Letter Re: Long Term Public Employee Pension Obligations
James: A good read, and the author is right, we shouldn’t paint with a broad brush. However I think he had one glaring inaccuracy, and that inaccuracy is regarding the crucial fact is the crux of the problem people have with government pensions. he wrote: “I contribute 3% of my salary to my government retirement. Not much you say, but in the civilian corporate world, most companies provide 100% of the employees’ retirement without employee contribution” This is a blatant falsehood. Company provided pensions have been getting phased out aggressively. They may have been the norm in earlier decades, …