tag:blogger.com,1999:blog-7609353726565000072.post2307373216846788154..comments2023-06-14T02:29:40.319-07:00Comments on PSPRS Pension Watch: Après Hall, the déluge: What comes next for PSPRS membersDrop Zonehttp://www.blogger.com/profile/07195030344305212432noreply@blogger.comBlogger20125tag:blogger.com,1999:blog-7609353726565000072.post-14941300458575001162017-01-09T19:41:51.067-07:002017-01-09T19:41:51.067-07:00Annoying that they didn't at least return our ...Annoying that they didn't at least return our contributions to the proper rate. Seems you'd want to at least stop the bleeding. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-88275976527158009152017-01-02T21:58:10.388-07:002017-01-02T21:58:10.388-07:00I recently noticed that there has been several mot...I recently noticed that there has been several motions filed, to include a motion to reconsider, which will require a response from the plaintiffs. This could drag on for some time. Is it correct that this will then need to go back down the lower court for the final remedies? I thought they would have returned the contribution rate back to the original amount, but that has not changed either. Thoughts?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-35929782079264596422016-12-14T15:00:05.298-07:002016-12-14T15:00:05.298-07:00PSPRS just posted something on their website, alon...PSPRS just posted something on their website, along with the 2017 and 2018 contribution rates. Big increases in 2018 as expected. Looks like we are a long ways out from seeing any refunds anytime soon and they almost make it sound like it may not even happen. Thoughts?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-14558261310694168732016-12-02T11:48:02.069-07:002016-12-02T11:48:02.069-07:00Any further updates?Any further updates?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-83045656112400334802016-11-26T17:10:39.028-07:002016-11-26T17:10:39.028-07:00Rick, Can I get you to check my logic on a spreads...Rick, Can I get you to check my logic on a spreadsheet?billhttps://www.blogger.com/profile/09621294447340520742noreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-10720921705236020452016-11-22T10:02:31.014-07:002016-11-22T10:02:31.014-07:00I believe I know the answer to this all ready, how...I believe I know the answer to this all ready, however..<br />Will this decision effect the calculations from above for a member who bought $140,000 in military time during this five year period?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-14693466964655110012016-11-16T20:21:59.175-07:002016-11-16T20:21:59.175-07:00This comment has been removed by the author.Cardboard50https://www.blogger.com/profile/03619901569023672586noreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-28946229337245394742016-11-14T19:23:13.102-07:002016-11-14T19:23:13.102-07:00I knew there had to be at least one other person i...I knew there had to be at least one other person in public safety that was interested in the numbers. Thanks again.Drop Zonehttps://www.blogger.com/profile/07195030344305212432noreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-12307972290776755952016-11-14T18:59:10.542-07:002016-11-14T18:59:10.542-07:00I don't mind at all. Hope you don't mind m...I don't mind at all. Hope you don't mind my clown friends completely taking over your facebook feed on this.Rick Radinskyhttps://www.blogger.com/profile/06357723527283766543noreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-4782390492338742472016-11-14T14:04:04.676-07:002016-11-14T14:04:04.676-07:00That was very helpful, thank you.
That was very helpful, thank you.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-41572510922444293572016-11-14T13:11:04.405-07:002016-11-14T13:11:04.405-07:00That is great! I did not notice that you could ex...That is great! I did not notice that you could export your contribution record to a spreadsheet. I hope you don't mind if I post this to the blog (crediting you, of course). I am sure many people would be interested in this.Drop Zonehttps://www.blogger.com/profile/07195030344305212432noreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-91333705562063005352016-11-14T09:32:33.479-07:002016-11-14T09:32:33.479-07:00If a PSPRS member downloads their contribution his...If a PSPRS member downloads their contribution history to Excel, they can easily get an accurate amount of what they paid above 7.65%. Simply starting in FY2012 (July 2011) create a cell with a formula that divides the contribution amount by the contribution taken, then multiply that by the difference between that taken and the 7.65% For instance:<br />=(Dxxx/.0865)*(.0865-.0765) where xxx is the row number<br />Copy that down for all of FY2012. Then change .0865 in both places to .0955, .1035, .1105, and .1165 for their respective fiscal years (2013, 2014, 2015, 2016). Sum up that column and that is the total paid over 7.65%. If you multiply that result by .75, that would approximate the post withholding amount, if your assumptions are correct.Rick Radinskyhttps://www.blogger.com/profile/06357723527283766543noreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-63055124031176025332016-11-12T19:28:21.108-07:002016-11-12T19:28:21.108-07:00You are a Tier 2a based on your hire date, not a T...You are a Tier 2a based on your hire date, not a Tier 1 member, because you entered PSPRS before 1/1/2012 but had less than 20 years service as of 