Mt. Vernon Register-News

Opinion

February 15, 2013

Private and public pensions - no comparison

(Continued)

I cannot ever remember company pension increases for retirees like the 3 percent annually compounded received in the public sector occurring in my industry. A lot of companies have frozen pensions and converted defined benefit plans to defined contribution plans. They have also frozen company contributions to Medical care.

We both agree that there is little danger of public sector jobs going to China, but change is coming because the customer in this case (taxpayer) cannot afford the continuous cost increases just like the customer could not afford the cost of General Motors to make cars and General Motors to be profitable enough to stay in business. They had to change.

Below is a short blurb telling us how to solve the pension crisis from another colleague. We may not agree totally with him, but the comments are just his thoughts in an attempt to correct what my friend has termed “truly unbelievable."

BTW – compare Social Security and Medicare benefits of those in the private sector to the Federal, State, Municipal and newer retirees in education (the classic stunt of adding benefit eligible compensation in the last couple years or so of service to increase the lifetime income and free health care through retirement).

These groups with the politicians (and unlimited union support) have 'gamed the system' and we are the 'patsies' who are on the hook for egregious lifetime benefits for those self dealing Public Servants.  

"We should demand that retirement eligible dates are equal with social security dates, cost of living increases equal with social security cost of living increases and overnight the pension crisis would end and let them know the current maximum social security payment in 2012 was approximately $2750.00 per month regardless of the amount contributed ….

"What is the mayor of Chicago’s greatest line…'never let a crisis be wasted!!!' The current 'politico’s' do not want to fix their 'entitlement system' as they may lose their supporters!!! It has become rhetorical to them!"

Text Only
Opinion
  • City wastes money Editor:In the paper Wednesday it was reported that someone with the City Of Mount Vernon had responded to the concerns of about 40 people that came out in support of the Henningers on 42nd St.The statement in part was; as stewards of the tax-payer’s

    August 22, 2014

  • The right presidential reaction As the tumultuous situation in Ferguson, Mo., entered its second week, President Obama stood before the nation and offered a mild, balanced plea. There is “no excuse” for excessive use of deadly force by police, he observed at a Monday news conferenc

    August 22, 2014

  • HIGHWAY TO THE DANGER ZONE Remember MacGyver? He was the fictional secret agent of 1980s television who would get out of world-threatening jams using only duct tape and a Swiss Army knife. Listening to Pope Francis in Korea the other day, I had some flashbacks to the prime-ti

    August 22, 2014

  • Keeping up with the Comcast call-center fiasco I’ve been intending for a while to write about the Comcast call-center fiasco, but it’s hard to keep up: the story just gets weirder and weirder. Following the now-viral recording of the telephone call in which a customer service representative essen

    August 21, 2014

  • System needed for choosing House In the original conception of our Constitution, the House of Representatives was to be the branch of government that best reflected the will of the people. House members cannot serve without being elected — vacancies are not filled by appointees — an

    August 21, 2014

  • Dems plead for more money I’ve been getting a lot of email from Democratic fundraisers lately. They seem very worried about November’s elections.First came the highly publicized “Impeachment Red Alert” campaign, in which the Democratic congressional committee warned that Repu

    August 21, 2014

  • Why Obama shouldn't go to Ferguson On Monday, ABC’s Ann Compton asked President Barack Obama whether he would visit Ferguson, Missouri, amid the continued unrest. Obama didn’t give a firm answer, but he did suggest it’s probably not a good idea.“When they’re conducting an investigatio

    August 20, 2014

  • Food stamps' $80B secret spending program Imagine a government program that has exploded in size, is the subject of bitter partisan haggling and spends almost $80 billion a year in secret.No, not the National Security Agency, the Central Intelligence Agency or the Department of Homeland Secu

    August 20, 2014

  • Vouchers provide greater choice I was chatting the other day with a fellow who, along with his wife, homeschool his children. We joked about the stereotype: Moms in denim skirts.But then he expounded on the benefits his youngsters have derived from being taught at home: a customize

    August 20, 2014

  • A rare experience Alexandra Petri’s editorial, “What exactly are we seeing in Ferguson” is well written and did something which has increasingly become a rare experience for me. Her article caused me to think!Petri makes the case for media coverage of American events,

    August 19, 2014

Twitter Updates
Facebook
Stocks