"Belt-tightening states target pensions; Public sector retirees facing cuts to benefits" by Geoff Mulvihill and Susan Haigh, Associated Press | September 19, 2010
TRENTON, N.J. — William Liberty began as a trash collector in Lindenwold 37 years ago and worked his way up to public works supervisor. Until recently, he figured he would hold on to the job until he turned 65.
But this month, at 62, he was preparing his retirement papers, joining a rush among New Jersey public employees.
Liberty’s reason for getting out now: He is feeling the sting of a campaign by Republican Governor Chris Christie and a growing number of other public officials across the United States to balance their budgets by making government employment — and retirement — less lucrative.
Unless it is their own perks and privileges, at least in Massachusetts.
Yeah, don't read or hear much about that anymore.
Related: The Massachusetts Model: Municipal Health Mess
Towns to Pay Health Tax For Public Servants
Something just seems unfair about taxpayers picking up the tab for "public servants" when the public isn't served at all.
Liberty’s pay has been frozen for two years, he has taken unpaid furlough days, and now, “It’s going to get worse.’’ Pension proposals announced last week could reduce how much he receives when he retires.
Since 2008, New Jersey and at least 19 other states have rolled back pension benefits or considered doing do — and not just for new hires, but for current employees and retirees.
It’s not just a US phenomenon. In France, lawmakers recently voted to raise the retirement age from 60 to 62.
Yeah, except the French are in the streets over that one.
If the measure wins final approval, France would become the latest European Union country to require workers to stay on the job longer because of a deficit-plagued pension system....
Well, WHOSE FAULT is THAT?
WHO was OVERSEEING the FUND, government?
How come GOLDMAN SACHS and the rest of the BANKS TAXPAYERS are MAKING INTEREST PAYMENTS to all seem to DO JUST FINE with their investments, etc, etc?
To be sure, the looming benefit changes are not the only reason many public employees in New Jersey are retiring. Some say they want out for the usual reasons — to spend time with the grandchildren or go fishing, for example. But other employees figure that by retiring now, they can lock in certain benefits before it is too late, although they may not receive automatic raises....
Were you able to hold onto your job or home, American?
Yeah, I don't want to read about the "poor public servant" in the tax-pushing paper.
I'm not saying these people should get nothing; however, the greed has gone far enough.
Unless you would prefer another option....
(Blog editor only provides artwork as a metaphor; I prefer tar and feathers)
The Pew Center on the States reported this year that in eight states, at least one-third of the future pension obligations for all public employees, including teachers, are unfunded.
Yeah, it is OKAY for the STATE not to meet ITS COMMITMENTS but if you don't fork over those taxes..... sigh.
As of 2008, Pew said, state and local governments had pension obligations totaling $3.35 trillion — $1 trillion of that not covered by the future stream of government and employee contributions specified under current law.
See: State Budgets: Pensions and Prisons
Oh, public pigs now on the defensive and prisons are good bidness?
Also related: Massachusetts Sales Tax Swindle
Yup, they are back at it again with the same old cries of poverty.
Are you really going to be fooled again, Massachusetts?
Only four states — Florida, New York, Washington, and Wisconsin — had fully funded pension systems as of 2008.
Part of the reason for the gap is that in tough times, states often skip paying their share into retirement funds.
Un-flipping-real!
Yeah, because that money has to go to banks as interest payments on government mismanagement; to well-connected corporations and individuals as tax loot giveaways; and to political pensions and perks first. Then the same self-serving "public servants" will get around to seeing if their is any of you money left for you, taxpayers.
Makes one wonder why you needed to give it to them in the first place. Better of in your pocket with YOU deciding how to spend it!
New Jersey, for instance, is skipping its $3.1 billion in payments this year.
Yeah, try skipping your tax payment and see what happens.
The problem is compounded when investments lose money, as many have in recent years.
Whose advice were they taking?
Related: Massachusetts State Pensions Stolen
And the Globe tells us that was one of the better performing ones.
In the past, states have been more likely to reduce pensions for incoming employees, while generally leaving the benefits of current workers and retirees untouched. That strategy can be a way around objections from unions and lawsuits from those who say the government is reneging on promises....
Well, here is a clue from the outside: GET USED TO IT! Happens ALL the TIME to us SERFS and PEONS out here, so BITE the BULLET and SHADDUP like we have to, swine!!
Yeah, a GOVERNMENT UNION arguing with.... the GOVERNMENT!
Only in AmeriKa!!!
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Globe making you pay for that yet?
What ungrateful bastards after I bought their s*** sheet paper all these years and sent viewers to their website.