1/1/2012. A Tier 1 member had 20 years of PSPRS time before 1/1/2012. Here is a link to the AZ FOP website that explains the different tiers:<br /><br />http://azfop.com/news/lodge/what-are-the-psprs-tiers/<br /><br />When I first read your question, I thought that you were covered under Hall because I was under the impression that all changes in SB 1609 were effective 1/1/2012, but after re-reading SB 1609, it appears that there is some ambiguity because it says contribution changes are retroactive to 7/1/2011. See this legislative summary:<br /><br />http://www.azleg.gov//FormatDocument.asp?inDoc=/legtext/50leg/1r/summary/h.sb1609_04-14-2011_astransmittedtogovernor.doc.htm&Session_ID=102<br /><br />I would not want to comment any further about what this means for you since I do not have the expertise to interpret legislation. I hope that for your sake that this is just an administrative procedure that was required because PSPRS' fiscal year starts 7/1 but laws do not go into effect at the start of a new calendar year. I don't know why this one change would have a different effective date than every other change in SB 1609.<br /><br />That a small group of members that entered PSPRS between the short interval between 7/1/2011 and 12/31/2011 are not covered by Hall and not entitled to a refund of excess contributions seems like an injustice to me. This will cost someone like you thousands over your career. I hope there is a clear resolution of this for you and others. I hope you have good union representatives. Good luck and please update us if you get a definitive answer, which would most likely come in the form of a refund from PSPRS.Drop Zonehttps://www.blogger.com/profile/07195030344305212432noreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-30417653615963283712016-11-12T18:24:13.374-07:002016-11-12T18:24:13.374-07:00I think that your continued contribution rate woul...I think that your continued contribution rate would decrease to 7.65% of your pay instead of 11.65%, and would be this rate until you leave the job. When you finally leave the DROP, you would have those accumulated returned to you along with 2% interest.Drop Zonehttps://www.blogger.com/profile/07195030344305212432noreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-37665443519639885832016-11-12T18:13:02.567-07:002016-11-12T18:13:02.567-07:00If I am a tier one (20yr retirement elligible) wit...If I am a tier one (20yr retirement elligible) with a date of hire of 7/8/11 with my employer and entered psprs in November 2011, does the ruling in Hall effect me at all? I am being told no by my union. If this is so, why, and if it was against the law to add the excess contributions to those hired before 7/1/11, why is it not against the law for the extra contributions to be added to those hired after, especially if the member is tier one in psprs?<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-86450567140868047782016-11-12T15:21:43.619-07:002016-11-12T15:21:43.619-07:00My situation, as well. Wondering if we should expe...My situation, as well. Wondering if we should expect a refund of our continued contributions (plus interest) and not just the excess we paid (first 3 years in my case)?<br /><br />That was another SB 1609 change... Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-40193198703218819382016-11-12T10:51:07.917-07:002016-11-12T10:51:07.917-07:00I do not believe that PSPRS can make that decision...I do not believe that PSPRS can make that decision and that the Legislature would have to change the conditions for buying service time. I suppose that they could do that, but it would have to be done quickly as the interest meter is running. I don't believe there would be any political will to do this, especially when we don't know exactly what all this is going to cost employers.Drop Zonehttps://www.blogger.com/profile/07195030344305212432noreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-38742427748065585762016-11-12T10:01:39.569-07:002016-11-12T10:01:39.569-07:00Would the PSPRS consider paying time instead of mo...Would the PSPRS consider paying time instead of money? This might appeal to a lot of people, and might save the system some money, might also help municipalities...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-11277531471303075602016-11-12T09:17:22.102-07:002016-11-12T09:17:22.102-07:00It would only seem fair that you would receive a r...It would only seem fair that you would receive a refund, just like anyone else. If PSPRS took anything over 7.65% and are holding it while you are in the DROP, that amount should be refunded to you. Not only that, you should get the pre-judgment interest on those excess contributions at 4.5%, which is more than double the 2% PSPRS pays on the contributions they hold while you are in the DROP.Drop Zonehttps://www.blogger.com/profile/07195030344305212432noreply@blogger.comtag:blogger.com,1999:blog-7609353726565000072.post-28955767556307844332016-11-11T23:34:26.496-07:002016-11-11T23:34:26.496-07:00Some of us entered the DROP recently and are under...Some of us entered the DROP recently and are under the program where we still contribute to PSPRS, but the contributions are returned to us when we terminate our employment, along with interest. As a result of this court decision, will we also get our excess contributions returned to us, as we are contributing at the current rate.Anonymousnoreply@blogger.com