Mon
Feb 12 2007
05:26 am
According to a News-Sentinel article the county Pension Board will not release the amount Mark Cawood receives in pension from 20 years as County Commissioner. Because 'it's a privately controlled fund.'
|
|
Discussing:
- Incessant Political Fund Raising (2 replies)
- Guess the Democrats should have run a man? (1 reply)
- Trump Cabinet (26 replies)
- What about the Social Security Fairness Act? (1 reply)
- What are recess appointments and how could Trump use them to fill his Cabinet? (1 reply)
- Dismantling the Department of Education? (3 replies)
- Nomination for Director of National Intelligence a security risk? (8 replies)
- Covenant Health Park luxury condos now up for sale, ranging from $500k to $2 million (2 replies)
- Millions at risk of losing health insurance after Trump's victory (9 replies)
- Is it about the bro's stupid? (7 replies)
- Dozens of threats made against Knox County Schools. Students afraid. (9 replies)
- WBIR investigates Knoxville's Greyhound bus experience (5 replies)
TN Progressive
- Lee's Fried Chicken in Alcoa closed (BlountViews)
- Friday Toons (RoaneViews)
- Friday Toons (RoaneViews)
- Friday Toons (RoaneViews)
- Friday Toons (RoaneViews)
- Alcoa, Hall Rd. Corridor Study meeting, July 30, 2024 (BlountViews)
- My choices in the August election (Left Wing Cracker)
- July 4, 2024 - aka The Twilight Zone (Joe Powell)
- Chef steals food to serve at restaurant? (BlountViews)
- Blount County, TDOT make road deal for gun mfg ignoring town of Louisville,TN, (BlountViews)
- Winter at the Big Rocks (Whitescreek Journal)
- Secrets from My Radio Days (Joe Powell)
TN Politics
- Unlikely Trump can actually eliminate Education Department, experts say (TN Lookout)
- ‘Literally heartbreaking as a librarian’ 150 titles pulled from Rutherford County school libraries (TN Lookout)
- Trump still has not signed critical transition agreements allowing access to agencies (TN Lookout)
- Trump’s Defense secretary nominee has close ties to Idaho Christian nationalists (TN Lookout)
- Top two Tennessee House Democrats retain caucus leadership (TN Lookout)
- Trump to nominate Brooke Rollins of Texas as USDA secretary (TN Lookout)
Knox TN Today
- High risk: Vandy blocks Vols’ path to playoffs (Knox TN Today)
- He’s a captain now: Randy Wilson’s ‘changes’ (Knox TN Today)
- Local lawyers at work and play (Knox TN Today)
- High school football scores: Playoffs round 3 (Knox TN Today)
- Coca Cola Caravan Tour starts Tuesday (Knox TN Today)
- Covenant Health celebrates President’s Excellence Awards (Knox TN Today)
- Celebrating the life of Doug Price (Knox TN Today)
- Barnes, Vols might learn to like The Bahamas (Knox TN Today)
- Lady Vols basketball inks top-ranked high school class (Knox TN Today)
- Driving? It’s complicated. (Knox TN Today)
- Walk off that Thanksgiving turkey (Knox TN Today)
- KCDC opens supportive housing for veterans (Knox TN Today)
Local TV News
- 'I thought it was a turkey' | Emu spotted in South Knoxville found by owner (WBIR)
- Wears Valley Fire Department merging with Sevier County in effort to strengthen fire services (WATE)
- 'Not going back to pre-pandemic levels' University of TN study finds drop in Thanksgiving meal prices (WATE)
- How La Niña and Arctic Oscillation will impact East Tennessee's snowfall (WATE)
- McGhee Tyson Airport braces for 6,000+ travelers on day before Thanksgiving (WATE)
- Visit Knoxville Film Office turns 10; what movies have been shot in the city? (WATE)
- How to protect yourself from scams during the holidays (WATE)
- Whataburger to open two East Tennessee locations in 2025 (WBIR)
- Sweetwater Police announces passing of Officer Tyler Blankenship (WBIR)
- Greene Co. community concerned about 'malfunction' at nitrogen plant while company says there's no health threat (WBIR)
- Fostering Hope Tennessee looks to fulfill Christmas wishes this season. Here's how you can give back (WBIR)
- Sevier Co. woman with DUI history gets plea deal for 2 cases from 2024 (WBIR)
News Sentinel
State News
- Opinion: 72 years of better oral health, thanks to fluoride, not a bad track record - Chattanooga Times Free Press (Times Free Press)
- Opinion: Trump’s economic policy can’t be just nostalgia - Chattanooga Times Free Press (Times Free Press)
- Vols join growing list of schools to offer talented Tyner freshman Dion Edwards - Chattanooga Times Free Press (Times Free Press)
- 150 titles pulled from Rutherford County school libraries - Chattanooga Times Free Press (Times Free Press)
Wire Reports
- Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings - The Associated Press (Business)
- Biden opens final White House holiday season with turkey pardons and first lady gets Christmas tree - The Associated Press (US News)
- Trump election case is tossed after special counsel Jack Smith requests dismissal citing 'categorical' DOJ policy - ABC News (US News)
- Florida woman sentenced to 25 years for fatally shooting neighbor through door - NBC News (US News)
- Father of missing Hawaii woman found dead in Los Angeles, police say - The Guardian US (US News)
- Mike Waltz to resign from House day of inauguration to join Trump administration - The Hill (US News)
- Ken Leech Sued by SEC Over Alleged ‘Cherry-Picking’ Scheme - Bloomberg (Business)
- Trump lawyers investigate allegations that top aide sought financial gain from influence with president-elect, sources say - CNN (US News)
- Kohl's CEO Tom Kingsbury to step down in January, to be replaced by Michaels CEO Ashley Buchanan - CNBC (Business)
- Judge Delays Hearing on Menendez Brothers’ Bid for Early Release - The New York Times (US News)
