A little more than nine months after voters opted to close the Knox
County Sheriff's Office pension plan, officials are set to implement a
newly crafted retirement program - one that still maintains attractive
benefits for law enforcement personnel, but won't cost taxpayers quite
as much.
If approved, the Sheriff's Total Asset Accumulation Retirement plan, or
STAR, would affect law enforcement and corrections officers hired after
next Jan. 1. Current officers would keep their traditional pensions.
The Knox County Commission will talk more about the proposal during its
work session next Monday and vote on it later this month.
"Law enforcement is a young man's game," said Commissioner Ed Shouse, a
pension board member, who served on the committee that drafted the plan.
"Do you want a 60-year-old man chasing down a burglar or a couple of
26-year-old guys? The cost is almost the same, but this plan encourages
people to come into (the Sheriff's Office) and work 25 years and
hopefully be able to take an early retirement in their mid 50s. "
STAR, a defined contributions plan, replaces the Uniformed Officers
Pension Plan, or UOPP, a defined benefit plan that gives those with 30
years of service a pension at 75 percent of their two highest years'
salary, plus a yearly 3 percent cost-of-living adjustment.
Voters initially approved the UOPP in 2006 after proponents said it
would benefit the lower-paid deputies and jailers who could not afford
to retire under the general county plan, which works like a 401(k).
The pension program, though, was costly and critics argued that it
included employees not actively fighting crime. The stock market, too,
was unkind and the plan's annual contribution costs jumped. This year,
the county will put in $8.5 million, three times what was first
projected, although $4 million of that will cover the bonds issued to
fund the plan at its inception.
Officials, led by Knox County Mayor Tim Burchett, brought the pension
plan before residents last year, and voters by a 3-to-1 margin agreed to
close it and directed the county pension board to create a new one.
"The (pension) wasn't going to be financially feasible," the mayor
said."But I think (the STAR plan) is going to be great for our law
enforcement. It addresses their future needs and it's also responsible
to the taxpayers. And that's what we wanted - something equitable for
everybody."
The new plan requires employees to contribute 6 percent of pay and the
county puts in 10 percent. In addition, the county puts another 2
percent into a medical reimbursement plan to offset medical premiums and
costs for the retirees from the time they leave the job until they're
eligible for Medicare.
Click right smack here to read the rest of this bad a$$ story.
Showing posts with label UOPP. Show all posts
Showing posts with label UOPP. Show all posts
Monday, August 12, 2013
Thursday, March 29, 2012
Chatter review committee onto other stuff
At this point, the Sheriff's Office pension plan has received most of the attention of the Knox County Charter Review Committee, which will be henceforth known as the "Chatter" Review Committee (shout out to the rogue blogger for the assignation).
However, the unwieldy 27-member panel has voted on a couple of items - housekeeping mostly - that will more than be put on the November ballot. (The board has to vote twice and then the county law department has to review it.)
Here's a look so far at the proposed amendments to the Knox County charter that were approved on first reading last night:
Strike through shows deletions
Bold show additions
Sec. 1.02. Private and local affairs.
With regard to private and local affairs, all lawful powers are vested in the Executive of Knox County and the Commission of Knox County, except those powers reserved to the judiciary., Board of Education, and elected Charter and Constitutional Officers as defined by the Constitution of the State of Tennessee.
Sec. 2.02.I. Other powers.
I. By resolution, the Commission may appoint members to those boards and commissions the County Commission deems necessary in the furtherance of its duties and responsibilities under this Charter or as provided by state law.of the following boards and commissions: Knox County Board of Adjustments and Enforcement; Knox County Agricultural Extension Committee; Knox County Air Pollution Control Board; Knox County Ambulance Review Commission; Knox County Board of Construction Standards and Applications; Knox County Board of Equalization; Knox County Board of Health; Knox County Housing Authority; Knox County Jail Inspection Committee; Knox County Library Board of Trustees; The Public Building Authority of the County of Knox and the City of Knoxville, Tennessee; Knox County Old Records Commission; Knox County Sheriff's Department Merit System Council; and two members of Knox County Personnel Board.All such appointees shall be residents of Knox County at the time of their appointment and at all times while serving on said board or commission. The Commission shall have the authority, by resolution, to remove and discharge all such members for good cause shown.
