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Fire Perspective

This article explores the financial realities facing firefighters and the broader public service sector, highlighting the complexities of defined benefit plans, the importance of government solvency, and the impacts of market fluctuations. We discuss the differences between chapter plans and FRS, the necessity of establishing priorities, and the long-term negotiations and legislation needed to address these challenges. With 353 plans and diverse issues, we focus on the critical need for honesty and transparency in navigating solutions for fiscal sustainability and retiree benefits in today's economic landscape.

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Fire Perspective

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  1. Fire Perspective

  2. Firefighter perspective • Same as general public • No free lunch • Message resonates • Long term financials • Government solvency • Honesty

  3. Who and Why? • Cities, Counties, State, Fed. • Service and infrastructure.

  4. Defined benefit Plans • Number of LL or chapter plans- total 353 • Plus FRS • As many plans as many problems.

  5. Choice • Chapter vs. FRS • Cost of plans • Autonomy

  6. Additional Problems • Market fluctuations • Taxes • bubble • Europe • Diminishing net worth

  7. How did we get here? • Minimum contributions • Market fluctuations • Actuarial assumptions • Mixed priorities • Complacency • Old news

  8. Are we here?

  9. Fixes- short term • Service reduction • Personnel reductions • Benefit reductions • Market assumptions • Establish priorities • Legislation • Start Stop

  10. Long term Negotiations Legislation Re-assess priorities Market improvement Litigation Time

  11. Roadblocks • statues • regulation • solvency • retirees • 99-1 • Litigation • politics

  12. Plans to fix the problem • Negotiations • Litigation (employment and civil).

  13. 1%

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