| Kasz216 said
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Yes, you are correct. Like increased pay, benefits and retirement for airlines employees, public employee pensions are unfunded promises.
Now, I am not going to quibble or say any public employee making less than $100,000 is just a parasitic bureaucratic leech as some would. When the promises are made to the little man who took the City, State, or County position because they knew it would offer a good retirement, then I find it really hard to blame them for this crisis.
Who I blame is public sector management who clear $100,000 easily, get promoted to the max a year or two before they retire, retire, then come out of retirement working for another State agency. This is the double-dipping which is killing the system.
Here is what I believe should be done:
1. Any public sector worker or any public sector manager making $100k or more per year is, by law, prohibited from a public pension. Instead, the State assists them in funding a private 401k for retirement.
2. Public sector workers making under $100k/year are the only ones eligible, by law, for the public employee pension.
As for setting aside the money in a lockbox...Well look how that has turned out for Social Security. Social Security is the first place the Feds dip into come wartime.
