file photo Boyd Loving
The perils of pension reform
Still faced with billions of dollars in unfunded obligations, the state’s public pension system could be facing a new round of changes this year. (Schoonejongen/Gannett)
The perils of pension reform
4 thoughts on “The perils of pension reform”
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I guess all of the union hacks who used to post on this blog have been told by their union minders to keep quiet for fear of the general public catching on to their various scams… just as the Village CBAs come up for renewal in 2014/15. Much of what is in the current contracts is completely indefensible, from 4% annual wage hikes since 2009 versus inflation of less than 2% a year since then, to annual sick leave of 15 days that accumulates year after year, to only $15 co-pays for doctor’s visits and $5 co-pays for drug prescriptions on top of a maximum $480 a year for full family health insurance. Those lucky to retire buy 2016 will get 65% of their final average comp in risk-free, defined benefit, annual pensions for life, along with almost free healthcare. That kicks in after only 25 years of work (avg retiree age 52.4 for PFRS). And the final comp numbers are equal to the median household income in Ridgewood, yet private sector workers don’t get the same pension & healthcare benefits for life, nor do we get six months of accumulated leave paid out as a retirement bonus at our highest final rate of comp.
Your just not relevant anymore
Agreed #2, the unions just aren’t relevant any more. They had a place when NJ needed to attract workers to teaching and municipal jobs, but no longer. Now they’re a vampire squid, sucking state and local taxpayers dry. All union members do is try to discredit anyone that questions their Viceroy wisdom, they are the kings and the rest of us are serfs. How dare we question their genius ?
the police and fire unions are not going any place but to stay in power.