Oregon state government retirement

[Just Jim]

Who ever said socialism doesn't pay well?

Top pensioner at Oregon Public Employee Retirement System: Mike Bellotti at $41,000 a month | OregonLive.com

"According to PERS documents, the top of the list and their monthly
checks:

1. Mike Bellotti
$41,341.67

2. Frederick Keller
$31,459.45

3. Lesley Hallick
$23,917.22

etc


Ever wonder why your taxes are so high?

jj

Read More

 

[drew]

It's nice that PERS includes coaches who made close to $2mil/year. I hope Mr. Belotti can survive on his $41k/month.

 

[mat33]

Duck fans don't have high taxes since they paid Bellotti's salary by 'donating' to the Duck Athletic Fund for the right to buy season tickets.

 

[Just Jim]

Now you know why the students debts are forever going up.

jj

 

[Kevatc]

Who ever said socialism doesn't pay well?

Top pensioner at Oregon Public Employee Retirement System: Mike Bellotti at $41,000 a month | OregonLive.com

"According to PERS documents, the top of the list and their monthly
checks:

1. Mike Bellotti
$41,341.67

2. Frederick Keller
$31,459.45

3. Lesley Hallick
$23,917.22

etc


Ever wonder why your taxes are so high?

jj

The socialism comment is inaccurate. Coaching jobs are "here today, gone tomorrow" type jobs. Coaching jobs are a lot like CEO's of Wall Street. Whatever they can negotiate and get the higher ups of a given organization to approve is what they get paid. Sounds just like capitalism to me. In the case of Belotti, he worked many years at UofO at a fairly substantial salary. Chip Kelley will probably make Belotti's PERS salary look like chump change. The guy will earn in excess of $20 million over his newest contract. If he sticks around awhile I have no doubt he will earn more per month than I can in a year.

That said, the huge salaries and golden parachute clauses that go into effect when they get canned frustrates me.

Also, let's remember that even if you are a PERS recipient you are paying into the system as well. As a taxpayer, having a crummy economy is frustrating because I feel like I am putting good money after bad. I am a PERS/public employee. Believe me, having furlough days, pay freezes, and negative returns on investments is beyond extremely disconcerting.

 

[Mark W.]

So this guy makes $496,100.00 a year for how many years cause at one time he was a college coach.

 

[Just Jim]

It's our tax money that pays those lavish retirement.

jj

 

[rufus]

Senate Democrats kill PERS reform – will cost taxpayers $750 million
Friday, June 3. 2011

Republicans offer leadership on PERS problems

Salem, OR – Senate Republicans filled a leadership vacuum Wednesday by forcing PERS reform legislation to the Senate floor. Senate Bill 897, which would eliminate the requirement that employers pay the six percent employee contribution to their Public Employees Retirement System account, failed on a party line vote.

“It is obvious to everyone but the state legislature that something must be done about the PERS problem,” said Senator Chris Telfer (R-Bend). “Ignoring looming deficits and skyrocketing rates only means less money to spend on classrooms, police officers, services for seniors and other vital priorities. This bill could have been one piece of the solution to the PERS problem.”

Senate Bill 897 would end the statutory requirement that a six percent contribution be made to employees’ retirement accounts. More than 70 percent of PERS members have this six percent contribution “picked-up” by their employers. This solution, endorsed by The Oregonian, would save taxpayers $750 million every two years.

Recent studies have shown that PERS has an unfunded liability of $13.6 billion. As a result, rates charged to employers in the system have more than doubled. State agencies, school districts and local governments were all forced to shoulder an additional $1.1 billion in expenses this budget cycle alone, for a total of almost $2 billion in PERS charges. Additional rate increases are looming. Every rate increase comes straight out of state and local budgets and means fewer dollars to pay for teachers, police officers and other services.

“PERS costs are eating school districts and other core services alive,” said Senator Alan Olsen (R-Canby). “Ignoring this problem won’t make it go away, it makes the problem that much worse for future generations. Ending the requirement that employers pick up all 6% of an employee’s PERS contribution is one thing we can do to increase funding for education and other important state priorities.”

Senate Republicans also introduced Senate Bill 970 to help stem the bleeding in PERS. Senate Bill 970 would require employers to make yearly payments to fund projected liabilities in 25 years or less. Many public employers know how much will be needed to pay for promised post-retirement benefits, but choose to spend money on more immediate needs instead, leaving future administrations to pay for the promises.

 

[Kimber Custom]

Why don't we cap PERS benefits to no more than the national average annual income?

