Wednesday, June 20, 2012

End all Public Employee Pensions for New Hires?

Noted the following from another source--

End all Public Employee Pensions for New Hires | The View from the Other Side of Chicago Politics: "Last week, the City of San Diego passed Proposition B with 66% of the vote. This proposition effectively replaced the public pension system for all new hires (except the Police Department) with a 401K program. If Illinois did the same, we could fix a lot of our budget woes very quickly. Any new hire of the state, city, or county would not participate in the pension program, with the exception of first responders such as Police and Firefighters. Instead, they would be given a 401K matching contribution of, say, 6% of their base salary. The benefits to this are plentiful. . . . "

Why except "first responders?"


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