 with an annual pension that pays more than $204,000 -- the third of four chiefs who stayed in the position for less than three years and retired with an average of 92 percent of their final salaries.
Stockton, which filed for bankruptcy protection on June 28, is among California cities from the Mexican border to the San Francisco Bay confronting rising pension costs as they contend with growing unemployment and declining property- and sales-tax revenue. The pensions are the consequence of decisions made when stock markets were soaring, technology money flooded the state, and retirement funds were running surpluses.
“We didn’t have very many people looking out for the taxpayers when these deals were negotiated,” San Jose Mayor Chuck Reed, 63, said in a telephone interview. San Jose, the state’s third-largest city, approved a ballot measure in June to contain annual retirement costs that soared to $245 million from $73 million in the past decade.
Bloomberg News compiled data from the California Public Employees’ Retirement System for more than a dozen cities facing the financial strains of rising pension costs and declining revenue. The data show how local governments struggle to support six-figure lifetime benefits for some retirees even as they cut police and fire services for city residents.
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