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Council to look at closing pension fund

February 23, 2013

A city pension committee is recommending the Minot City Council replace employee pension benefits for future employees with a defined contribution plan....

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disgusted

Feb-24-13 12:26 PM

defined benefit, which is the current system demands a certain amount be in the fund no matter what the markets are doing. That is the problem. Weh the country took a nosedive, so did the funds, but our state and local government had promised all of their employees a certain amount and now the taxpayers are on the hook for that 51%. No one quaranteed my retirement funding. Why should taxpayers be on the hook for public employees?

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WorriedAmerican

Feb-23-13 10:51 AM

Mismanagement of pension funds? I wonder what kind of other creative back channel funding of programs have been going on? Stealing from Peter to Pay Paul no doubt!

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EarlyBird

Feb-23-13 8:24 AM

What a mess it has all become! I give up, now if I can get myself to put as much energy into screwing people out of their money as I do working I will be the next POTUS.

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muleskinner

Feb-23-13 8:02 AM

Pension funds in Minnesota, South Dakota, North Dakota, and Montana all experienced on average a net loss of more than 20 percent in 2009 after the stock market debacle in 2008. That is why the fund is only 49 percent funded.

Pension funds are usually poorly managed these days and cause tax increases in properties. The tax payer loses, has to fund the pension because of losses that can't be recovered.

In essence, the taxpayer bails out poorly managed pension funds, even though the taxpayer had nothing to do with the losses.

You can bet your bottom last dollar this is what really happens and the taxpayer suffers loss of income because of increased taxes caused by pension funds that go into the red.

Nothing ever changes, the taxpayer gets stuck with the bill.

Watch out.

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