Sec. 2.02.A. Other powers.
A. The Commission is vested with all other powers of the government of Knox County not specifically, or by necessary implication, vested in some other official of the County by the Constitution of the State of Tennessee, by this Charter or by law not inconsistent with this Charter. However, neither the Commission nor the Chairman(woman) of the Commission shall exercise any powers or perform any functions of the County Government which are vested, by the terms of this Charter, in either the Executive Branch or the Judicial Branch.in the Executive Branch, Judicial Branch, Board of Education, and elected Charter and Constitutional Officers as defined by the Constitution of the State of Tennessee.
It should probably be noted that there is no such thing as a constitutional officer in Knox County, but since it's a little detail it probably doesn't matter. I mean, you know, we ignored term limits for about a decade. Why sweat this?
Thursday, March 22, 2012
Pension costs to jump, Lobetti retires
Never understood why most of the local media ignores the pension board meetings. Probably don't understand it. Or maybe they can't get a pretty picture to go with it. Or something. This is good stuff. Seriously.
The pension board meets Monday morning. There's a couple items of interest. The board will talk about the county's expected levels of contributions this year for the three pension plans (two of which are closed).
Back in late January, I wrote a story about the expected increases. Click right smack here for that bad boy.
Here are some more solid figures:
- In the current year, the county contributed $4.1 million to cover the Uniformed Officer's Pension Plan, or UOPP. This doesn't count costs toward paying off bonds. In the upcoming fiscal year, which starts July 1,, it's expected to be $4.6 million.
- The county this year contributed $1.5 million to a closed defined benefit plan for general employees (it closed in the early 1990s when they went on the asset accumulation plan, which is like a 401(k)). For this upcoming year, the board is asking the county to ante up almost $2.4 million.
- The county this year also chipped in a little more than $1 million for the “Old School” plan (this doesn't count bond payments, too). The board is asking for almost $1.2 million for the upcoming year.
Altogether, we're talking about an increase of $1.6 million.
In the meantime, a couple of folks in the Sheriff's Office are retiring effective April 1 (although I think they've already left).
First up is Dorothy Pinkston, the wife of former hellraisin' county Commissioner Paul Pinkston, the sharpest dresser on the commission and at one point an arch enemy of a certain former mayor. Dorothy worked for the county for more than 22 years. And no, she is not on the Sheriff's Office pension plan.
Next is Mose Lobetti, local political super spy, card player (or so the rumors go) and bailiff (when he's not a super spy). He is on the pension plan and worked for the county for more than 30 years. Actually, more like 3,000 years. Heh.
The board will talk about some other stuff, too, including its annual luncheon for county retirees and the charter review committee.
Wednesday, March 14, 2012
Charter review tonight, pension on or off?
Tonight the Charter Review Committee will meet to talk about a couple of issues, including whether to take up the Sheriff's Office pension plan. As reported (naw, I'm not going to bother linking because I'm too lazy), there's some debate about whether the committee or the actual County Commission should address the issue.
Here's the background discussion:
If the committee takes it up, then voters more than likely will have a choice on whether to keep the plan or close it (only to future employees) altogether That's it. Don't kid yourself that they'll be talking about tweaks.
If the commission takes it up, then voters more than likely (if it even gets seven votes) will have a choice on whether to keep the plan or adjust it somewhat – maybe increase retirement age, or eliminate cost of living adjustments, or whatever. That's it. Don't kid yourself that they'll be talking about killing it altogether.
And that's the problem. No one – OK, maybe one or two people – actually believes either board would look at the whole picture. (Personally, I think it would be funny if each board addressed it and then put their own questions on the ballot. Couple that with the expected vote on city pensions of some sort and . . . . But I digress.)
So, obviously the Man with the Badge, Sheriff Jimmy “J.J.” Jones, wants this going to the commission. That makes sense. He doesn't want to close it.
