Public Pension Prejudice May 20, 2008
Posted by papundit in Uncategorized.trackback
Richard Dreyfuss from the Commonwealth Foundation describes the heads-I-win-tails-you-lose structure of the defined-benefit pensions enjoyed by PA government employees:
COLA proponents believe any pension surpluses belong to members in the form of better benefits, but pass along any pension deficits to the taxpayers. In other words, all the financial risks belong to the taxpayers and all the financial gains belong to the active and retired public employees.
Senator Pat Browne et. al. introduced the “Unified Contribution Pension Plan” to finally shift Pennsylvania public employees to a defined-contribution pension system.
Here’s an editorial in support of Senator Browne’s legislation.