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View Diary: Public employees now, too, feel the retirement squeeze (9 comments)

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  •  Its not that the pensions cost more than (3+ / 0-)
    Recommended by:
    SuWho, akeitz, Sunspots

    anyone ever thought, it was known how much they would cost all along.  Its just that the entities didn't want to put the money in at the time.  They bargained against current pay and didn't fund the difference.  Many entities, in fact, declared funding holidays when the markets were booming and didn't make even the payments they had scheduled.  The other piece of this is that much of the money to fund these plans were employee funds that were taken out before the paycheck was written.

    Many of the communities in California, at least, are wealthy enough communities that just don't want to pay the taxes necessary to fulifll their obligations.

    Another piece is the wild contracts that Public Safety arranged for themselves post 9/11, in our county even Probation Officers get Safety Pay.

    . On ne gagne que les combats que l'on mène

    by NearlyNormal on Wed May 08, 2013 at 01:40:25 PM PDT

    •  Both the government and the unions (1+ / 0-)
      Recommended by:
      VClib

      failed to get adequate up-front funding.  

      •  I'm not sure what you mean johnny (1+ / 0-)
        Recommended by:
        Sunspots

        The unions, at least in CA gvt that I worked for, were not in charge of or responsible for the funding.  The government would not have let the union near the funding mechanisms.

        . On ne gagne que les combats que l'on mène

        by NearlyNormal on Wed May 08, 2013 at 03:57:14 PM PDT

        [ Parent ]

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