And, of course, county Mayor Tim Burchett does not want this going to the commission. That makes sense, too. He wants to close it.
Some have argued that the committee, comprised of 27 members, has other issues on its plate and that it will take too long to understand the details to the pension program. Burchett said “it can be explained in 15 minutes.” Heh. Not exactly. But, it's not going to take six months, either.
We'll see what happens in the next months or so. I'm not crossing my fingers that the committee even gets to the issue tonight – not after the last meeting when they beat themselves with minutiae for two hours.
Then again . . . .
Here's the background discussion:
If the committee takes it up, then voters more than likely will have a choice on whether to keep the plan or close it (only to future employees) altogether That's it. Don't kid yourself that they'll be talking about tweaks.
If the commission takes it up, then voters more than likely (if it even gets seven votes) will have a choice on whether to keep the plan or adjust it somewhat – maybe increase retirement age, or eliminate cost of living adjustments, or whatever. That's it. Don't kid yourself that they'll be talking about killing it altogether.
And that's the problem. No one – OK, maybe one or two people – actually believes either board would look at the whole picture. (Personally, I think it would be funny if each board addressed it and then put their own questions on the ballot. Couple that with the expected vote on city pensions of some sort and . . . . But I digress.)
So, obviously the Man with the Badge, Sheriff Jimmy “J.J.” Jones, wants this going to the commission. That makes sense. He doesn't want to close it.
And, of course, county Mayor Tim Burchett does not want this going to the commission. That makes sense, too. He wants to close it.
Some have argued that the committee, comprised of 27 members, has other issues on its plate and that it will take too long to understand the details to the pension program. Burchett said “it can be explained in 15 minutes.” Heh. Not exactly. But, it's not going to take six months, either.
We'll see what happens in the next months or so. I'm not crossing my fingers that the committee even gets to the issue tonight – not after the last meeting when they beat themselves with minutiae for two hours.
Then again . . . .
Friday, March 2, 2012
Charter review board facing the politics
As someone told me on Wednesday night: I didn’t think I could find anything denser than pensions. Until now.
They were talking about the Charter Review Committee meeting.
Man, seriously, boring stuff. Put the public in charge and they don't know what to do. Reminds me of when Jesse “the Body” Ventura won the 1998 Minnesota gubernatorial elections in 1998. Once he got into office, he was like: “Now what.”
Heh.
I bet none of this makes sense.
Here's the deal. The charter review committee, which is supposed to be comprised of 18 residents and nine county commissioners, is supposed to be looking at the charter, making decision and figuring out whether it needs changing.
The committee has now met for four hours – actually five if you count the meet and greet – and as of now, it's figured out how to ask the local government for open records. It's also decided that if somehow and someway the members do get to vote on something, then they'll vote on it twice. And – heck – they might even revisit it for a third time.
Flip. Flop.
In the meantime, the review committee really only got about nine more meeting before it has to give the law department, and subsequently the election commission, the information to go on the ballot.
Actually, I'll quit beating around the bush and be blunt: This thing is a mess. And you can already see the personalities and political persuasions taking over. Oh, man.
So. What are they going to talk about? At the next meeting, they'll address residency issues for those running for office when their pad gets redistricted and whether they can run. Or whatever.
They're also supposed to decide whether to let the County Commission talk about the multi-million dollar Sheriff's Office pension plan.
Apparently, the folks are the charter review committee are too dumb to figure out the intricacies of the retirement program on their own. And, no, those are not my words. I understand that there's a ton of complexities to this. But, here's where the argument that only the County Commission should analyze it fails.
Commissioners say they're more in tune to what's going on with the pension. That's because they have four commissioners on the pension board, they say. Yes, well, at this point it appears those same four commissioners are also on the charter review committee.
Commissioners say it will take time to get up to speed on the details to the pension plan.
Yes, well, the charter review committee meets at least nine more times before the deadline runs out to get a question on the ballot, and the commission will hold about 10 meetings in the same time (and I'm being generous with that “10”).
Commissioners say the review committee will have too much on its plate. Really? Right now, it doesn't have jack on its plate.
