No. of Recommendations: 2
In my opinion the system we have is broke and needs to be fixed. Instead of just sitting here watching the other shoe drop and then deciding if the pensioners get 10 cents or 15 cents the process needs to be changed. This should not be a lottery where the lucky retiree gets a pension and the unlucky one gets bankrupcy court. Pension plans and funds need to be taken away from the States, Municipalities and Corporations. Most States have an insurance commissioner that oversees Ins. Companies. Give him power to also oversee pensions. Require independent funding and required reserves based on an actuarial basis for all pensions. Let Ins. Companies and Wall Street bid for the business, take it out of the hands of the politicians. State commissioners could be required to uphold or have rules and contingencies when markets do what markets do, or municipalities start using the credit card. Maybe unions or participants could pay a pension fee to fund a FDIC type of guaranty backup fund.

Give people a secure retirement, or no promise at all. That 35 year old divorcee with two children that works 30 years for a municipality is the one that is being duped. Duped by a politician that was just appeasing his constituents. If a patron can't afford to pay retirement benefits then the employees need to know about a limitation or suspension of benefits before they are too old to do anything about it. Instead all we do is just keep watching this train wreck and give lip service to it. The politicians just want to live their lie.
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