Firefighters propose cuts

Bob How much is the medical stipend for FRS participants ?

When does it start and is there any time limit on the payment?

I believe the FF union is trying to negotiate a $600-$800 per month stipend to be paid until the participants normal SS retirement age. If a SWFD FF retired with 25 years of service wouldn't he receive between $7200 - $9600 per year until 67 years of age (most cases from what I see in the tables). If that employee were 50 years of age when he/she retired it would appear that the benefit would be somewhere between $122,400 and $163,200.

Bob How much is the medical stipend for FRS participants ?

When does it start and is there any time limit on the payment?

I believe the FF union is trying to negotiate a $600-$800 per month stipend to be paid until the participants normal SS retirement age. If a SWFD FF retired with 25 years of service wouldn't he receive between $7200 - $9600 per year until 67 years of age (most cases from what I see in the tables). If that employee were 50 years of age when he/she retired it would appear that the benefit would be somewhere between $122,400 and $163,200.

Oh but excuse me, you have not or will you ever hear me say I have it bad, 30A. So does that mean you are going to run?

Bob

Do I have the right makeup of the pension board as follows:

Three members that are members of the FF union
One member that is a SWFD employee, but not a member of the FF union
One member that is not affiliated with either SWFD or the FF Union

Is this right ?

I am an elected official. I was elected to the South Walton County Mosquito Control District - Seat 3 in 2010 after being appointed to fill the vacancy created with the removal of the previous Seat 3 commissioner.

I became interested in SWMCD when the WCTA discovered that the then director was making 123,000 per year supervising a staff of 12 full time and 4 part-time employee's. Our new director makes less than 70K.

The salary increases were higher in 2006 and 2007 when the money was flowing like water out of a boot. All negotiated through collective bargaining. I believe the only raises seen in the last year were "educational step raises" (about a 4.1% increase in payroll) that are in the contract.

Before someone accuses me of being anti union - I am NOT.

I am not on the SWFD Board.

Still waiting to hear anything about the other cost saving measures proposed and not acted upon - like not taking vehicles home.

Bob, I did not see where that was posted. Was that in a different thread? Either way I have some idea of those numbers. Does the return on investments only go back to 2008 in that report? I have been trying to figure out what the rate of return has been for the life of the plan I believe that it started in 1998 or 1999. Obviously 2008 was a bad year. That was one of the major contributors to the District having to pay a lot more to fund the plan. I gathered from the meetings that I attended when Buzz was still on the board he has a problem with the assumption of a 8% return. Who makes that reccomendation? That I am not clear on. I know the pension board has to approve it but I think they take advice from professionals right? If you know let me know.[/QUOTE]

The actuary recommended we use 8% along with one of the advisors (there are two advisors).

CALPERS (CA Pension plan) uses 7.75% and gave serious thought to using a lower number.

Chevron's pension uses a number I can't remember exactly but lower than 8%.

Both of these pensions dwarf SW Fire District and I cannot imagine we would have consistently lower costs.

Costs drive returns.

Our professionals recommended using 8%. To me, it's too high.

Based on data from Roger Ibbotson and with plans we run for individuals, a 61% stock portfolio would have 7.62% return.

Ibbotson's projected returns are slightly lower than historical returns. We can use either but I feel more comfortable using the projected numbers.

For the record, Henry, I am a professional, too.