But, the commission is about to have a big budget sandwich on its plate. Oh yeah, and a $7 million school funding problem, a billboard ordinance and that little thing called Midway Business Park.
They must have some good jugglers on that commission.
Also, something else that some commissioners have failed to tell the public.
There's been some insinuating going on that only the charter review committee can make changes to the charter. That is not the case. The commission can, too. Why do you think they'd even want to address the Sheriff's Office pension plan (which is in the charter)?
So, the whole argument about “woe is the charter review committee because it just won't have time to do everything” really doesn't fly. Cause, maybe the review committee would rather address the pension than, say, something like increasing the amount of members on the County Commission. (Yes, that proposal has been kicked around behind the scenes.) Yeah, maybe the review committee would rather have the commission look at THAT.
The reality is that the pension should probably be tweaked if the county wants to save money. But, that doesn't necessarily mean it should be killed. I think there's a fear that if it goes to the charter review committee, then that's just what members will do – put an “up or down” vote on the ballot. The other thought is that if it goes to the commission, then members won't have enough votes to float that type of question (they'd need seven). Instead, there would be a move to only make tweaks.
Now, I'm not making an argument about who should take up the pension plan. Maybe both bodies should. Maybe only one. I'm just saying that you're going to hear a lot of BS about why one body is better than the other.
Maybe both boards should look it over.
They were talking about the Charter Review Committee meeting.
Man, seriously, boring stuff. Put the public in charge and they don't know what to do. Reminds me of when Jesse “the Body” Ventura won the 1998 Minnesota gubernatorial elections in 1998. Once he got into office, he was like: “Now what.”
Heh.
I bet none of this makes sense.
Here's the deal. The charter review committee, which is supposed to be comprised of 18 residents and nine county commissioners, is supposed to be looking at the charter, making decision and figuring out whether it needs changing.
The committee has now met for four hours – actually five if you count the meet and greet – and as of now, it's figured out how to ask the local government for open records. It's also decided that if somehow and someway the members do get to vote on something, then they'll vote on it twice. And – heck – they might even revisit it for a third time.
Flip. Flop.
In the meantime, the review committee really only got about nine more meeting before it has to give the law department, and subsequently the election commission, the information to go on the ballot.
Actually, I'll quit beating around the bush and be blunt: This thing is a mess. And you can already see the personalities and political persuasions taking over. Oh, man.
So. What are they going to talk about? At the next meeting, they'll address residency issues for those running for office when their pad gets redistricted and whether they can run. Or whatever.
They're also supposed to decide whether to let the County Commission talk about the multi-million dollar Sheriff's Office pension plan.
Apparently, the folks are the charter review committee are too dumb to figure out the intricacies of the retirement program on their own. And, no, those are not my words. I understand that there's a ton of complexities to this. But, here's where the argument that only the County Commission should analyze it fails.
Commissioners say they're more in tune to what's going on with the pension. That's because they have four commissioners on the pension board, they say. Yes, well, at this point it appears those same four commissioners are also on the charter review committee.
Commissioners say it will take time to get up to speed on the details to the pension plan.
Yes, well, the charter review committee meets at least nine more times before the deadline runs out to get a question on the ballot, and the commission will hold about 10 meetings in the same time (and I'm being generous with that “10”).
Commissioners say the review committee will have too much on its plate. Really? Right now, it doesn't have jack on its plate.
But, the commission is about to have a big budget sandwich on its plate. Oh yeah, and a $7 million school funding problem, a billboard ordinance and that little thing called Midway Business Park.
They must have some good jugglers on that commission.
Also, something else that some commissioners have failed to tell the public.
There's been some insinuating going on that only the charter review committee can make changes to the charter. That is not the case. The commission can, too. Why do you think they'd even want to address the Sheriff's Office pension plan (which is in the charter)?
So, the whole argument about “woe is the charter review committee because it just won't have time to do everything” really doesn't fly. Cause, maybe the review committee would rather address the pension than, say, something like increasing the amount of members on the County Commission. (Yes, that proposal has been kicked around behind the scenes.) Yeah, maybe the review committee would rather have the commission look at THAT.
