08-25-2010, 04:21 PM
Bill in NC wrote:
It's not the paychecks, but the pensions that are killing muni budgets.
I suspect soon now some type of PBGC will be created to bailout public (city, state) pension funds, using the same rules now in place for private pensions.
It's going to hurt when those who retired at 55 find their maximum pension is limited to about $35,000, IIRC (see current PBGC rules)
I'm not sure how I feel about that. On the one hand, they are getting ridiculous pensions at the expense of the taxpayers. On the other hand, they were promised these pensions and earned them following all the rules and it seems completely wrong to take away what they have earned.