HomeMy WebLinkAboutRE: Persi meeting this morning
Mike Plane
From:Rachael Long
Sent:Friday, July 1, 2022 11:59
To:Breanna Howard
Subject:RE: Persi meeting this morning
Thank you so much for the clarification the money world in the bigger picture is not anything I understand and then he
gets upset with me that I do not know and its just overwhelming to me, when it comes to money that is where he is the
most intense in life
From: Breanna Howard <bhoward@tfid.org>
Sent: Friday, July 1, 2022 11:44 AM
To: Rachael Long <rlong@tfid.org>
Subject: RE: Persi meeting this morning
I understand your concern, but it’s not something I am worried about because Idaho is actually one of the highest
th
funded accounts in the nation – see the attached report from Oct 2020 that shows we were the 6 highest in the nation
(pg 17) for pension funding. The last report I’ve received for the State Scorecard that shows the pension funding ratio
nd
(2 attachment) shows that we are 99.9% funded. These numbers are too high to be concerned about it going bankrupt.
Granted, the balance is down (as shown in the attachment I sent yesterday), but this is typical for the stock market. Until
we completely get out of all this crazy stuff with labor, inflation and energy costs, the market won’t get back to normal.
If you think of the stock market like a big corporation, it makes sense – the world is weary of the success of any business
because of these three concerns; until we “fix” these concerns, the stock market/big corporations/businesses won’t be
optimistic and won’t increase in value. So in a nutshell – if you are looking to retire soon, pulling out of Persi isn’t going
to help because Persi tends to be pretty conservative with losses. . . and retiring may honestly be something that many
people put off because costs are out of control and savings won’t go that far. In our meeting yesterday, Director Drum
stated that they will be giving only the mandatory 1% COLA (cost of living adjustment). This is crazy for people that are
retired, but good for the people that are still working and putting into it.
A long way of saying I’m not worried about Persi not being able to fund their debt. Does that help?
From: Rachael Long <rlong@tfid.org>
Sent: Friday, July 1, 2022 11:29 AM
To: Breanna Howard <bhoward@tfid.org>
Subject: RE: Persi meeting this morning
What is your honest opinion about leaving the money in this with everything losing right now? Matthews Washington
accounts are losing as well and we met with Ali from Persi yesterday and she recommended we find a fund that wont
lose, now Matthew is overwhelming me with all of this trying to figure out what to do with his retirement accounts since
he is closer then most
From: Breanna Howard <bhoward@tfid.org>
Sent: Thursday, June 30, 2022 5:08 PM
To: FIN-AllFinance <finance@tfid.org>
Subject: Persi meeting this morning
1
Fascinating information from the Persi meeting this morning - of which General employees (all of us) can expect a Persi
contribution decrease starting in July of next year. It is going to go down to 17.89% from 19.1% and of that, the
employee portion is going down to 6.71% from 7.16%.
Another interesting fact that he shared – the average difference in the time to retire from a Rule of 80 person to a Rule
of 90 individual is only 2 years. Without doing the math, I think I always incorrectly thought it was 10 years.
Pardon the notes, I just scanned my copy from this morning.
Breanna Howard, CPA
Chief Financial Officer
City of Twin Falls
P.O. Box 1907
Twin Falls, ID 83303
Phone: (208) 735-7285
Cell (208) 749-0730
2