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Subject:  Re: Proposal to end public pensions Date:  7/11/2013  10:56 AM
Author:  jgc123 Number:  428478 of 536649

I don't know where to respond. When we replaced corporate pensions with IRAs and 401(K)s in the private sector during the 70's, 80's and 90's, the results were horrible. We now have an army of U.S.'ians who have neither pensions nor sufficient savings upon which to retire.

To some extent, the highly rec'ed complaints about public sector pensions and their relative value to the retiree as compared to private sector savings proves my point. We have already knocked out most of the private sector pensions and are using the dismal underperformance of IRAs and 401(K)'s as proof that we should destroy public sector pensions as well.

It would seem a lot smarter to me, and more likely to save what is left of the dwindling middle class in the U.S., to save the Social Security and pension systems my making them work rather than destroy them - i.e., make pensions subject to ERISA, hold governing bodies accountable for properly funding their pensions, using realistic assumptions, reducing benefits as needed to preserve the funds, and so on.

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