Quote:
Originally Posted by secondcurve
You truly are uninformed.
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Well said.
These pensions are state subsidized - if the state decides to move the subsidy somewhere else (as they are prone to do time and again rather than cut anything) the pensions are then underfunded as they rely upon subsidies to stay in the black.
Until we switch state EE's to a 401/3 type program the system doesn't work anymore. Forget about the cost of health care benefits and the like, the day of state/fed pensions needs to end, or we just dig the hole deeper. You need to get out what you pay in with market conditions applied, simple as that. I pay into a 401, so does almost everyone else. It may be painful to look at, but it is fair.
Else these pensions end up like social security - does anyone under 40 think they will ever see an SS check even though you pay up to $4,485 in SS a year?
I may have just gone political, delete me if need be
