Today, June 8’s issue of USA Today talks of public pensions and their risk of shortfall. Only 13% of private employers have pensions, while 73% of public employers have them. Why does California consider these perks contractually unalterable while private employers can do whatever? Query the California Rule on the internet.
I worked 45 years and retired nine years ago with only Social Security — at that time $1,957 per month. That was based on 40 quarters plus of work, factored in for those 45 years — not based on my last highest earned year like so many public pensions. My last employer waited after my 10th anniversary before starting an EMPLOYEE PAID 401(K), only to disband it completely after about five or six years, having previously dropped a minimal match before that. Why wasn’t my plan a contractual obligated plan like government?
All of government loves to raise taxes because they pay their salaries. The upcoming sales tax proposal is morally as well as financially wrong. We are told it will be for roads, public safety etc. It will not so long as it goes into the General Fund on a simple majority vote. Demand that all salaries and benefits be voted on by those that pay – Chicoans and not council and DO the right thing – disregard the California Rule making pensions in perpetuity before bankruptcy forces changes.
Tell public employees to pay their own way through life not borne by the likes of me.
— Joe Azzarito, Chico
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June 11, 2020 at 04:21PM
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Letter: Public employees need to pay their own way - Chico Enterprise-Record
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