As a state retiree, I have watched the discussion on the pension crisis with growing horror. The worst are the recommendations made by PFM Group. Here are my thoughts:
First, state and local employees paid their part for their retirement by law. Second, the legislature failed in their duty to pay the state’s portion. Third, employees should not be penalized due to the failure of the legislature. State employees went for years without a raise, and when they finally do get one, our new Republican governor takes it away.
PFM Group recommends that government employee retirement accounts be moved from a defined benefit to a 401(k) type one. My mother had her retirement tied into a 401(k) program until Bernie Madoff ripped off all his investors, and suddenly, my mother’s retirement money was gone.
The same thing happened in the 2008 recession. Greedy bankers on Wall Street played fast and loose with our money and lost it all. Protections were enacted, but now that there is a Republican White House and Congress, those protections are threatened.
Government employees have worked tirelessly and should not have to shoulder the burden of the mess legislators made.
Robert B. Dalton