[taxcontrol]

Defined benefits vs defined contribution. We are now seeing the downside of defined benefits.

[rj45mis]

Having been a former State worker I can vouch that there are many lard asses soaking up taxpayer funded guaranteed pensions when they did little to earn them.

[DustyMoment]

As State Budgets Falter, So Do Pension Promises

Hmmmmmmmm . . . . . . I wonder if there's a connection????

[bill1952]

Among other things, the bill reduced the raise that people who are already retired get in their pension checks each year.

Big Deal. Slows the rate of collapse by a couple of percent.

[redfog]

The unholy alliance between progressive politicians and public union bosses created this mess - blame them, not “class warfare.”

I suggest the following two-step solution:

Step 1: Make all public unions illegal.

Step 2: Actuarially determine a sustainable defined contribution plan for the average current worker and then pay current retired workers whatever that (annual) annuity payment turns out to be.