07-24-2009, 03:45 AM
This is probably a good question for ANY public employee who has a similar pension plan. I know ours lost money but I haven't heard of any problems with it. The state's finances, on the other hand, are not good (mostly thanks to a stupid move on our governor's part). I know that the legislature in our state is considering changes to our retirement - making the minimum years of service 30 instead of 25. In another week, I'll be getting a pay cut in the name of reducing the state's contribution to the pension fund (employee contributions are increasing).
I think that if plans like Calpers fail, there will be a huge fallout. Most state employees are underpaid compared to their private sector counterparts. Most employees that I know of don't have additional money socked away. In fact, most that I know of live paycheck to paycheck. I think career state employees in general depend on the promise of a pension to get them by once they retire.
I think that if plans like Calpers fail, there will be a huge fallout. Most state employees are underpaid compared to their private sector counterparts. Most employees that I know of don't have additional money socked away. In fact, most that I know of live paycheck to paycheck. I think career state employees in general depend on the promise of a pension to get them by once they retire.