Tuesday, November 13, 2012

Escape From Norwalk

By Ron York

"There is a house in New 
Orleans They call the Rising Sun
And it's been the ruin of many a poor boy
And God I know I'm one" 

The Animals - 1964

Norwalk, Connecticut, the Alcatraz of your pension plan, is a rather benign place with nice homes and well manicured lawns, but within the boundaries of this tranquil New England town is a "House of The Sinking Sun" for your pension - The Governmental Accounting Standards Board (GASB). GASB is a collection of accounting eggheads who write the rules for local government financial statements.  It is this esoteric group that has set up the current pension crisis with their absurd theories of economic reality.  Let 's go through this one more time:

  GASB RULES DO NOT APPLY TO PENSION FUNDING!

 In case you did not hear that:

  GASB RULES DO NOT APPLY TO PENSION FUNDING!

Then why the hell are cities screaming to the heavens that they have to fund their pensions using the GASB fiat?  They're idiots, fools, on drugs?  Nah, it is plain and simple - they are liars and they know it.  They want to eliminate your pension and the GASB lie is just the ticket.

If any of you self-righteous zealots are "offended" by my remarks, prove me wrong!  But, before you get very far into your "hate mail", answer this question: "Do GASB rules apply to the actual funding of defined benefit pensions?"  Yes or No - no equivocation. (A self-imposed ordinance does not count)

As for police unions and police officers, forget about reforming your city leadership.  They have been lying about this issue for years, they are lying now, they will continue to lie. You must extricate your pension from GASB and your city leaders.  It can be done if you are determined. 

Pension plans?  Fire the city and their "prophets" (actuaries).  Kick GASB into orbit.