Why can't we just have a pension system that pays people a living wage regardless of whether it is actuarially sound ? I mean it....A "free s---" pension system with no requirements for employee contributions and the ability to game the system for outrageous benefits upon retirement at age 55.
Why can't we have something for nothing ? The nerve of this Governor to propose a 65 year old retirement and 6% contributions, with restrictions on jacking final year earnings. If I wanted to pay for my retirement, I would work in the private sector.
This plan won't pass and is likely just a starting point for negotiations....Oh, and by the way, can we nix the planned layoffs in July ? People might start to believe we are spending too much...when in fact we can never spend enough to suit me.
Little support among state lawmakers for Gov. Cuomo's pension reform bill - NYPOST.com
3 comments:
Jeff, It sounds like that diet has got your blood sugar a little low. Or else you got up too early to meet with the UCSR (United Canadian socialist Republics)
The thing is that firemen and police can still retire when they are 39 and Patty plate is going around kissing their butts with Marks Law.
Today A guy that drove by a woman and shot her randomly from a motorcycle, got 2 years. And she is worried about firemen? To heck with the rest of us and our loved ones.
So that is the kind of boot lick that is going to say no to firemen and their pensions? Forgive me if I don't hold my breath.
Pension costs- while large and increasing- are not the main fiscal concern for the state, schools, and localities. The real concern are employee health care and retiree health care (ever hear of those being offered in the private sector?).
Decades ago, when insurance was much cheaper relative to inflation, many schools and municipalities agreed to give away free insurance to their employees and retirees. Retiree insurance costs are not prefunded -unlike pensions- and are projected to increase dramatically. Luckily, they -unlike pensions- are not protected by the state constitution. They are hard to change, however. As a result of Triborough Amendment and union obstinance, these benefits cannot be changed. The Obamacare 40% Cadillac tax on the excess of very high cost insurance plans may force some- though certainly not enough- change given that union members won't want to pay the 40% tax. The state should pass a law requiring minimum contributions for all government employees.
Tier VI will reduce long term pension costs but it won't help in the immediate future because the state and schools are laying people off, not hiring. Health insurance reform is a much better option and would provide immediate relief to taxpayers. It would be good for state legislators were intelligent or brave enough to recognize this, but I'm not holding my breath.
That's because our State Reps are tied to the system, and are to busy worrying about Things in Kingston Ont. Nice picture though, shows all the waste in the Federal Govt. in the background.
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