A commission on state retirement benefits voted Monday to recommend cutting the state costs of health insurance 10% by hiking premiums and reducing coverage for state employees and retirees, and shifting half the costs of teacher pensions to local school boards over the next three to five years.
The commission also proposed increasing the age and length of service to qualify for a state pension and other changes that would reduce the future payouts to retirees.
The health and pension moves could save the state a total of $400 million if fully implemented, but representatives of state workers, teachers and school boards immediately slammed the action by the Public Employees’ and Retirees’ Benefit Sustainability Commission.
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3 comments:
i am stunned yet pleased that someone in the state is actually discussing this. it would be nice if the unions would actually acknowledge that we cannot afford the current package. the phrase unfunded liabilities means we are broke and the numbers are staggering. now pass it
What we are spending is completely unsustainable. Pensions are a thing of the past in the private sector and need to disappear in the public sector.
Just watch California in the next few years. They will cut entitlements or they will go broke. Its as simple as that.
Unknowledgeable people makes comments and are not informed of the facts which they do not research. The high pensions belong to the Politians, Teachers, Judges, Police Officers and other political connected positions. They are the ones getting 70% or more of their salary for retirement. The average worker is far less and cannot survive with their retirement and SSI. They have to get a job which may pay minimum wage. You never hear about these high salary / pension cuts / reduction since they are the ones cutting everybody else. They never suffer. Lets start at the top with the Governor's retirement and progress down the scale. That will be a cold day that will never happen.
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