Pritchard, Alabama and the Public Pensions Endgame

4Oct/1014

Pritchard, Alabama and the Public Pensions Endgame

Way back in April, I had a post on the rotten state of public pensions, pointing out the bankruptcy disaster of Pritchard, Alabama. The pensioners hadn't been paid since over a year ago.

Well, looks like their bankruptcy has come undone.

I wanted to learn more about Pritchard, and came across their snazzy website, complete with annoying sound effects. Checking out the press releases, I don't see anything about the denied bankruptcy. I can't find any info about the pensions. I can't find any info about the budget. I did see this though:

To date, Prichard is managing more than $5.9 Million in grant funding from county, state and federal agencies, aimed at improving the quality of life for its citizenry.

I looked up info on Pritchard at Wikipedia and found these key facts:

The median income for a household in the city was $19,544, and the median income for a family was $23,519. Males had a median income of $26,543 versus $17,040 for females. The per capita income for the city was $10,626. About 31.8% of families and 35.5% of the population were below the poverty line, including 47.8% of those under age 18 and 25.8% of those age 65 or over.

One also notes that this town has been dwindling in population since the 1960s. It's a suburb of Mobile, and as noted in the Wikipedia article and the original link on this post, they're hoping a motorsports complex will save their hash. Because it's pretty obvious they can't raise taxes on their population.

What I want to know is if there's any money in the pension funds at all. Pensioners seem to think they'll get paid, but who knows how long that will last. One quoted said that there's at least 600K in the fund.

Uh, that's not a lot of money if you've got over 100 pensioners to pay for the rest of their lives.

In any case, the pensioners of NJ, IL, and CA should keep an eye on this. Because their time will be coming, too.

Meep

Meep is a member of the Irish Catholic mafia, having a suspiciously high number of green-eyed, red-haired friends. While she doesn’t have red hair herself [except when she goes into the sun (rare for any vampire)], she does have green eyes. She’s a raving Papist and is a life actuary on the side [i.e., she counts dead people]. An amateur pain-in-the-ass [willing to go pro!], she likes covering retirement, mortality, math, and education issues.

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Comments (14) Trackbacks (4) ( subscribe to comments on this post )

Tough Love
October 4th, 2010 - 12:26

Quoting …”In any case, the pensioners of NJ, IL, and CA should keep an eye on this. Because their time will be coming, too. ”

Add based on Civil Servant greed …. it will be well deserved !

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spongeworthy
October 4th, 2010 - 12:57

Pritchard’s been a basket case for more than 20 years.

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- Meep
  October 4th, 2010 - 14:50
  
  Yeah, I noticed. There’s more to the whole Pritchard brou-ha-ha than simple running out of money.
  
  But it’s going to be the case elsewhere, too: when you’re out of money, you’re out of money. Why do you think Daley is getting the hell out of DodgeChicago? The money is going going gone.
  
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  - snaqwells
    October 4th, 2010 - 15:17
    
    You mean Chicago’s chickens have come home to roost?
    
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    - Meep
      October 5th, 2010 - 04:29
      
      Well, they’re getting their bus tickets at least. They’re on their way….
      
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LisaDees
February 24th, 2011 - 00:17

I cannot believe that the way it looks, pensions are a big ponzi scheme. The monies are “taken” from you as “deposit on retirement” but when you need the money later down the line; you find you have been robbed. It is appalling the city would work the citizens their entire lives (25-30+ years) and then toss them in the streets financially to fend for themselves. So what if the streetlight are out, you have personal cash that belong to these people so pay up and figure out how to pay the other things on the budget. Banks are not allowed to just close your account and not pay you your money that was in the account at the time. Pensions are not optional to pay into so the state should penalize everyone personally that is involved in the “non-payment” of these Seniors’ pensions. Where is the AARP in representation before it got this bad? This is the quintessential type of issue the AARP should delve into.

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cash loans for pensioners
February 20th, 2012 - 04:06

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cong ty xay dung
February 22nd, 2012 - 22:30

thanks for your share , it is very important for me
I whish you happy and lucky
thanks a gain !

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top b schools in india
March 14th, 2012 - 05:24

nice posting thanks for sharing..

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mike reynolds
March 22nd, 2012 - 17:22

I believe pensions are becoming a think of the past. Even if you are signed up and are fully vested does not mean you are going to receive it. Look at the airline!

mike

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Melisa
April 16th, 2012 - 08:55

hanks for your share , it is very important for me
I whish you happy and lucky
thanks a gain !

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Michael
April 16th, 2012 - 09:01

you have personal cash that belong to these people so pay up and figure out how to pay the other things on the budget. Banks are not allowed to just close your account and not pay you your money that was in the account at the time. Pensions are not optional to pay into so the state should penalize everyone personally that is involved in the “non-payment” of these Seniors’ pensions

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OsinaYanti
April 16th, 2012 - 09:03

Yeah, I noticed. There’s more to the whole Pritchard brou-ha-ha than simple running out of money.

But it’s going to be the case elsewhere, too: when you’re out of money, you’re out of money. Why do you think Daley is getting the hell out of DodgeChicago? The money is going going gone.

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Escort Online
May 3rd, 2012 - 03:57

Thanks for the updates on Alabama and Public pension endgame, My grandpa is in Alabama and I want to head-up him with this issue,

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