The reality is that the pension should probably be tweaked if the county wants to save money. But, that doesn't necessarily mean it should be killed. I think there's a fear that if it goes to the charter review committee, then that's just what members will do – put an “up or down” vote on the ballot. The other thought is that if it goes to the commission, then members won't have enough votes to float that type of question (they'd need seven). Instead, there would be a move to only make tweaks.
Now, I'm not making an argument about who should take up the pension plan. Maybe both bodies should. Maybe only one. I'm just saying that you're going to hear a lot of BS about why one body is better than the other.
Maybe both boards should look it over.
Monday, January 23, 2012
Pension plans to cost Knox more this year
Knox County will probably have to contribute between $5 million and $5.3 million to the Uniformed Officers Pension Plan, or UOPP, this upcoming fiscal year in order to keep it healthy, according to projections released this morning to the pension board.
That’s as much as $1.3 million more than the $4.1 million the county put in last summer. And that doesn’t include the $4.1 million in bond coin the county will also have to pay.
The Sheriff’s Office pension plan, however, isn’t the county’s only problem. Two closed plans – one for county officials and the old teacher’s plan – also need a cash injection. The county plan is expected to cost taxpayers another $600,000 to $800,000 and the Board of Education plan will cost an extra $150,000 to $250,000.
Last year the county plan cost about $1.5 million and the school plan cost $1.046 million.
The pension board plans to meet later in February to discuss the UOPP. At that time, members will talk about the plan’s liabilities, assumed rate of returns on investments and possible changes.
“We want to focus on the magnitude of the problem and what can get changed and what can’t,” said county Commissioner Richard Briggs, who also serves on the pension board.
Wednesday, November 23, 2011
Lobetti has two years to pay back coin
Yesterday, I noted how I had a bunch of scribblings left from Monday's pension board meeting. Good stuff. Heh.
Anyhoo, awhile back political operative Robert M. “Mose” Lobetti had a little debate with the board over some coin members say he owes.
Halls Shopper reporter Betty Bean wrote about it right smack here. Essentially, Mose, who has worked behind the scenes (and not so behind the scenes) on a number of political campaigns, including the recent failed effort by Mark Padgett to gain the Knoxville mayoral seat, is on the Uniformed Officers Pension Plan.
Yup, same plan that voters thought was for deputies, jailers and overall ass-kicking law enforcement officers out there risking their lives every day because they don't make a whole heck of a lot of money. But, yeah, he's on it, cause bailiffs (which are technically called courtroom security officers) are on it.
(Forgot one thing: Mose has also been involved in some Congressional races for the Duncans, but, uh, a trained monkey could run that family's campaign. They don't lose. In fact, if a Duncan doesn't get 80 percent of the vote, it's an upset. But, I digress.)
Soooo, some folks were pretty shocked that he's on the plan and owes some money. Again, read Bean's story for the background because I'm just jumping into what followed on Monday. Cause it's silly. And we like silly at Screams from da Porch.
Entertainment at the expense of others and all that.
(By the way, this guys is more connected to the incestuous relationships inside the Deathstar than then brick and mortar that hold the building together. So, if you think I'm picking on him – and I'm not – I don't really care. Public figure and all that. Plus, he goes around, wanting people to refer to him as “The Godfather.”)
So, the pension board/office wants the old dude to pay pack $13,000. (He should have paid it back a long time ago but, due to an “oversight,” he wasn't informed until – I think – earlier this year.)
That's the $11K he took out, plus some interest and 7.5 percent rate of return on investments even thought – during the lifetime of the UOPP – the rates have come in at negative 3.12, according to third quarter – it ended Sept. 30 – reports. (That was a mouthful.)
Heh. Good deal for the pension system. Bad deal for Mose. Now, Mose, 82, doesn't want to pay this back. And I don't blame him. But, if he doesn't, then he's not going to get the full benefits of the UOPP until the coin gets returned.
His attorney, Steve Sharp, also doesn't want him to have to pay it back. Can't blame him, either, since he's paid to not want Mose to have to pay it back.
Said Sharp: “Mr. Lobetti is not a wealthy man and $13,000 is a lot of money.”
