Healey to propose state pension overhaul
New hires would get 401(k)-style plans instead of traditional ones
By Ross Kerber, Globe Staff
June 7, 2006
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{Massachusetts} Lieutenant Governor Kerry Healey today plans to propose a sweeping overhaul of the state's fragmented public pension system that would eliminate traditional pensions for most new public-sector workers and instead give them corporate-style saving accounts like 401(k) plans.
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Now why can't we do that here in New Jersey?
It would eliminate all sort so of abuses we hear of Like pension padding by overtime, multiple "jobs, and "sweetheart" final jobs that are used to pay benefits off.
It would also completely eliminate the concept of an unfunded liability.
Right now who knows how much future taxpayers are encumbered by the pension of their current "servants"?
I don't know any business that has a defined benefit plan and wouldn't like to kill it.
Wasn't that the reason that government workers got lucrative pension plans in the first place? To compete with private industry for good people.
The taxpayers don't get a pension. Do they? Why should the "public servants"?
Reinke Faces Life 