St. Petersburg City Employee Forum Protecting your Retirement Benefits and Preventing Bankruptcy

Natural Rights Individual Liberty Limited Government Consent of the Governed Property Rights Free Markets Equal Justice Rule of Law

Cost of St. Pete Government

Lower Taxes

Prosperity and Jobs

ACCOUNTABILITY

Freedom

Community of Neighbors

$325 Million!

City STILL underfunds Pensions with maximum property tax collections in 2007!

General, Fire and Police Promised Vs. Actual Growth in Pension funds Fire Police General

Police Fire

“City councils continued approving raises and benefits for workers, ignoring warnings from citizen oversight commissions. Police and fire officials could retire at 50 with 90% of their final year's salary. After one year of service, public employees could get health care coverage for life, and so could their families. Starting in 2005, the city began spending $3 million to $4 million a year more than it was taking in, draining its reserve fund.” Huffington Post 7/23/2012

 Vallejo, CA  Stockton, CA  San Bernadino, CA  Central Falls, RI  Jefferson County, AL  Boise County, Idaho  Harrisburg, PA  DETROIT

 “…up to $100 million in health care obligations were removed when the city cut benefits for retirees to $300 per month, down from $1,500 in some cases.”  But Vallejo also racked up $13 million in legal bills and was unable to rework its pension plan, still a $165 million unfunded liability.  (St. Pete is $140 million unfunded for pensions and $177 mill unfunded for Health benefits!) "It is painful to say to people who supported you in an election that I have to cut your salaries. That's hard," said Mayor Osby Davis, who has held that seat since Huffington Post 7/23/2012

Deep staff cuts  Sworn police from 155 to 90  Firefighters from 122 to 70 with three fire station closures  Deep cuts in spending on streets, building maintenance and other programs

55% HAIR CUT TO PENSION PAYOUTS CENTRAL FALLS RI – Bankrupt! 55% HAIR CUT TO PENSION PAYOUTS “It is a settlement about which no government officials associated with Central Falls should be proud,” said Matt McGowan, the lawyer who represents retirees. “In an example of abject irresponsibility on the part of its elected officials, its pension plans were persistently and habitually underfunded for a decade or more.”

1. Get the Truth from your Union Leaders and Politicians 2. Fund the Pensions! 3. Focus Spending on Core Services first A. Public Safety, Roads, Utilities, Parks 4. Reform pension to protect it. 5. Prevent bankruptcy. 6. Stop Wasting Money on Things we can’t afford. (Lens, SRI, Rays, Rail)

1. You own it 2. Incentives to Change – LEVERAGE needed change to your advantage 3. Pay Raise, 4. Earlier Vestment 5. Portable benefits 6. Change last-in, First out 7. Free financial planning

 Keep current obligations  CHOICE – Defined benefit or Defined contribution – You Choose based on Incentives  Raise, Earlier vestment, portability, changed hire/fire, free financial advice  Transition to Defined Contribution Plan  Re-evaluate retirement age  Re-evaluate overtime rules  Save the city from Bankruptcy-  Prevent you from being left in the cold.

THANK YOU!