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In Kentucky, we're going through a pension reform as we speak. Of course, the Republicans are claiming to have fixed it and the Democrats are protesting it, say
by rufusroflpunch 9y ago
In Kentucky, we're going through a pension reform as we speak. Of course, the Republicans are claiming to have fixed it and the Democrats are protesting it, saying they're hanging future retirees out to dry. What no one is saying is that the hole is so deep there's no way to get out of it. If I were a state employee, I would start planning now for my pension not to be there when I retire.
- Someone1234 9y agoAs someone who works in a different state, this is why when given the option I went 401K only. 401Ks have a lot of issues, and definitely aren't superior to a pension scheme in general, but pension schemes are so poorly run and have so many corruption-like issues that at least with a 401K it is just a simple vested savings account I can move if need-be. I guess what I am saying is, trust in traditional pensions is so low to some, getting a worse but safer alternative looks nice by comparison.
- intrasight 9y agoThat is why those pensioners, who are allowed to do so according to their contract, are taking their pension as a lump sum payment when they retire. And they are doing so in larger numbers which is further eroding the financial health of the municipalities.