Maine's Gov. Paul "Flinstone" LePage Exempts Himself from Pension Cuts

Maine's Gov. LePage Exempts Himself from Pension Cuts

Republicans lawmakers across the country have attacked public employees, cutting their wages, slashing their pensions and, in some cases, eliminating their bargaining rights.They all preach the need for fiscal austerity and budget belt-tightening.

In Maine, Gov, Paul LePage is neither practicing what he preaches nor tightening his belt. Even state employees are being forced to pay more in contributions for their pensions, one isn’t: LePage. He exempted himself from the new pension formula, reports Mike Tipping in the Kennebec Journal.

On top of that, Page's pension—unlike those of public employees—isn’t calculated on length of service but is automatic. He will receive three-eighths of his salary when he leaves office, $26,600. A teacher in Maine would have to work more than 25 years to get the same annual pension.

BTW: Over the past eight years, Maine's teachers and public employees already have been subject to more than $150 million in take-backs to their wages and benefits.

Anti-government public worker governor makes sure the cost of his pension doesn't go up as other free loading government workers does

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The great thing about being a Republican governor is that when you go after public workers, you can exempt yourself from the pain. Louisiana Gov. Bobby Jindal is proposing just that—he's pushing legislation that would make public workers pay more toward their pensions, but the governor, statewide officials, judges, and some legislators would be exempted from it. Jindal's argument is that he and the other officials who wouldn't face higher pension costs already pay a slightly higher percentage of their salaries toward their pensions than do public employees.

New pension tax surprises retirees, creates confusion | The Detroit News | detroitnews.com

New pension tax surprises retirees, creates confusion The Detroit News detroitnews.com

Michigan's tax on pensions and retirement accounts kicked in on Jan. 1 and, not long after that, Jack Vassallo kicked back.

When the retired chemical engineering technician got his monthly payment from his Fidelity Investments 401(k) retirement savings account, the check was short. The $87.43 withheld for the new state tax would have made the check the right amount — except that Vassallo is 79 years old and exempt from the retirement levy.

"I was furious," says the Woodhaven retiree. "It really irked me."

If they're not irked or furious, Michigan retirees are likely confused or unaware that the state now gets a cut of their nest eggs. Nearly 400,000 retirees face the new tax, and they'll need to make sure they're having the right amount withheld, or they could face tax penalties. And those who don't have to pay the tax — such as Jack Vassallo — need to file a form with their pension plan or investment company if they want their retirement checks to keep coming untouched.

Public Pension lose millions in Stock Market. Shocked. I can't wait to get Social Security in on some of that sweet action.

Public Pension Funds Lost Value As Stocks Fell

By MICHAEL GORMLEY 08/12/11 04:13 PM ET

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ALBANY, N.Y. -- Wall Street's volatility has hit state pension funds just as they were beginning to recover from the recession, turning what was merely a troubled forecast into a potentially stormy future for taxpayers who are on the hook for billions in unfunded liabilities for government retirees.
As for the millions of government clerks, engineers, janitors, teachers and firefighters in the retirement systems, they are protected by law or, as in New York, by the state constitution, to be backed up by tax dollars if necessary. Their benefits remain safe for life in guaranteed "defined benefit" pension plans that are disappearing in the private sector, where most employees are left to fend for themselves with 401(k) plans that they mostly or entirely fund themselves.

Full article at Huff post: http://www.huffingtonpost.com/2011/08/12/public-pension-funds-stocks_n_925898.html