Comments on: The Coming Shift to Public Sector 401k’s http://www.401kplanning.org/the-coming-shift-to-public-sector-401ks/ 401k Planning tips and help Thu, 26 Aug 2010 02:41:48 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Bret @ Hope to Prosper http://www.401kplanning.org/the-coming-shift-to-public-sector-401ks/comment-page-1/#comment-112 Bret @ Hope to Prosper Mon, 15 Feb 2010 19:24:27 +0000 http://www.401kplanning.org/?p=5#comment-112 Thanks for taking on a controversial subject and making some sense. I have been saying this for years and it is becoming more obvious every day. I respect teachers, cops and firefighters for their contributions to society, but employees and unions both need to realize that pensions are financially unsustainable. Just as pensions have helped sink two of the Big 3 automakers and many of our airlines, they are now sinking our Government. If we don't switch over to contribution-based retirement plans, I predict we will have to eliminate and/or outsource a lot of Government jobs. Most important, is the issue of fairness. It is unfair for people in the Government to expect perks and plans that are no longer available to most private sector employees. It's not fair for many politicians to receive pensions in the hundreds of thousands of dollars per year. And, it is unfair for some employees to double-dip or receive more than one pension. This has to stop. Thanks for taking on a controversial subject and making some sense.

I have been saying this for years and it is becoming more obvious every day. I respect teachers, cops and firefighters for their contributions to society, but employees and unions both need to realize that pensions are financially unsustainable. Just as pensions have helped sink two of the Big 3 automakers and many of our airlines, they are now sinking our Government. If we don’t switch over to contribution-based retirement plans, I predict we will have to eliminate and/or outsource a lot of Government jobs.

Most important, is the issue of fairness. It is unfair for people in the Government to expect perks and plans that are no longer available to most private sector employees. It’s not fair for many politicians to receive pensions in the hundreds of thousands of dollars per year. And, it is unfair for some employees to double-dip or receive more than one pension. This has to stop.

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