Petition updateGov. Brown: Investigate the abuse of power & criminal forgery by David Frohnmayer, Bob Ackerman and the complicity of L.C. GovernmentUnions file lawsuit against PERS cuts
NadiaUnited States
Jul 3, 2014 — http://www.uomatters.com/2013/07/pers-updates-from-persinfo-blog.html 7/20/2013: Brent Hunsberger writes an excellent personal finance column for the Oregonian. His take on the impact of the SB 822 PERS COLA cuts is here. http://www.oregonlive.com/finance/index.ssf/2013/07/pers_fix_will_hit_higher_earne.html7/3/2013: That was quick. From the law offices of BENNETT HARTMAN MORRIS & KAPLAN, full pdf here. For someone retiring with a $60K per year starting PERS annuity, the COLA cut in SB 822 would reduce the annuity 20 years out from $87.4K to $77.5K, and cost a total of $84K over 20 years. For someone like Dave Frohnmayer, with a current annual annuity of $257,373, the cuts will reduce the annuity 20 years out from $375K to $284K, and cost a total of $837K over 20 years. Replace “cost” with “save” if you are looking at this from the state’s point of view, and note that these costs or savings are not discounted back to present values.
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