Quote:
Originally Posted by NuclearFart
Speaking with friends who work at the city, that pension is one of the few perks that actually attracts quality talent to the low salary, no bonus/stock options, typical of municipal job remuneration. Take that away, and there will be an outflow of skill back into the private sector.
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I don't see a lot of people advocating removing public sector pensions altogether. But they have to be sustainable. It's all well and good to promise a comfortable pension from age 56 to 90. But what happens if payouts continue to rise faster than contributions? If pensions bankrupt the municipality?
If I were a member of a public sector union, I'd prefer a modest rollback of the plan to finding out at 63 that the system is not sustainable and I'll have to accept 25 cents on the dollar or take nothing. The Boomers are going to leave a smouldering wreck of a many pensions and other entitlements.