Breaking News: Western States Re-Refiles

On February 15, 2017 the Western States Office and Professional Employees Pension Fund out of Portland, OR filed for benefit cuts under MPRA in an attempt to avoid insolvency. On August 11, 2017 that application was withdrawn. A month later it was refiled. On March 26, 2018 it was withdrawn again. Today it popped up on the MPRA webstie as being re-refiled.

From their latest (amended) 5500 filing:

Plan Name: Western State Office and Professional Employees Pension Fund
EIN/PN: 94-6076144/001
Total participants @ 12/31/16: 7,463 including:
Retirees: 3,829
Separated but entitled to benefits: 2,825
Still working: 809

Asset Value (Market) @ 1/1/16: $334,210,200
Value of liabilities using RPA rate (3.28%) @ 1/1/16: $815,806,884 including:
Retirees: $481,304,744
Separated but entitled to benefits: $227,659,065
Still working: $106,843,075

Funded ratio: 40.97%
Unfunded Liabilities as of 1/1/15: $481,596,684

Asset Value (Market) as of 12/31/16: $326,919,954
Contributions (H): $11,278,560
Contributions (SB): $11,250,910
Payouts: $39,153,722
Expenses: $3,350,352

13 responses to this post.

  1. Posted by Tough Love on June 8, 2018 at 8:13 pm

    Given the possibility of “some” sort of bailout for MEP Plans (currently under consideration by a congressional committee), it surprising that Plans are still filing for benefit cuts.

    Reply

    • State records show Gioconda is a 26-year police officer currently making $135,666 in annual salary. 26 and taking in $135K already? Christ, took the wrong path!

      Reply

      • Posted by El gaupo on June 8, 2018 at 9:57 pm

        Who is Gioconda? A 26 year veteran officer or a 26 year old officer? That is a common salary for a 26 year vet. Especially in north jersey. If it is a 26 yr old, that is extremely high and I would agree that that is way overboard.
        But then again, you’re the guy who called me a leech among other things and suggested the 511 hours of overtime I worked in 2010 was worth $10,000. $19.56 per hour? Nah. Not worth that bro.
        Still wondering why that would bother you. You say you did 30 years, that’s why I thought you might have been a cop. Most of us retire at either 25 or 30. Teacher? State worker? Either way Whatever you did, I would not think you were underpaid and would certainly not rip your salary and think you have some balls with that statement you made.

        Reply

        • Posted by El gaupo on June 8, 2018 at 10:03 pm

          Change underpaid to overpaid

          Reply

        • Posted by Tough Love on June 9, 2018 at 6:05 am

          Translating YOUR opinion …………….

          Public Sector Union workers should stand together and claim that they & others are never “overpaid” or “overcompensated” (including wages, pensions, and benefits) ….. whether true or not, when compared to jobs in the Private Sector that require reasonably comparable experience, education, skills, and knowledge.

          Reply

          • Posted by El gaupo on June 9, 2018 at 7:18 am

            Not really….this list didn’t bother me it was the one where unprovoked, he decided to call me a leech and a blood infested wound on the middle class. Lol. He’s gonna get a comeback when he makes dumb statements like That and I’d work ghoulish amounts of extra work for $19 an hour. You wouldn’t and neither would he.
            My opinion(this still is America despite what the hard left and right both say) is that he is scared his pension won’t be there now that Pfrs is being sold separately.

          • Posted by Tough Love on June 9, 2018 at 7:39 am

            El gaupo,

            While certainly NOT referring to you as a “person”, from the perspective of the financial impact upon taxpayers and taking into account the ludicrously excessive level of your wages and especially your pension and benefits ( when compared to jobs in the Private Sector that require reasonably comparable experience, education, skills, and knowledge), the expression …………… leech and a blood infested wound on the middle class. ………. is in my opinion very accurate.

          • Posted by El gaupo on June 9, 2018 at 10:03 am

            Yes. And I’m sure you think the same about Pat as well.

          • Posted by Stanley on June 9, 2018 at 2:45 pm

            “That and I’d work ghoulish amounts of extra work for $19 an hour. You wouldn’t and neither would he.”

            500 hours of overtime per year isn’t extraordinary. An ordinary work week used to be 6 days times at least 8 hours which is almost equal to 500 hours. Some people work 10 and 12 hours per day 6 and 7 days per week for years on end. Sitting in a patrol car and watching the traffic go by or cruising the internet really isn’t what most people would call real work. It’s more of a con than productive work. Decent town managers, if there are any, (probably not) would be discerning how to end such a wasteful practice.
            When we are poor, we can contemplate and lament the wastefulness of our ways. What you consider a good deal, any normal observer would consider a giant ripoff.

          • Posted by El gaupo on June 9, 2018 at 3:05 pm

            Didn’t say it wasn’t a good deal. That’s part of the reason why I stay a cop. This guy said I would do all that work for $10000.
            Hey, what happened when the capped super pay?? 7 years later they ditch it because they all left for greener pastures.
            He thinks $134000 is a really good salary. And it is. But to think that it is off the charts and you’d be on easy street in northern nj on that is not the case. Look, my career is winding down and I realized I have a pretty decent deal.
            You’re the guy who wants his neighbors to police the town and disband the force. Lol. How can anyone take your opinion seriously??? First pack of gang bangers in from the projects and you’d shit your pants. You ever see the movie The Purge?? That’s what life would be like without a police force. Lol.
            Listen my man, I live in a split level home in Bergen county. My (and my wife’s) salary is about what other folks on my block make. Middle to upper middle class. Yea I don’t live in Clifton. Oh well.
            I’ll take those traffic details every day or the week on twice on Sunday. 💥 boom!!

          • Posted by Tough Love on June 9, 2018 at 7:53 pm

            Quoting El gaupo ………………….

            “He thinks $134000 is a really good salary. And it is. But to think that it is off the charts and you’d be on easy street in northern nj on that is not the case. ”

            Your “wages” aren’t the big problem. It’s the VERY high cost of your Platinum+ retiree healthcare benefits, and the 85% to 90% share of the total cost of your ludicrously excessive pension that fall on the shoulders of the taxpayers that is the BIG problem.

  2. Posted by PS Drone on June 9, 2018 at 6:35 pm

    End of the road coming.

    The following quote relates to SS, Medicare and Medicaid, but something similar to it should be required reading for all drones regarding their much beloved but soon to be bankrupt pension schemes:

    Dr. Woody Brock wrote this week:

    CBO projections show that within 18 years, entitlements spending will absorb all US federal tax revenues—leaving no revenues even for interest expense on the debt and for the military. In Germany, which proudly pays annually for its expenditures without incurring debt, Deutsche Bank has estimated that by 2045, income tax rates of 80% (total, not marginal rates) would be needed for its PAYGO system. The entire workforce of the nation would be in bondage to the elderly. Other nations face even worse prospects.

    Reply

    • Posted by NJ2AZ on June 10, 2018 at 11:20 am

      I’m with you. People seem to have no idea at all the financial reckoning thats on the horizon. Seems to be a lot of people who think because they have always managed to kick the can down the road, that means the road never has to end. we’ll see, i suppose.

      Reply

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