Legislature OKs Mpls. police, fire pension merger

  • Article by: STEVE BRANDT , Star Tribune
  • Updated: July 20, 2011 - 9:57 PM

Rybak says savings would be used to relieve pressure on property taxes.

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mackjaq1Jul. 20, 11 1:10 PM

Instead of getting rid of firefighters, lets cut city council and reduce the Mayors hours to zero.

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watchful8Jul. 20, 11 1:11 PM

More info please! How much is cut from this year's LGA monies for Minneapolis? Please shed some light on this.

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saa1964Jul. 20, 11 1:12 PM

This was long overdue. Good news for Minneapolis property taxpayers. Not a great deal, but much, much better than the earlier alternative.

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furguson11Jul. 20, 11 1:22 PM

mackjaq1- "Instead of getting rid of firefighters, lets cut city council and reduce the Mayors hours to zero" I do kinda wonder why Minneapolis needs 13 council members and a mayor when Hennepin County, three times it's size, gets by with 7 commissioners and a manager.

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tmikulichJul. 20, 11 1:28 PM

Bend over firefighters and policemen of MN, Your pension plans are now out of whack. Check the unfunded liability the pension plans of MPLS have. This will cause your pension value to decrease and the firefighters and policemen of Mpls are paid more than you and their high 5 will be higher than yours. Look at the teachers retirement fund and what happened when the Mpls teachers were added. The rest of us got shafted and the teachers still working are paying more to offset this mismanaged Mpls teacher fund.

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evilobamaJul. 20, 11 1:32 PM

So let me see if I got this straight - these are Minneapolis police and firefighters, right? And now the taxpayers in Minnesota are going to be on the hook for funding their pension funds. Why don't you people pay for your own pensions?

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basia2186Jul. 20, 11 1:35 PM

Public employee unions should not exist. They should invest in IRA's, 401Ks, and Roth IRAs just like the rest of us working stiffs. Have a contribution from your employer and save some of your own money! I am a USW union member.

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sheflandJul. 20, 11 1:55 PM

evilobama, we do and always have, the city isn't up to what they owe

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regexpJul. 20, 11 2:00 PM

@basia2186 What does your statement have anything to do with the article? These pensions plans have been closed for decades. When these employees were working - 401ks and even IRAs didn't even exist. Please try to keep up.

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montaguezxJul. 20, 11 2:02 PM

tmikulich. Nice to know that at least one other person knows just how bad a deal this pension merger was for Minnesota PERA pensioners. Both Minneapolis plans have unrealistic payout rates that are tied to what current working cops and fire fighters make. That IS NOT the case with the rest of us in PERA. My high five was based on what I made prior to retirement and not on what people are making today. And yes, I do remember that huge hit our pension funds took when we absorbed the flagrantly fouled up and underfunded teachers pension. I remember the inexcusable double digit cola's that were given to retiree's 1990's and how my monthly payment had to take a hit to make up for that failure to exercise due diligence. Once again, a big thanks for nothing to the DFL and GOP.

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