Pension Obligations Bankrupt Town
Original post made by resident, Downtown, on Dec 26, 2010
I do not think that many posters on this forum have said that the workers should not be paid their current salaries. With the exception of some very highly paid city officials, most of our police, firemen and other city employees are paid well but fairly for their work. It is the obscene pension benefits that have to stop. Workers need to have a 401(k) system where they put in the full contribution and take out only what is there when they retire. The taxpayers can no longer afford the mindless excess that makes up the pension benefits today. We allow these people to retire as early as age 50 and then pay them what adds up to millions of dollars in retirement benefits. We allow them to spike their last year of earnings so that many retire on MORE money than they made while working. We allow public safety officers to scam a disability rating upon retirement and collect a lifetime of pension money TAXFREE.
Dear City Council -- enough is enough. Fix this problem and fix it now or face an initiative on the ballot.