Make as much as you want. Invest as much as you want. When you retire we (the state) will pay you a monthly amount with an annual cap of whatever the national (or maybe it should be state) average income level is.

Based on the most recent census data the national average is $41,600 (OR 2010 average is 37k) a year. So this coach would get 1 check in January.

80% of the PERS employee's wouldn't see any reduction at all.

 

[97321]

How about this? An employer pays into an account an amount based on a given percent of an employee's base salary. This percentage would be negotiated between the employer and the employee's union. That account is then available to the employee to invest into private retirement funds at his or her discretion. The employees future is based on the wisdom of his or her individual choices in selecting a retirement account. Some will do well, others will suffer, but it will be at their own hand. There would be no continuing obligation on the part of the employer beyond their contribution to the employee controlled account. This system works whether private sector or public sector. Implementation into the public sector would pave the way for the future elimination of PERS altogether. However, eliminating PERS would not short change the hard working individuals who work in service to the public.

 

[Chee-to]

Who ever said socialism doesn't pay well?

Top pensioner at Oregon Public Employee Retirement System: Mike Bellotti at $41,000 a month | OregonLive.com

"According to PERS documents, the top of the list and their monthly
checks:

1. Mike Bellotti
$41,341.67

2. Frederick Keller
$31,459.45

3. Lesley Hallick
$23,917.22

etc


Ever wonder why your taxes are so high?

jj

Does that make them part of the 1% ?

 

[Rapid1]

how bout we just put law enforcement, firefighters and our military on pers and kick everyone else off...those that put their lives on the line deserve it, none of the others...it would be doable and go where it is deserved. just a disclaimer...I'm not law enforcement, a fireman or military...

I would gladly encourage my tax monies paid out to non-elected personnel of these groups. everyone else should provide for themselves, using the avenues available, just as most of us do now.

I am sure that if all political and public employees were on the same plans available to us all, we would not have any of the financial problems we do now. and that abuses would be prosecuted to the fullest. there would only be one Madoff.

 

[Kevatc]

how bout we just put law enforcement, firefighters and our military on pers and kick everyone else off...those that put their lives on the line deserve it, none of the others...it would be doable and go where it is deserved. just a disclaimer...I'm not law enforcement, a fireman or military...

I would gladly encourage my tax monies paid out to non-elected personnel of these groups. everyone else should provide for themselves, using the avenues available, just as most of us do now.

I am sure that if all political and public employees were on the same plans available to us all, we would not have any of the financial problems we do now. and that abuses would be prosecuted to the fullest. there would only be one Madoff.

What would do with all the other public employees who don't "put their lives on the line"? Are they just after thoughts that don't deserve any type of retirement?

 

[dmancornell]

What would do with all the other public employees who don't "put their lives on the line"? Are they just after thoughts that don't deserve any type of retirement?

How about all of them fund their own retirement, like the rest of us?

 

[Spitpatch]

How about legal contracts entered into by both parties with eyes wide open (after negotiations and settlements, and give and take) be honored? Novel and complicated concept (for some), but it might be something to be considered.

 

[rufus]

That goes both ways. Ever hear of the O&C Sustained Yield Act? The government does not feel to need to honor that "contract", so screw 'em!

There are many more examples...

 

[Spitpatch]

By "screw 'em", I would make the (unconventional perhaps in some views) assumption that you mean take them to court over the breach of contract. I certainly would encourage anyone holding a contract that has been breached to do so. A failure to meet a contract (not necessary to enclose in quotations if it is indeed a contract between two parties) that can be easily shown to be breached would be a suit that would be quickly picked up by the most mediocre and green lawyer. I will be the first to acknowledge that governments very often see themselves as immune to such lawsuits, and very often breach contracts based on that view of themselves. It is up to the wronged to assemble all resouces available to defend their stated rights in a contract (no quotations needed) if that is indeed the case.

 

[gtivan]

Just doing some corrections here. Anyone hired after about 2000 is defined contibution of 6%. The older workers may be defined benefit plans.

So the state is currently on the right track of only the contibution is guaranteed. Their retirement benefits go up and down with the market.

 

[FarmerTed1971]

A month??? Good lord, how is that even possible? Who gets to push the greenlight button on this insanity?

 

[Spitpatch]

Voters. And by recognized process (valued by some), their elected representatives who as negotiators (eyes wide open with negotiations, settlements and give and take) entered into a legal contract. Novel and complicated concept (for some).