Gov. Brown tackles "Pension Reform" with a script from a former Governator.
Well Gov. Brown is jumping the gun on pension reform . State workers won't be able to retire until there 57 . I have to argue , it seems to me that the Government does not want YOU to retire until your 80 years old , and YOU won't get the money you'd worked for all your life . It's simple as that. The state is broke , and your money is the CAUSE of the PROBLEM. Tell me has any one you know retired at 57 years old ?, who works for the state as an 'average' joe de-plumber type of person . MOST of the state workers who do retire at 57 seem to me to be those making over 100,000 dollars , you'll never find a 40,000 a year person on salary retiring at 57 . Gov. Brown's plan hackles its way down to those making 40,000 a year . Yes' the average joe ! . It's seems that the Federal Government wants you to retire much (much much much ) later .We are told, with good reason, that the current pension system for public workers in California is unsustainable. But many of the reforms may be unsustainable too. But there’s a problem at its core: Brown’s plan – like most other pension reforms in California – would create a two-tiered pension system. Jerry Brown plan is just one of those contra NEW DEALS to take your retirement money away .a 12-Point Pension Reform Plan (pdf). Initial reviews from labor: thumbs down.Under the proposal, new state workers would move to a hybrid system combining guaranteed benefits with a 401K-style. It would also raise the retirement age from 55 to 67 and require that both new and existing employees pay at least 50 percent of the annual cost of their pension benefits. Brown said today he wants to put the plan before voters in November, 2012.
Analysis from KQED Sacramento Bureau Chief John Myers:
Brown's proposal is obviously only a starting point for negotiations with the Legislature. And from the sound of things so far, it's a tough sell with the state's politically powerful labor unions. In particular, his proposal for a hybrid system combining traditional pension benefits with a 401(k) style package is drawing fire.
The real question may be whether this plan is enough to solve the funding woes of the state's two pension funds. The governor's own advisers told reporters today that while the proposal offers "opportunities" to downsize the so-called 'unfunded liability' of CalPERS and CalSTRS, it does not guarantee that those pension funds will be able to get out of the long-term hole they're in. Instead, advisers say it'll keep the hole from getting deeper.
And that's going to be a tough sell to those most adamant that government roll back pension benefits -- not just for future workers, but for current workers who've yet to retire. In other words... this proposal is, for now, getting hit from all corners.
NOTES & COMMENTS:
According to a new report, many Americans will have to work into their 80s before being able to retire. The lower your income, the longer you’ll have to work. Those making 11,700 or less, will have a 50% chance of retiring by 84. Those making $72,500 and up will have a 50 percent chance of retiring at age 65.Congressmen don't make much money? You got to frickin kidding me, look up what their salaries... you'll find six figure digits for most of them, along with Cadillac insurance plans, guaranteed retirement after 1 term of office.Now if you look at state reps and senators yes they don't make much money but federal elected officials bank roll off of our money. Research...