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Sunday, July 27, 2008
Make It Go Away
Before screaming bloody murder, remember a couple of things: 1) the PERS Coalition signed off on this fee arrangement - our own attorneys and the organization representing us agreed to the payment system; 2) this is a ONE-TIME reduction, payable only on August 1, 2008 when the benefit naturally rises from the new COLA applied to the benefit. We get 2% on August 1; we will lose about 1/2 of that due to the one-time payment, but the full benefit resumes on September 1, 2008; 3) I do not know whether the reduction will come pre-tax or post-tax; I'd prefer it be pre-tax, but fear it will be post-tax.
I hope to have more information tomorrow. Stay tuned for the next installment of "As PERS Turns (on us)".