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Politics : View from the Center and Left
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To: JohnM who wrote (144325)9/16/2010 2:14:35 PM
From: 8bits  Read Replies (1) of 541786
 
John,

As, I suspect you are aware, the early retirement provisions in public employee pensions were negotiated largely as tradeoffs--not as much salary early retirement.

I am sure that was the initial premise...but things have changed substantially ... at one time government workers could not join unions (until the mid-60s..) but are now have a much higher union representation that the private sector. ... some State and Local government workers are very well compensated. (Police, Fire Fighters, etc..) There is tremendous competition for Fire Fighter positions for example.

In Vallejo, a city near where I live, the local city council decided to increase retirement compensation from 50% of pay starting at age 50 to 90% of pay. This was applied retroactively so it wasn't used to entice people to work for the city. The end result was that 8 years later the city entered bankruptcy.

In Jersey, on the pension issue, the state government simply failed to contribute to public employee pensions funds for many years.

Well that's classic.. a promise is made by someone who will likely not be in office when the consequences hit. (Or for that matter the same could apply to many CEOs and upper management of the Automobile and Finance industries, the dole out bonuses to themselves and upper management..then when the poop hits the fan, are handed golden parachutes...it is not just a governmental problem...)
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