GEORGETOWN — Future Sussex County employees may not have the same retirement benefit enjoyed by the 500 current employees. New employees will likely have to pay into their retirement plans.
Currently, the county pays 100 percent of pension costs; pension funds are a big ticket item in each year's budget. County council recently approved more than $6 million in contributions to the two funds.
3 comments:
Can't believe that this hasn't been a big story sooner. With all the fuss over Wicomico County, where county employees must contribute 6% of their paycheck. I wonder how the taxpayers of sussex county feel about paying 100% of employees pensions. What a bunch of crooks.
Well....it's a lot better then Wicomico County. They aren't even fully invested in their retirement. Oh they take it out of our pay, but they don't make their contribution. They are betting that everyone doesn't retire at the same time. It is a ponzi scheme. They depend entirely on everyone making their contributions now so that those who retired yesterday can be paid. That's a ponzi scheme by definition. When Pollitt gives the State of the County address, why doesn't he list this as an unfunded liability? He his hiding this from the public. Typical democrat scam.
9:28, you don't know what you are talking about. They simply deferred payment. The fund is in good shape. Why don't you compare the percent funded of Wicomico County versus Sussex County. I am sure you will find that Wicomico is in much better shape. Wicomico is over 95% funded. Far better than most pensions. Everyone won't retire at the same time. It is simple mathematics.
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