Posted by Opie2 on January 11, 2018, 3:46 pm, in reply to "Re: City Council"
The biggest problems with the pension system is government and corporations raping those funds.
Imagine a teacher who works for thirty five years. Each pay period she contributes to HER pension fund and the schools contribute a separate small amount. Then the idiots at the state level start "borrowing" from that fund. They aren't really borrowing, they are stealing because they don't pay it back.
Then they change the laws so that now said teacher has to work for forty years before she is fully vested in that pension fund. She held up her end of the deal. The politicians didn't.
Take the cop on the beat. He is in a similar boat because the local and state municipalities didn't fund their portion of the fund. In fact, I believe there were only two or three municipalities in the state who were funded at the appropriate level a few years ago.
In the private sector our beloved steel mill screwed many of my friend out of their pension while the company big shots took their golden parachutes and are doing fine.
Most people who complain about "pensions" simply do so because they fail to plan for their own retirement. Even in my early days of my career I knew my retirement was based on ME contributing to it. We disciplined ourselves to make our contributions each month because we knew a day of reckoning would come and it did.
The old saying, people don't plan to fail, they fail to plan holds true now more than ever. When a pubic sector employee signs a contract based on the employer keeping his word, what are they to do? In my view they would be better off asking for more salary and take care of their own pension as a I and many others do.