- Starbucks baristas can't view their schedules after ransomware attack on vendor - CNBC (Business)
- Bird Flu Emerges as Key Reason Behind U.S. Egg Shortage - Gizmodo (Business)
- Buffett refines plans for his fortune, donates more Berkshire shares - Reuters (Business)
- California's Gavin Newsom says state will provide rebates if Trump removes electric vehicle tax credit - NBC News (Business)
- A disruptive Thanksgiving winter storm is coming with a side of the coldest air in months - CNN (US News)
Local Media
Lost Medicaid Funding
To date, the failure to expand Medicaid/TennCare has cost the State of Tennessee ? in lost federal funding. (Source)
Search and Archives
TN Progressive
Nearby:
- Blount Dems
- Herston TN Family Law
- Inside of Knoxville
- Instapundit
- Jack Lail
- Jim Stovall
- Knox Dems
- MoxCarm Blue Streak
- Outdoor Knoxville
- Pittman Properties
- Reality Me
- Stop Alcoa Parkway
Beyond:
- Nashville Scene
- Nashville Post
- Smart City Memphis
- TN Dems
- TN Journal
- TN Lookout
- Bob Stepno
- Facing South
Defined contributions
What you aren't understanding is that the pension Cawood and most other county employees have is not a defined benefits pension. The County pensions are more like IRAs. The employee contributes a certain amount of his paycheck to the fund, the county matches that amount up to a certain point, and the money is invested in a variety of mutual funds at the discretion of the employee.
Since an employee may be conservative or aggressive with his or her investment strategy, there's no way to say "what amount the emplyee will receive in pension" because it continues to accrue interest and growth as long as it's in the program. Another County Commissioner with the same term of service as Cawood might have a completely different sum in his pension based on how he invested it during his career. And unlike a defined benefits pension, where you can say by rule that an employee withn X years of service will draw X dollars per year, a person in a defined contributions plan that is eligible for a distribution can leave it there till he dies if he has other means, take out an amount of his choosing per month, or remove the whole shebang the day he is eligible to do so.
The new Sheriff's department pension that was approved by the voters last year IS a defined benefits pension, so it is possible to look at the rules of the pension and say that officer X with 20 years service will be eligible to receive $X0,000 per year.
So really, your criticism is unfair. All the pension board could tell you is what Cawood has in his account, and frankly IMO that's really none of your business. I would say this - since the contribution is based on employee pay (I think the max matched contribution allowed under the plan is 6%), 20 years of a Commission salary will not result in a very big nest egg for Mr. Cawood unless he has been extraordinarily fortunate in his investments.
The way I interpret
The way I interpret 'pension' is a 'defined benefit' which your employer is responsible for funding. In that case I think we should know what we are responsible for funding. I think the NS article might have clarified that more.
Maybe it was not accurate, regarding that sentence.
Since to me what he is getting is not a 'defined benefit' then I agree, other than knowing what percentage we have to provide, I dont really care what they are making on their IRA. I hope they make the most they legally can.
What
you are missing in this issue in your words "his money" is really OUR money. He never really had the money. It was the taxpayers money for him to do a job.
If he invested our money agressively and made more with our money o.k. if he didn't and lost our money o.k. But it is a need to know item.
The Cawood's have held a gun to the heads of every Knox County taxpayer and have committed armed robbery.
oh brother
That logic couldn't be more tortured if it were chained up in Rumsfeld's basement.
No it isn't.
Sorry, but you're just wrong here. Sure, what a politician does with public funds is everyone's business - how they spend money on parks, education, roads, war - all are of public concern. But what they get paid is THEIR money once it is paid, and is no longer a matter for public inquiry. You may know that the County will pay up to 6% of a Commissioner's salary into a pension plan (assuming the commissioners elects to have the full 6% witheld), and so based on the Commissioner's salary you can calculate how much public money is going to the Commissioner, but after that the money belongs to HIM or HER and its really none of your business how much they have accumulated or how they have invested it, any more than it's your business how much they spend on groceries with their paycheck each month.
Unless of course on that theory you want to say that the bank accounts of anyone who gets public assistance, Social Security, government-backed student loans and the like become public records as well?
Defined benefit plans obsolete in private industry
I'll have to chime in on the side of Ringo et al on this one. Given the type of pension plan Cawood has, he's essentially investing his own money at his own risk.
I'm convinced that if voters had better understood the difference between a defined contribution plan (the wave of the future) and a defined benefit plan (a virtually obsolete perk in private industry), they never would have approved this problematic new Sheriff Department pension!
The problem I see with Defined contributions is...
it is the same flim-flam scam that George Bush wanted to pull with Social Security. And it is STILL a bad idea.
"You can't fix stupid..." ~ Ron White"
"I never said I wasn't a brat..." ~ Talidapali