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State retirees' pension cut to be 9.6%

By ASSOCIATED PRESS   Friday, March 1, 2013 - 3:46 p.m.
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MADISON, Wis. (AP) — Retired public employees in Wisconsin will see their monthly pension payments decrease by 9.6 percent starting in May, the Department of Employee Trust Funds announced Friday.

The department warned in December the cut could be as steep as 13 percent.

Pension payments are based on the performance of funds managed by the State of Wisconsin Investment Board, as well as other actuarial factors, such as the number of retirees entering and leaving the system. The decline is the result of a 26 percent loss in investments in 2008, as payments to retirees invested in the Wisconsin Retirement System’s Core Fund are smoothed over a five-year period.

Investments have been increasing every year since 2008, meaning payments to retirees should start to go up again in 2014.




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HandBookHarry
Mar 2, 2013 at 8:50 p.m.
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Liberal pity party....nothing to see here..move along.....

billnewbie
Mar 2, 2013 at 4:48 p.m.
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Business is cyclical. It's up, then it's down. Pension funds invest in businesses. Payments tied to investments are therefore subject to the business cycle. This year, payments are down. Next year, maybe they'll be up again.

Blaming this politician or that politician is just so much yada yada yada.

Speaking of Yada, I see he's come out to play today. I'm glad it didn't take him long to get over the embarrassment of being so wrong about Governor Walker's "imminent" arrest. It's good to see he doesn't think his credibility hasn't been permanently damaged, since he's moved on to bashing the ex-President now. He makes such a strong argument. Almost as strong as when he said the Governor was a crook. I wonder why so few seem swayed by Yada's piercing logic?

hint
Mar 2, 2013 at 4:04 p.m.
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That too dtb. Vote for what makes sense for the people who it is effecting. Not for some corporate guru who is making billions a year off of tax loop holes. Seems the government thinks less and less about helping the people who pay their wages and give them their benefits. They don't have to worry about how they're gonna pay the mortgage or the utility bill or how much gas is cause we the tax payers pick up the tab.

dtb
Mar 2, 2013 at 3:41 p.m.
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What needs to happen is to take the money out of elections. Then politicians can vote for what makes sense instead of being puppets for their corporate masters.

hint
Mar 2, 2013 at 2:14 p.m.
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What needs to happen with our government is to take away the republican democrat labels and make them all independent. That way they can all vote for what they really think is right and not just vote for the home team. I mean do you really think all these guys have the exact same view on every issue. Divided government worked a long time ago but now it is nothing more than a boxing match between the parties. They don't care about the people. Only about their own agenda no matter what side they are on.

kidsfirst
Mar 2, 2013 at 12:03 p.m.
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Walker is trying to change the WRS funding to private management. WI's system is the envy of most retirement systems, whether state or private. He would like to reward his financial supporters with another way to make money off the backs of taxpayers. Stay informed.

mpalm1968
Mar 2, 2013 at 11:11 a.m.
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Yada, I know the Kool-aid tastes good, BUT, why are we still in Afghanistan and Iraq?? Didnt Obama say we were getting out of there? Why did Obama extend the Patriot Act? Get a clue!

meemaw
Mar 2, 2013 at 9:05 a.m.
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You are an uninformed fool if you think Governor Walker has anything to do with this. Reread news release. You can thank Barney Frank & Dodd for the crash in 2008 & your present president for the 4 yrs of his economic failed policy & no budget for this.

HandBookHarry
Mar 2, 2013 at 8:12 a.m.
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Less fish fry nights..oh well...

Badgerlvr
Mar 2, 2013 at 6:31 a.m.
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...in the beginning....there was an "unfunded war"...and then another...etc.

yada
Mar 2, 2013 at 6:04 a.m.
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B U S H - Is to blame. The man never had a clue about ANYTHING - Economy and WAR! NO WMP! Just lies. The CIA and many others have confirmed "Bush Lied About WMD" & the damage to the economy is also his legacy.

http://whitehouser.com/war/cia-confirms-...

http://www.vanityfair.com/politics/featu...

EMMO46
Mar 1, 2013 at 11:44 p.m.
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Headline should read:
SOME "State retirees' pension cut to be 9.6%", while others raised by 9%

EMMO46
Mar 1, 2013 at 11:41 p.m.
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Misleading headline and post!!!
This blog post only tells half of the story, as it only tells what happens to those in the "core fund" who have losses averaged over five years, and this is the last year of losses to be charged.
Their payments also cannot go below their original pension payment that they received when they first retired.
The rest of the story, which is part of the original AP article (cut off by Gazette?) says: "Meanwhile, retirees with investments in the Variable Fund will get a 9 percent increase in pension payments from that fund."

Read more: http://host.madison.com/business/retired...

bassman
Mar 1, 2013 at 8:41 p.m.
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Just relax ,it will all be fine.

aflack112
Mar 1, 2013 at 7:50 p.m.
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Wait for Scooter to make his move to completely destroy one of the few pension systems in the country that is fully funded, professionally run, and a model to others. To give his Wall Street buddies access to billions, which they'll steal just like they did the 401's.

BostonBill
Mar 1, 2013 at 7:25 p.m.
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Blame it on the bossa nova.

I wish we could get over this silly blame game that both “sides” are guilty of. Our elected officials are acting like spoiled, rich brats. Oh, wait a minute, it’s not an act.
"And the band played on."

nemesis
Mar 1, 2013 at 6:36 p.m.
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I blame Mary Bell and Mike Tate.

WalterReuther
Mar 1, 2013 at 6:27 p.m.
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More Cheney than Bush. More military industrial complex than Cheney. He was just a cog in the giant machine. All of this ruled, then and now, by a small cadre of ultra wealthy/corporate overlords.

truthteller
Mar 1, 2013 at 5:49 p.m.
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What a bunch of sheep you are. Pathetic.

Zeussmom
Mar 1, 2013 at 5:35 p.m.
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I concur. Blame Bush.

ddr
Mar 1, 2013 at 5:22 p.m.
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I also blame Bush. This mess we are in now is all his fault.

analertcitizen
Mar 1, 2013 at 5:11 p.m.
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This one really is Bush's fault.

916WI
Mar 1, 2013 at 4:50 p.m.
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Sure......the housing bubble that was well over a decade in the making and the economic implosion that ensued when it burst can all be placed on the shoulders of Bush......Are all the anti-Bush people really that stupid?

dtb
Mar 1, 2013 at 4:23 p.m.
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This one really is Bush's fault.

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