When Retirement Means More Work

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But who's choice?

We who chose to be hired in the private sector do so for many reasons, not the least being able to progress on our own merits, not by length of service or other criteria that has little to do with ability to do the job. Our complaint is with the corporations that did not keep up their end of the bargain, eliminating pensions after promising them to us when we were hired. We had no choice in that decision.

Most in the private sector do not begrudge that fact that a public sector employee enjoys more in retirement because the wages were lower, we can do the math. But, if you take into account the value of those benefits, and I argue the public sector employee is far bettor off than he or she realizes.

My dad, a retired fire fighter, receives a monthly pension check that is twice what his final paycheck was when he retired in 1983. Why, Minnesota has a law that states all PERA retirees share in annual pension fund gains, but not in the losses. When the gains were 10% - 12% per year, his pension check was up 10% - 12% annually. When the pension funds are down, he is still guaranteed a 3% increase. Guess who makes up the rest?

We also dislike the fact that government is unable to rid itself of non producing employees. You can blame it on inefficient management, but those managers are public sector too.

I agree, pension reform is needed, but reform does not mean we can all get the gold standard, 30 or more years of ever increasing payments, funded by our children and grandchildren.

Rick of MN @ May 09, 2009 10:54:23 AM

Choices

Life is about making choices. For all of you people who are griping about teacher's pensions and civil servant's pensions, why didn't you become teachers or civil servants? No need to answer. I know why. You didn't want to start out at the ridiculous low pay and have to keep going to school and receive more training at your own expense.

Mike of OH @ May 08, 2009 20:12:50 PM

Bull

I'm wondering where I should have spent my 32 years teaching instead of Maryland. My pension is 32% of the average of my 3 highest years' salaries. I need to work to supplement it so that I can afford life's basics.

Karen in GA of GA @ May 06, 2009 00:55:37 AM