Skip to comments.Early retirement getting more rare for Minnesota public employees
Posted on 06/09/2013 8:24:50 AM PDT by TurboZamboni
More Minnesota public employees are staying on the job longer -- a result of the struggling economy and a change in the rules for public workers who have long enjoyed incentives to leave the workforce in their late 50s.
Last year, about 60 percent of new retirees from Minnesota's public workforce -- not including public safety workers -- waited until they were 62 or older to retire. Just seven years ago, that figure was 40 percent, according to data from Minnesota's three statewide public pension plans.
This trend is expected to accelerate sharply.
Within the next decade, there won't be any Minnesota public employees eligible for a full pension when their age and years of service add up to 90 -- known as the Rule of 90. And changes by this year's Legislature, taking effect in 2014 and 2015, will make other early-retirement options less attractive.
(Excerpt) Read more at twincities.com ...
Poor public “servant” babies. Maybe if they had worked an honest day’s work and didn’t harass taxpayers, they might garner some sympathy.
They have to retire at 62 instead of 55? They still get full, free healthcare and a pension when they do? And they are bitching and whining about it? This is the type of thing that incites revolutions.
Study: States must fill $1 trillion pension gap
HARRISBURG, Pa. - States may be forced to reduce benefits, raise taxes or slash government services to address a $1 trillion funding shortfall in public sector retirement benefits, according to a new study that warns of even more debilitating costs if immediate action isnt taken.
Another time bomb waiting to go off.
Ive been reading this for years.
Gubermint unions are bankrupting our country...it s us VS. them (private sector against public)
nowhere is it more true than CA an NY. They are the models of our pending demise. dont expect in government to take any serious action .
Taxes too high for government bow wows ?
Over the next decade, their pensions will likely be replaced by public horse-whippings.
We can afford those.
I’ll blame the whippings on a youtube video.
The real reason why public-sector pension costs have not been tackled is that the full bill has never been revealed to taxpayers.
“The great public-sector pension rip-off”
TPTB really don't have to work that hard, while they steal trillions, and our future...
I wonder when the majority of the sheeple will figure they are paying their money so government employees can have benefits and income they can’t afford?
Unfortunately, the stupid sheep who voted this stuff in will be dead by the time the crisis hits and their kids and grandkids will have to deal with it.