Pensions

versus

Bailouts and/or Rescue

Pensions for the elected officials of Macon, Georgia seems like a wonderful idea and a concept that just might allow a better class of politicians in the future. That stated, the current scheme on the table in Macon, Georgia would also include the Mayor who recently departed a successful "Law Practice" to also be a Servant of the People.

Admittedly the Flower Child is not on the inside of this scheme. The Flower Child is aware of the U. S. Department of Labor requirement that Business Organizations who have Pension Funds for employees must submit annual reports as to pension fund stability and assets. The Flower Child does not know if these requirements apply to governmental organizations. But the Flower Child does know that if the Department of Labor actuaries determine that a fund is underfunded then the sponsoring organization must contribute adequate funds to bring the pension fund up to standards.

As most know, the Flower Child is the beneficiary of one such Pension Fund. The Funds for my pension are available and every year all my peers and I receive a report indicating the fund balance and the expenditures for the current year as well as the balance on hand for future payments.

Can you now think forward to what would happen if the actuaries for the City of Macon Pension Fund determine that the fund was underfunded? Would the Fund Beneficaries join together to bring the fund up to date? I do not think so. I believe that the City of Macon would be required to bring the fund balance up to date. Thus the Tax Payers of the City of Macon would be on the hook to generate the funds. This sounds like an excellent opportunity for the Members of City Council and even the Mayor to have a rock solid guarantee on their potential Pension Payments in the future. Even though they would be volunteer participants by initially funding their respective Pensions, the taxpayers of Macon would essentially be guaranteeing the solvency for the long term future.

The Flower Child may be totally incorrect, but this sounds like a wonderful scheme and if the City of Macon adopts this concept I want to be one of the first to buy into it. Even though I, the Flower Child currently reside in Bibb County I am well aware that some day I just may reside in the City of Macon.

So the question is: "Does the City Pension Fund fall within the rules and standards established by the United States Government for Private Business Organizations?" If so, then someone would be Bailing Out and/or Rescuing the City Pension Fund when and if at some time in the future the actuaries determine that it is underfunded.

So before we allow our City of Macon to establish a program with potentially dangerous results I, the Flower Child would encourage adequate investigation into the long term responsibilities/requirements.

After all, should Macon and Bibb consolidate this well meaning program and could also have a negative impact on all of us who proudly call Bibb County Home.

Thank You!!!