While shopping at the grocery store last night, I ran into a NorCo retiree who read my New Year's Eve blog about a COLA for retirees in 2022. "Tell McClure we want that COLA," he instructed me, adding that McClure did indeed promise one for this year.
McClure will keep his word. In a conversation with him after my blog published, he assured me that he has every intention of seeking a COLA for retirees this year, and will also ask the Retirement Board to make it retroactive until January 1. Since the Exec basically controls the votes on this board, a COLA appears to be likely.
I still believe this should have been done last year.
What? Biden voters aren't willing to accept skyrocketing inflation in exchange for no more nasty tweets?
ReplyDeleteThat is really good news. He should keep his promise. I too was at the dinner when he told us that he was going to give the retirees a cost of living. Thank you Mr.McClure for keeping your promise.
ReplyDeleteThe County Executive controls th retirement board? Then why have a board? Is there anything this office does not control?
ReplyDeleteSeems that lawyers have tendency to bloviate and reach.
ReplyDeleteBelieve this only when it is done, and then be cautious.
I am unable to remember a time when the Exec did not control the retirement board. It consists of the Exec, Director of Fiscal Affairs, three Council members, an employee and a retiree. The Exec nominates the members.
ReplyDeleteReads like the Biden economy is particularly rough on traditional D voters. It's only money and plastic straws are killing us.
ReplyDeleteThat Board is mandated by the home rule charter act and is established by The County's Administrative code. It can and should be changed. The danger of changing the makeup of the Board is if you get too many liberal s on the Board they can quickly give away the ship and put the county in severe financial crisis. Be careful for what you wish.
ReplyDeleteKeep voting democrat New York City now has another Jem you get what you voted for.
ReplyDeleteHe was just worried the room would be full of retirees bitching.... all about votes... how many county employees were there??? Guessing not to many... let the games begin ,but he got all his buddies and himself a raise before the new council is sworn in. I know, it doesn't take effect till next election but that was his way of saying. I'm running again. Hope Northampton county GOP can put someone respectable on the ticket.
ReplyDeleteThe Board surely has reasons but the current circumstances of outperforming investment portfolios, significant inflation and the SS increase do suggest the need for an explanation. Perhaps that is forthcoming in a letter to retirees.
ReplyDeleteDidn't he mention approx. 5%. I believe th Board decides and not just him. Any member can introduce the raise.
ReplyDeleteWho's investing the pension fund? My portfolio was knocked flat last year in Q1, just like it was in '20. I finished with consecutive 17% years while very conservatively invested, as I'm close to retirement. While one or two years does not a trend make, the amount being discussed is peanuts in the larger scheme of recent market performance. More precisely, it's a good indicator of how unsustainable and poorly managed these obligations are. It's also the reason so many insider pols want to get their hands on IRA and 401(k) money via taxation. While the government and the programs it oversees are drowning, a very wide swath of the middle class has trillions in privately held instruments. The country isn't broke. The government just doesn't like who holds the money. That's private investors.
ReplyDeleteThe real story should be how there isn't going to be a pension fund down the road. Thies brainiacs never give out raises to the employees and keep wanting to raise the money for retirees. Remember the employees working are putting the cash in . And they aren't getting the steps every year like its supposed to work. And we aren't school teachers were if it falls short just raise the taxes. But hey as long as Lamont and chuck can look good for a minute it's ok. Screw the current employees again. If you're a county employee I'd start your own IRA. We already had benefits taken. Now the multiples have changed. So just keep an eye on it.
ReplyDeleteThe retirees also paid into the pension fund while working. Current employees are not paying our pensions. While I completely agree current workers deserve to be paid better, that can be said for those who previously worked for the county. Many of the retirees, especially the more recent ones also went many years without a raise which significantly impacted what we now collect monthly through our pension. I believe most retirees support fair compensation for current county employees. Remember, you will some day retire too.
Delete9:34 AM clearly understands the trouble with government over-spending. Our elected officials, especially now, are going wild with our money! Notice how crazy budgets are agreed to very late at night on Fridays or the evening before a holiday break . . when everyone just wants to quickly get out of town. They just don’t care how the bills can ever be paid. So, it’s a given that revenues will rise using any device necessary, taxes and beyond. Interest on investments, corporate and private pensions, are a HUGE target.
ReplyDeleteNorco Pension fund is one of the nation's most solvent and top-rated run programs. It can sustain itself for decades to come. If you worked in Norco and received the information that the pension board provides, you may (might) actually understand that. Now if Biden and his deplorables would stop their inflationary spending that is causing down fall in our society, maybe an increase would not be needed to survive for some on their pension from years past. opps, did we just tick off the dems? Tough.
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