Minneapolis faces lots of pension-fund hurdles

  • Article by: STEVE BRANDT , Star Tribune
  • Updated: March 13, 2009 - 9:06 PM

Although Minneapolis officials say they want pension reform now, their merger proposals are running into problems at the Capitol.

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nojusticeMar. 13, 09 9:17 PM

wouldn't we all like that! Another tax payer bailout!

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jplampMar. 14, 09 5:17 AM

Wish my 401(k) that has plunged this year would get bailed out. Foregoing the cost of living increase is a concession? Most private sector employees don't have a pension to start with (only a 401(k)) and if they do have a pension virtually none offer Cost of Living increases. Stop the madness with these rich benefit programs promised by vote-seeking politicians who aren't around when the bill comes due.

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CullenMar. 14, 09 5:24 AM

that these funds have also been mis-managed. Why would the strib write this biased article? It is more than just an aging population and a bad stock market.

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pubnafMar. 14, 09 6:09 AM

Was Bernie Madoff in charge of the pensions?

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karendavid816Mar. 14, 09 7:22 AM

Bernie wasn't in charge. It was a bunch of retired cops and firefighters who know nothing about investments but know where the best conventions and conferences are.

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denisjhMar. 14, 09 7:31 AM

The reality is that the money is owed and it isn't there. There are 3 choices: 1. Follow the Republican lead (90% of all federal deficits under the Bushes and Reagan) and borrow the money from Communist China or fundamentalist Saudi Arabia and send the debt to our children to pay off. 2. Stick our heads in the sand. 3. Or step up and pay off what we (wisely or not) agreed to pay. Grownups would go for 3.

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lexlugerMar. 14, 09 7:52 AM

Many of these retirees had the chance to move to PERA years ago, but they stuck with the old pensions because they were paying better. Now the market has changed and they want to be saved by PERA. Sorry folks, you made a choice.

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ronjschmitzMar. 14, 09 8:12 AM

Lexluger: "Many of these retirees had the chance to move to PERA years ago, but they stuck with the old pensions because they were paying better. Now the market has changed and they want to be saved by PERA. Sorry folks, you made a choice." __________________________ Same thing happened when the Mpls. teacher's fund was going broke and they cried until the legislature approved a merger with TRA--go figure.

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lansfordMar. 14, 09 9:14 AM

Many fire departments in the state have to option to manage their own pensions of have it managed by the state pension managers. Tragically, most go go with some slick investment rep in their local town. Then they are disappointed and change every 2 or 3 years. Of course they pay fees every time they change and pay management fees that are about 4 times those of the investments managed by the state. The state of MN did a study of all these pensions a few years ago and found that on average, performance of the pensions managed by individual rep on local level lagged by several percentage points. Tragically, these results are not a whole lot different than the average investor in a 401k.

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nojusticeApr. 1, 09 2:20 AM

Just wait when all of these out-state towns do not get anymore state aid! Many will go bankrupt because they have been getting "bailout" money from the state since 1973 and will not be able to pay future pension costs and will go screaming to the state to pay it!

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