11 State Pension Funds that May Run Out of Money

[DirtyDawg]

I don't know of any private sector jobs that offer pension plans that will pay me many times over my vested contribution. Why do public servants expect a golden parachute retirement plan?

A majority of the companies that I deal with on a daily basis have halted 401k matching contributions, or eliminated the plan completely. Many of these same companies have been forced to cut worker pay and lay-off employees. Starting next year, I'm hearing insurance costs will increase between 35% and 50%! Companies in the past that have paid 100% of their employee costs are now left with no other option than to pass these cost increases along to their employees.

Explain to me again why state employees deserve a golden parachute retirement pension plan that pays several times over the participant's individual contribution.

 

[BadgeBunny]

I don't know of any private sector jobs that offer pension plans that will pay me many times over my vested contribution. Why do public servants expect a golden parachute retirement plan?

A majority of the companies that I deal with on a daily basis have halted 401k matching contributions, or eliminated the plan completely. Many of these same companies have been forced to cut worker pay and lay-off employees. Starting next year, I'm hearing insurance costs will increase between 35% and 50%! Companies in the past that have paid 100% of their employee costs are now left with no other option than to pass these cost increases along to their employees.

Explain to me again why state employees deserve a golden parachute retirement pension plan that pays several times over the participant's individual contribution.

I didn't see anyone in this thread saying that and let me assure you that GC's "golden parachute" as you call it is anything but.

Whether you like it or not nothing you have said alters the fact that GC is REQUIRED to contribute a significant portion of his paycheck to the OLERS system each month. It is a MANDATORY contribution ... he doesn't get to "opt out". And OLERS does not now, nor have they ever to my knowledge, represented that any participant would be paid "several times over the participant's individual contribution".

 

[DirtyDawg]

I didn't see anyone in this thread saying that and let me assure you that GC's "golden parachute" as you call it is anything but.

Whether you like it or not nothing you have said alters the fact that GC is REQUIRED to contribute a significant portion of his paycheck to the OLERS system each month. It is a MANDATORY contribution ... he doesn't get to "opt out". And OLERS does not now, nor have they ever to my knowledge, represented that any participant would be paid "several times over the participant's individual contribution".

Anyone not happy about their state or city job can get a job in private industry. The manufacturing or service sectors actually produce the wealth and pays for government services.

 

[BadgeBunny]

Anyone complaining about their state or city job can get a job in private industry. The manufacturing or service sectors actually produce the wealth and pays for government services.

How is stating that his contribution is mandatory complaining? It is a factual statement.

Nobody posted the little guy or the little guy or the little guy or the little guy ...

I am not real sure what you are getting at ...

ETA: Oh, wait ... I did post the little guy in my first post. LOL ... The fact that he has to contribute is still a factual statement and I still don't know what you are getting at ...

 

[Glocktogo]

How is stating that his contribution is mandatory complaining? It is a factual statement.

Nobody posted the little guy or the little guy or the little guy or the little guy ...

I am not real sure what you are getting at ...

ETA: Oh, wait ... I did post the little guy in my first post. LOL ... The fact that he has to contribute is still a factual statement and I still don't know what you are getting at ...

I think he's got sour grapes over the fact that he doesn't work for the government!

 

[foghorn918]

As BB said, state employees can't opt out, it is mandatory for you to be in the retirement system. It is for sure NO GOLDEN PARACHUTE. Unless you work there for 45 years or more, it is not a great retirement.

Let's say you work at the state for 20 years and you make $40k, your retirement will be about $1200 a month minus $800+ a month for health insurance for you and your spouse, so your gross retirement pay will be $400 a month, now take out taxes. So there you go, not exactly a golden parachute, more like a roman candle.

Most state workers who are eligible for retirement can not retire until they are medicare eligible too because they can't live on their retirement pay.

 

[DirtyDawg]

Don't be a state employee.

 

[bettingpython]

I think he's got sour grapes over the fact that he doesn't work for the government!

You may be on to something. Working for a state agency is such a cushy gig and we are all highly overpaid.... /sarcasm

 

[BadgeBunny]

Don't be a state employee.

Well ... that's a mature, well thought out, reasonsed response.

Using your line of reasoning it seems I should just renege my American citizenship because the government takes money from my paycheck for Social Security ...

 

[cta8000]

What!! How can Oklahoma be number 7 and broke ass Michigan with non-paid work furlow days for state workers being really common these days not even be on the freakin' list!!??