States Slashing Pensions, Benefits For Public-Sector Retirees - HuffPo/AP

[WillyT]

States Slashing Pensions, Benefits For Public-Sector Retirees
GEOFF MULVIHILL and SUSAN HAIGH | 09/15/10 03:33 PM | AP

<snip>

TRENTON, N.J. — William Liberty began as a trash collector in Lindenwold 37 years ago and worked his way up to public works supervisor. Until recently, he figured he would hold on to the job until he turned 65.

But last week, at 62, he was preparing his retirement papers, joining a rush among New Jersey public employees.

Liberty's reason for getting out now: He is feeling the sting of a campaign by Republican Gov. Chris Christie and a growing number of other public officials across the U.S. to balance their budgets by making government employment – and retirement – less lucrative.

Liberty's pay has been frozen for two years, he has been told to take unpaid furloughs, and now, "it's going to get worse." Pension proposals announced this week could reduce how much he receives when he retires.

Since 2008, New Jersey and at least 19 other states from Wyoming to Rhode Island have rolled back pension benefits or seriously considered doing do – and not just for new hires, but for current employees and people already retired.

It's not just a U.S. phenomenon. In France on Wednesday, lawmakers voted to raise the retirement age from 62 to 65. If the measure wins final approval, France will become the latest European Union country to require workers to stay on the job longer because of a deficit-plagued pension system.

New Jersey's governor spelled out the details of his proposal Tuesday after telegraphing his intentions for months. They include: repealing an increase in benefits approved years ago; eliminating automatic cost-of-living adjustments; raising the retirement age to 65 from 60 in many cases; reducing pension payouts for many future retirees; and requiring some employees to contribute more to their pensions.

"We must reverse the damage caused by fairy-tale promises that have fattened benefits and pensions to unsustainable levels," Christie said.

New Jersey teachers make more than $67,000 a year on average. As of last year, new retirees' pensions averaged about $46,000.

To be sure, the looming benefit changes are not the only reason many public employees in New Jersey are retiring. Some say they want out for the usual reasons – to spend time with the grandchildren or go fishing, for example – or complain that government layoffs and other cutbacks are making work unbearable. But other employees figure that by retiring now, they can lock in certain benefits before it is too late.

<snip>

More: http://www.huffingtonpost.com/2010/09/15/states-slashing-pensions-_n_717484.html

:mad:

:kick:

[chill_wind]

1. K & R. n/t

[FiveGoodMen]

2. All so that the rich can keep all the money in the world.

And Americans keep falling for it.

[alstephenson]

3. Dispicable.

[Rex]

4. Fairy tale promises? Like the one where WE the taxpayer bailout

huge companies at our own expense and are told it will 'save the economy'? Fucking elite rich fuckers rule the country and destroy the middle-class. I believe the ruling elite wants nothing more then a wealthy class and a working class.

[onethatcares]

5. over time would his pension equal one bonus to the

ceos of Chase Bank? Or MorganStanley, Or CitiBank,Or GoldmanSachs,Or Wells Fargo,

the fuckers, the rotten fuckers will fuck us all out of everything they can and the sheep will agree because, "who would want those folks to stop creating jobs with their money?" as they repeat at the foodbank

gauddammmmint there is nothing locked in in this country. The fuckers lie and they don't care if you know they fucking lie.

I apologize for the language, but I'm so fucking over this bullsht it's not funny anymore.

[WillyT]

6. Kick !!!

:kick: