Category Archives: Important

Membership Update Information

ATTENTION MEMBERS!

 This communication serves to notify the Members of Local 2432 of recent changes within the Local.

Attorney George Tucker has submitted his letter of resignation, effective immediately.

The Local 2432 Executive Board has been actively seeking a qualified full-time attorney. The full-time Attorney will work as an independent contractor.   The Executive Board is close to reaching an agreement with the new Attorney in the immediate future.

Details will follow upon completion. It is in the best interest of the membership, to have in-house legal counsel dedicated solely to this Local, Monday through Friday during business hours. Considering the battles we have ahead, now is the time to move forward with positive change.

Additionally, in order to keep the lines of communication open with all members, please visit the new and improved website http://local2432.com/. It is an interactive site, which includes a message board and links to other relevant information. While it is under construction, feel free to browse around, and add your comments & suggestions.

As another form of open communication, a Facebook Group has been approved by the Executive Board. Please request to be added to the group page Hollywood Municipal Employees, Local 2432.

All members are invited and encouraged to get involved and participate in the General Membership meetings which are held on the 3rd Tuesday of each month.
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What is this “Unfunded Liability” we keep hearing about?

We keep hearing a lot from our City Leaders about the ‘Huge Unfunded Liability’ in the Pension Plan. They make it sound like a group of pensioners are sitting on the front steps of City Hall demanding some insanely huge pile of money RIGHT NOW!

No. They aren’t.

No. Pensions don’t work that way.

Yes. There is an Unfunded Liability in the current Pension Plan. There always has been. And unless or until the Market starts returning very high double-digit returns there always will be an Unfunded Liability in the Pension Plan.

Don’t believe us? Read this little explanation from the Public Pensions Online website.

Two of the highlights from the linked article:

Florida local retirement plans covering police, firefighters and general employees are not
underfunded. They do have an unfunded liability. There is nothing intrinsically wrong
with having an unfunded liability.

and

Local government plan sponsors do not have to take drastic and immediate actions to
reduce or pay off the plan’s unfunded actuarial liability….

That last one kind of goes against the message the Commissioners were using last year with the Special Referendum, doesn’t it?

Read through the article. Get the word out. Share the link with anyone and everyone and let them see for themselves. It is a Pension, not rocket science. Don’t let them spin the message to their own ends because it is our ends that have worked for those very same Pension benefits.
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