Now, the pension board is willing to work with them. Members suggested giving him two years to pay it back. In monthly installments. (That would be $531.666 a month.)
Mose, visibly disgusted, didn't like that.
“They (the pension office) have known this for four years and didn't tell me, but I'm not blaming anybody,” he told the board.
Say what?
Mose, who makes $44,116.28 in annual salary, added: “It's going to be rough if I have to pay back (the money) every month. It may put me in bankruptcy.”
Now, historically, officials said, those transferred to the UOPP “had six months to repay any distributions to reinstate the time in the UOPP.”
Mose at one point also asked whether he could pay back part of the coin with a $10,000 life insurance policy or something or other he's had since 1950 when he served in the U.S. Navy.
Pension Board attorney Richard Beeler told him that wasn't gonna fly – no, he can't sign over a policy to the county.
Apparently frustrated, Mose told the board that when he joined the pension plan he turned over $130,000.
He made this out to be a big deal. Let me tell you something: That $130,000 isn't jack.
Under the Sheriff's Office defined benefit plan he's going to get $33,087 a year in retirement, plus a 3 percent cost of living adjustment each year. That's 75 percent of his total salary.
Now, how much a year do you think he's gonna get with that $130,000, which no doubt would be worth about 5 cents (give or take a penny) right now because of the stock market?
That's what I thought.
Now, people might think I'm being harsh, but, seriously, quit your whining.
Additionally, some folks at the meeting (and Mose a few months ago) made it out that Mose just HAD to take that $11,000 payout – that it was just forced right on into his wallet.
Nope. According to pension board executive director Kim Bennett, he received the minimal required distribution, but because he was employed, “it technically wasn't required that he take it.”
So, round and around we go.
Now, Mose says he doesn't understand “why I have to pay the interest.”
Uh . . . . Huh?
He said if the board gave him two years, then he'd pay back the $11,000. (Screw the interest or whatever, I suppose.)
Huh? So, make up your mind. Do you have the coin or not? What are you gonna do between now and then to raise $11K?
Never mind, don't answer that.
Eventually county commissioner and pension board member Richard Briggs wanted this mess to end. He said $13K was “a big chunk of money if you don't anticipate it or get blindsided by it.
He suggested giving Mose two years to repay it “with one stipulant (that's French by the way for “stipulating”): That he can't die in two years.”
He was kidding.
If Mose does, then the coin (which we will now refer to as “debt”) will be taken out of his death benefits that will be passed along to whoever.
So, the board – which at one point had no idea what it was voting to approve – agreed to give the guy two years to pay back what will eventually be more than $13K. Mose said he'll pay it in one lump sum at that time.
Bennett said her office will recalculate the coin and come back with the exact amount of scratch later. It's going to be more than $13K, but she has two years to come up with the new number.
In the meantime, Mose ain't gonna die. He'll make sure Congressman Jimmy Duncan gets a law passed to prevent that from happening.
Anyhoo, awhile back political operative Robert M. “Mose” Lobetti had a little debate with the board over some coin members say he owes.
Halls Shopper reporter Betty Bean wrote about it right smack here. Essentially, Mose, who has worked behind the scenes (and not so behind the scenes) on a number of political campaigns, including the recent failed effort by Mark Padgett to gain the Knoxville mayoral seat, is on the Uniformed Officers Pension Plan.
Yup, same plan that voters thought was for deputies, jailers and overall ass-kicking law enforcement officers out there risking their lives every day because they don't make a whole heck of a lot of money. But, yeah, he's on it, cause bailiffs (which are technically called courtroom security officers) are on it.
(Forgot one thing: Mose has also been involved in some Congressional races for the Duncans, but, uh, a trained monkey could run that family's campaign. They don't lose. In fact, if a Duncan doesn't get 80 percent of the vote, it's an upset. But, I digress.)
Soooo, some folks were pretty shocked that he's on the plan and owes some money. Again, read Bean's story for the background because I'm just jumping into what followed on Monday. Cause it's silly. And we like silly at Screams from da Porch.
