Baltimore Mayor Stephanie Rawlings-Blake is proposing ending pensions for newly hired civilian employees and moving to a hybrid pension plan for newly hired police officers.
The proposed pension reforms are part of a broad package of cuts intended to stave off a structural budget deficit that could bankrupt the city government.
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11 comments:
This has to happen everywhere. Either this or the retirement age/yrs worked is going to have to be upped. Pensions are not sustainable. It is simple math. People are living longer and in most cases anymore are collecting pensions longer that they actually worked the job.
How do you find dedicated employees that will work with no future? Who will work for 40 years to earn a pat on the back and walk out with a Timex watch.
In this economy / job market, a 401(k) or equivalent is quite sufficient to attract quality talent...there are too many firms out there that only offer the 401(k). Only the high-end firms are offering full pensions....
Finally, a democrat with common sense!
Wicomico County should go this route, espically the "we need more, we need more Deputies".
They won't be able to recruit and retain good employee.
A dedicated Republican
You mean the 401(k)'s that were artificially inflated by Wall Street and their government accomplices (thank God for "campaign contributions") then allowed to collapse, costing the American middle class a couple of TRILLION dollars? THAT "investment" vehicle? LOL!! Hundreds of thousands of hard working law abiding taxpayers are now greeting customers at Wal-Mart at age 75, while the CEO's are deciding whether to buy that house in Hawaii. Wait til Baltimore and every other city cuts pensions off entirely. For EVERYONE. They can't help but doing that. The math is irrefutable. AND its already been done. Yep. Right here in the USA. You pay. They take. And take and take. And PRAY you don't ever get angry about it......
Not quite sure about only "high end" firms still offering full pensions. If you are referring to Fortune 500 corps very few still offer pension plans to new employees and this isn't a new concept. This started well over 20 years ago-closer to 30yrs ago.
As far as the argument that good employees will be hard to recuit and retain, retention of good employees has always been a government problem because the best and the brightest get picked up by the private sector for better pay. For instance all the what you can refer to as security (corporate/strategic/etc) employees in the corporate world are generally former Justice Dept employees.
Yep that old stock market is doing wonderful according the the Gospel by obama, lmclaim.
And the peons are beliving it and rallying behind obama while all he is doing is telling what they want to hear.
The stock market is falsely propped by the feds printing more money. No different than when the gov't got involved in the mortgage arena creating fake inflated real estate prices. The peons have no one to blame but the Democrats and their failed policies they create to make people feel good.
When the peons don't have 2 nickels to rub together they have no one to blame but themselves for being fools.
Some government jobs don't pay all that well so the only thing they have to offer is a pension and medical benefits. Many employees in the private sector get paid a lot more that some government employees doing the same job. Denying new employees a good benefit package is opening the door to socialism and more citizens depending on the government and more entitlements. Wake up Sheeple.
You are right 1:54. Too bad government workers allowed the unions to influence them. Government jobs used to provide a good steady income and benefits for those who weren't interested in going in the corporate world which does pay more but is way more stressful due to things like relocations, lack of time off, etc.
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