Findings from TUA’s pension project on Wichita, Kansas, are featured in this story from KSN News Wichita.
WICHITA, Kansas (KSN) — A grassroots group took their message of pension reform to Wichita hoping to shock citizens into action by releasing some stunning figures showing their estimates of what some city employees will make during their retirements from government pensions.
“We do intend to sensationalize the numbers and we do intend to outrage taxpayers,” said Raeann McNeilly with Taxpayers United of America.
McNeilly and the organizations vice president, Christina Tobin, have been traveling the nation by car and stopping in cities like Wichita with their message of pension reform. They say it’s the top challenge facing states looking to balance their budgets.
“This is serious,” said Tobin. “This means these checks will stop coming if we don’t have real reform here in Kansas.”
Pension reform was a goal of the legislature this year in Topeka but efforts to reform KPERS have stalled.
They were also critical of Kansas officials for refusing to release the firm figures on pensions. Taxpayers United used salary figures from 2010 to estimate what city employees will make in pensions based on a life expectancy of 85.
“They release the pension numbers but not the names next to the pensions”, Tobin complained. “It’s the first state we’ve ever encountered like this.”
A spokesperson for City Hall says the numbers provided by Taxpayers United are “generally misleading, taken out of context and in some cases inaccurate”.
![eyewitness12](https://www.taxpayersunitedofamerica.org/wp-content/uploads/eyewitness12-590x744.gif)
The group, based in Chicago, was in Wichita Thursday to bring awareness to public pension funds.
It wants the current system changed so new public employees pay into a private retirement system and current employees pay more into the system which it says is unsustainable.
“We want all of the current employees to put more in…10 percent more. If they don’t the system will collapse and they will get nothing,” says Christina Tobin with Taxpayers United of America.
The group lists the top 25 “estimated” pensions of city, county, and state employees. It wants Kansas to release the actual pension amounts of current and retired employees.
“We’re here to shed a light on the need for transparency in Kansas.” says Tobin.
Tobin says the group can only estimate pensions based on the state formula and 2010 salaries.
“We’re here to urge Governor Brownback to release the pensions with the names.”
The group would not disclose its donors.
It says it names employees to get attention and admits the numbers are only estimates and are at the high end.
“If I don’t see the names with the numbers I can’t relate to what they meet. Yes, we do intend to sensationalize the numbers and we intend to outrage taxpayers. It’s the outrage with taxpayers that’s going to cause them to contact legislators and bring about change,” Rae Ann McNeilly, director of outreach with Taxpayers United of America.
It says it wants to introduce legislation in Kansas to change the current formula, but says it’s still searching for a lawmaker to sponsor the bill.
Attached are links of public employee salaries and estimates by Taxpayers United. The group says it did not attempt to contact any of the employees on the list.
Below are formulas used by the group to estimate pensions:
For non-police/fire
((2010 Gross x 0.6125) x (24 years)
For police and fire
((2010 Gross x .80) x (30 years)
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CHICAGO–Warren Buffet is the king of hypocrisy and “should put a cork in it,” according to Jim Tobin, President of Taxpayers United of America (TUA). “I am sick and tired of seeing and hearing the swill expressed by this phony,” said Tobin.
“The expose by Peter Schweizer in the March 2012 issue of Reason magazine confirms in detail what I have suspected all along,” said Tobin. “As Schweizer points out, in recent years, Buffett has used taxpayer money to achieve even greater profit and wealth. Rather than the grandfatherly, honest-as-the-day-is-long character he projects, the success of some of his biggest bets and largest investments rely on government generosity, using taxpayer money.”
Buffett’s Berkshire Hathaway firms needed a bailout from the Troubled Asset Relief Program (TARP) more than most, according to Schweizer. The Berkshire Hathaway firms received $95 billion from TARP. “Berkshire held stock in Wells Fargo, Bank of America, American Express and Goldman Sachs, which received not only TARP money but also Federal Deposit Insurance Corp. (FDIC) backing for their debt, worth a total of $130 billion.”
Furthermore, Buffett received better terms for his Goldman investment than the government got for its bailout. His dividend was 10 percent, in contrast to the government’s 5 percent.
“Buffett should just shut up and go away,” said Tobin.
More details can be found in Schweizer’s fascinating article at Reason’s website by clicking here.