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Originally Posted by btimbit
How would a politician even begin to approach that though? My pension isn't even that good but if someone was to begin negotiations to take it away then I'm starting with at least a 30% wage increase before I agree to anything
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Well yeah, and that's the issue. No employee is every going to agree to a switch to DC from DB. And frankly, "we" can't compensate people for that switch...that's the crux of the matter.
Instead, people would have to accept a DC pension in place of the DB pension. That doesn't mean that their current years of service and such are gone from the current plan. It would mean that going forward, after a particular date, their pension changes and all new employees and new contributions begin to accrue there. It's been done many times in the private sector and eventually we have to do this in the public sector. There's no option, and it doesn't mean politicians hate teachers, or police officers or firefighters or whoever the public workers are. It's to keep the entities solvent.