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July 23, 2013

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Comments

fred

How does it compare to city and county benefits?

Poppy Guy

This whole BART strike issue disgusts me. It's a perfect example of what's wrong with unions today.

Joe

Even CNBC is starting to wake up to the issue:

Across the nation, cities and states are watching Detroit's largest-ever municipal bankruptcy filing with great trepidation. Years of underfunded retirement promises to public sector workers, which helped lay Detroit low, could plunge them into a similar and terrifying financial hole.

A CNBC.com analysis of more than 120 of the nation's largest state and local pension plans finds they face a wide range of burdens as their aging workforces near retirement.

Thanks to a patchwork of accounting practices and rosy investment assumptions, it's not even clear just how big a financial hole many states and cities have dug for themselves. That may soon change, thanks to a new set of government accounting standards that could serve as a nasty wake-up call to states and cities relying on rosy scenarios and head-in-the-sand accounting.

fred

Yet you won't state how BART benefts and pension compare to city of Burlingame benefits. Funny how this is a problem unless you're talking sharing services in Burlingame, then it's a Grateful Dead song.

Joe

Can't I leave some of the homework to you? The song lyric is right on target when we start talking about sharing services with a city that is in as tough shape financially as Millbrae. They don't even have their own police anymore--the County sheriff is policing their town. Not my idea of a good idea. But you are free to disagree.

fred

It's the same cops, they are on a county pension instead of a city one. They also had lawsuits related to officers.

Comparing BART benefits to private benefits is not a fair comparison. The private sector has nothing like the pension and health care benefits of BART or Burlingame.

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