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Corporations moved to 401K and defined contribution plans decades ago because they saw what was happening.
Government, as usual, has the blind eye because the "taxpayer" is their revenue source.
So does Enron represent all corporations if Detroit represents all cities in the United States?
The City of Milwaukee offers a pretty generous pension plan for city workers. And I think the city even allows "triple dipping."
Milwaukee is not Detroit though. Actually, workers for the City of Milwaukee have a better retirement future than many of those employees at Enron did with their 401K plans.
Fewer than 10% of public employee pension systems in the United States offer anything as generous as Milwaukee County's "Rule of 75," which allows employees to retire when their age plus years of service reach 75, according to a survey by the nonpartisan Wisconsin Legislative Council.
Quote:
The program will allow Jack Takerian, the county's transportation and public works director, to retire in April at age 47. His lengthy county tenure, starting with part-time work in high school as a lifeguard in 1981, will allow him to leave under the Rule of 75 and collect a pension of about $65,000 a year.
Is it 20 years you have to put in the U.S. military to get a pension for life? So, if you enter at age 18 you can basically retire from the U.S. military at age 38 and receive a monthly check for life.
The filing of the petition for municipal reorganization under Chapter 9 of the Bankruptcy Code is the first positive step taken by Detroit - and long overdue. (Mr. Orr should have filed this petition the day he was appointed "emergency manager"!) It is not the end, but the beginning - a new birth for a city with a long tradition of culture and the arts, so treasured by the American people. Municipal reorganization works. It's painful to those that have the most to lose; but then that's the way the system works - ratably. And, the city will endure. Detroit, like the mythological Phoenix, shall rise from the ashes, a greater city than ever before.
Isn't it wonderful how the govt. doesn't have to fund for future liabilities like everyone else does?
I mean, what could possibly go wrong?
They are talking about public pension cuts in IL....California has an unfunded pension liability of around 3/4 TRILLION dollars.....
That's what happens when you can make people happy by promising them lots of money someone else will pay a long time from now.
There are many cities close to default, they have granted increased salaries and pensions that are not even close to being balanced. They are very interested on how this turns out because of the enormous unfunded liabilities. They have used unattainable targets for the pension funds and have done little to control salaries, cities and states in default are the next melt down.
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