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DROP needs to go

August 30, 2013

To the editor: Few Cape taxpayers know or understand the DROP (Deferred Retirement Option Plan) or the effect on the Cape Budget and Pension Plans....

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(10)

lightswitch

Sep-05-13 6:02 PM

J Meihle Queen of the 4 Jackpot pensioners in that deficit prone state California. He leads by example. What a joke. "His mantra. "Let me show you how to go broke".

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1Edray

Sep-04-13 5:08 PM

One of the employees mentioned retired last month. The payments from his pension were placed into an account when he entered the DROP. For the 5 years in the DROP program, the return on that account was just over 12%. He kept the 6.5% earned on his pension money, the rest of it goes to the pension fund, not to the participant in the DROP program to the best of my knowledge.

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JMiehle

Sep-04-13 1:49 PM

A RAG Groupie

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1sandy

Sep-02-13 4:33 PM

Ah, yes sheep...reminds me of what I heard regarding Sullivan's leadership skills. That, "Sullivan couldn't lead a pack of starving wolves to a flock of sheep. Just saying.

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KirstenThompson

Sep-01-13 10:23 PM

Sheep: a person who is too easily led or influenced.

p.s. I am not a city employee or union member.

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johngalt

Aug-30-13 7:10 PM

KT_s comment explains the mentality with precision. If you're not in the union or a city employee you're a pig, goat, or cow! What a bunch of creepy *** crackas...

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KirstenThompson

Aug-30-13 4:51 PM

What he doesn't explain is what an unfunded liability means in terms of accrual accounting. Yes, he is trying to convince the barnyard animals who don't understand the terminology that the sky is falling.

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1sandy

Aug-30-13 10:42 AM

Again, more twisted facts & half truths of information. First and foremost, every single dollar invested is the employees money taken out of their paycheck. But Donald doesn't tell you that. Give us the amount of TAXPAYER dollars saved by this plan. That's right, it is also in the millions, but Donald doesn't tell us that. As far as the pensions being in "trouble," more lies, just last year the pension return in this City on one plan was 19 percent. But Donald doesn't tell you that either. Is this the reason why the City's Financial Advisory Board was dismantled? Lack of complete disclosure and half truths? The DROP plan is a State of Florida program, does Donald want the Cape to mandate State law? Doesn't he know the Cape can't mandate State law? So how can he say that electing anyone on Council can change State law? What else is Donald not telling us? What else doesn't Donald know? VOTE SULLIVAN OUT!

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Packer

Aug-30-13 5:04 AM

Hey Don, when did the DROP start in Cape Coral?

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netransplant

Aug-30-13 12:23 AM

Hey Don, hasn't Rhode Island come after you yet?

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