The first issue with govt. pensions that must be addressed

Posted on: July 24, 2016 at 10:28:20 CT

Is that it should be illegal to partially fund them. My jobs have all come with public pensions my current pension system deducts 6% from my paycheck and the state is supposed to match that. I cannot decide to change that to 3% with a promise to make up the difference later so why is the government allowed to do that?

Public pensions should be pay as you go. If the cost become too great then they need to be adjusted. But do not partially fund them and pretend all is well.

After that is addressed then you can start talking about the second question of what to do about pension cost. You cannot just eliminate them as some on here propose. I have worked almost thirty years and if you eliminate or drastically cut pensions then my retirement is gone. I have heard people claim that I should have planned better then. I DID, it was the pension that many just want to eliminate.

The pension plan was part of the compensation package that my contract was based upon. If you make drastic changes to the pension plan now you are, in effect, going back and retroactively cutting my salary for every year that I have worked. I completed each of those contracts in good faith and should not have that good faith broken years later.

If people want to change the pension system then they need to be phased out and replaced with something else. You may feel that these plans are bloated, and many are, but there are millions of Americans that have worked decades under these plans that would be finiancialky devastated if drastic changes were made.