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Tuesday, February 19, 2008

Here's To The Meantime

PERS "window" retirees can expect to take a one-time benefit hit on August 1, 2008. The "hit" is a result of legal fees awarded to the PERS Coalition and to OPRI in the Strunk Case. As stipulated in the Supreme Court's fee decision, PERS is responsible for paying out $763,367 in legal fees resulting from an OPRI and PERS Coalition "victory" on the COLA freeze provision of HB 2003. This will be apportioned over all retirees based on their benefit on July 1, 2004 with restored COLA adjustments. According to PERS and in the stipulation, the average deduction will be 1.38% of the benefit payable on July 1, 2004. In my case, that will be more than 100% of the COLA payable on that same date. According to the COLA calendar, my cohort was entitled to a 1.36% COLA on that date. So figure that you'll lose the equivalent of about one month's COLA to pay for our "win" in the Supreme Court. The "good news" is that this is a one-time deduction, not a permanent reduction to the benefit base.

Someday, after I've had too much food and too much good wine, and in the meantime someone will have to remind me again exactly what I won in the Supreme Court. After all these years, I have to confess that "victory" is an elusive concept.

And, PS, before you write me all worked up, this agreement was worked out by the Court will the full support of the PERS Coalition and OPRI and, of course, PERS and all the other robbers in this case.


gary said...

It all just gets curiouser and curiouser. We couldn't make up a story line like this if we tried. People of good faith just don't have that kind of imagination.

moneythoughts said...

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Take a look at my blog Moneythoughts.

I think you might find it of interest.

Another Old Guy,


akubra91 said...

So, PERS lost the COLA freeze, we get docked for the legal fees on both ends, and PERS has not yet restored COLAs. Am I missing something here?

mrfearless47 said...

It depends on what you mean by "restored COLAs". If you got a statement from PERS detailing what you owe them and adjusting your benefits, PERS "restored" the COLA. Unfortunately, the COLA base was adjusted before the COLA was paid. If you haven't been invoiced, then you haven't had your COLA restored, nor your benefit adjusted. Did you get a COLA on your August 2007 benefit?

akubra91 said...

I have not been invoiced yet. I assume it is coming soon.

akubra91 said...

By restored COLAs, I mean restored to our rightful, legal benefit, NOT the recalculation that PERS crooks are using.