Fullerton Council Rejects Pension Spike by adminPosted onJanuary 7, 2009January 7, 2009 Fullerton, California’s City Council Rejects Public Employee Pension Boost by 5-0 Vote (blog – PensionWatch) . By Jack Dean
7 Replies to “Fullerton Council Rejects Pension Spike”
It was very clear that Nelson was the only councilmember who understands the numbers.
Quirk was flabbergasted that she wasn’t warned of the market crash this summer. It’s almost as if she had no understanding of markets, risk, or pension obligations until last night. I’m glad she was paying attention to the excellent presentation by the CalPERS actuary.
Jones wisely but futilely suggested a defined contribution plan. Unfortunately he thinks that Wells Fargo bears the risk in those type of plans. Some of these financial concepts are clearly over his head.
Bankhead complained about Nelson’s aggressiveness on the issue, but then had to admit that Nelson was right all along.
Thank God that this issue was delayed until after the election. Before the market crash, this would have been passed easily. As Nelson implied, it’s sad that the majority of our council is only denying this increase because of the market crash. If they were guided by good fiscal principles they wouldn’t even have to consider these pension handouts in the first place.
Thank you FFFF for following this and using your influence to shoot down this fiasco. It’s true the 4 boneheads voted the way they did because they were scared – not informed, but whatever it takes to get the right vote is fine with me.
Thanks also to Greenhut and Nelson for knowing, and doing, the right thing.
Fullerton City Council unanimously rejects proposal to spike public employee pensions…
Thanks to Shawn Nelson for bring this ill timed fiasco to light…
Joe, you always have the best comments, you should be on the City Council. Thank you Mr. Nelson, I use to think you were a prick, but you have earned my respect.
La Raza, now thats a compliment for the scrap book. Thanks. I hope to keep your respect now that I’ve earned it.
BTW, that Don Blankhead showed himself for what he is – ignorant, self-righteous, and obnoxious. Let’s hope Fullerton can install term limits that will help get rid of this blockhead.