Entertainment at the expense of others and all that.
(By the way, this guys is more connected to the incestuous relationships inside the Deathstar than then brick and mortar that hold the building together. So, if you think I'm picking on him – and I'm not – I don't really care. Public figure and all that. Plus, he goes around, wanting people to refer to him as “The Godfather.”)
So, the pension board/office wants the old dude to pay pack $13,000. (He should have paid it back a long time ago but, due to an “oversight,” he wasn't informed until – I think – earlier this year.)
That's the $11K he took out, plus some interest and 7.5 percent rate of return on investments even thought – during the lifetime of the UOPP – the rates have come in at negative 3.12, according to third quarter – it ended Sept. 30 – reports. (That was a mouthful.)
Heh. Good deal for the pension system. Bad deal for Mose. Now, Mose, 82, doesn't want to pay this back. And I don't blame him. But, if he doesn't, then he's not going to get the full benefits of the UOPP until the coin gets returned.
His attorney, Steve Sharp, also doesn't want him to have to pay it back. Can't blame him, either, since he's paid to not want Mose to have to pay it back.
Said Sharp: “Mr. Lobetti is not a wealthy man and $13,000 is a lot of money.”
Now, the pension board is willing to work with them. Members suggested giving him two years to pay it back. In monthly installments. (That would be $531.666 a month.)
Mose, visibly disgusted, didn't like that.
“They (the pension office) have known this for four years and didn't tell me, but I'm not blaming anybody,” he told the board.
Say what?
Mose, who makes $44,116.28 in annual salary, added: “It's going to be rough if I have to pay back (the money) every month. It may put me in bankruptcy.”
Now, historically, officials said, those transferred to the UOPP “had six months to repay any distributions to reinstate the time in the UOPP.”
Mose at one point also asked whether he could pay back part of the coin with a $10,000 life insurance policy or something or other he's had since 1950 when he served in the U.S. Navy.
Pension Board attorney Richard Beeler told him that wasn't gonna fly – no, he can't sign over a policy to the county.
Apparently frustrated, Mose told the board that when he joined the pension plan he turned over $130,000.
He made this out to be a big deal. Let me tell you something: That $130,000 isn't jack.
Under the Sheriff's Office defined benefit plan he's going to get $33,087 a year in retirement, plus a 3 percent cost of living adjustment each year. That's 75 percent of his total salary.
Now, how much a year do you think he's gonna get with that $130,000, which no doubt would be worth about 5 cents (give or take a penny) right now because of the stock market?
That's what I thought.
Now, people might think I'm being harsh, but, seriously, quit your whining.
Additionally, some folks at the meeting (and Mose a few months ago) made it out that Mose just HAD to take that $11,000 payout – that it was just forced right on into his wallet.
Nope. According to pension board executive director Kim Bennett, he received the minimal required distribution, but because he was employed, “it technically wasn't required that he take it.”
So, round and around we go.
Now, Mose says he doesn't understand “why I have to pay the interest.”
Uh . . . . Huh?
He said if the board gave him two years, then he'd pay back the $11,000. (Screw the interest or whatever, I suppose.)
Huh? So, make up your mind. Do you have the coin or not? What are you gonna do between now and then to raise $11K?
Never mind, don't answer that.
Eventually county commissioner and pension board member Richard Briggs wanted this mess to end. He said $13K was “a big chunk of money if you don't anticipate it or get blindsided by it.
He suggested giving Mose two years to repay it “with one stipulant (that's French by the way for “stipulating”): That he can't die in two years.”
He was kidding.
If Mose does, then the coin (which we will now refer to as “debt”) will be taken out of his death benefits that will be passed along to whoever.
So, the board – which at one point had no idea what it was voting to approve – agreed to give the guy two years to pay back what will eventually be more than $13K. Mose said he'll pay it in one lump sum at that time.
Bennett said her office will recalculate the coin and come back with the exact amount of scratch later. It's going to be more than $13K, but she has two years to come up with the new number.
In the meantime, Mose ain't gonna die. He'll make sure Congressman Jimmy Duncan gets a law passed to prevent that from happening.
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