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Started By
Message
re: Pensions may bankrupt Dallas (Reason)
Posted on 2/23/17 at 10:30 am to NIH
Posted on 2/23/17 at 10:30 am to NIH
quote:
so what's the next step with cops/firefighters when pensions inevitably are unworkable?
Get out of the pension business, give those affected a higher salary and then let them create their own retirement pension. At the company I worked for they had a 401k plan but it was not the kind where the employer matched funds. However, an agreement was worked out with the IRS, I believe it was the IRS, where we could contribute up to 12% of our salary towards the plan. Funny thing is, the plan worked so well with employees maxing out on that 12% that the IRS made the company drop that 12% to 8%.
1
Posted on 2/23/17 at 10:34 am to Homesick Tiger
quote:
Get out of the pension business, give those affected a higher salary and then let them create their own retirement pension. At the company I worked for they had a 401k plan but it was not the kind where the employer matched funds. However, an agreement was worked out with the IRS, I believe it was the IRS, where we could contribute up to 12% of our salary towards the plan. Funny thing is, the plan worked so well with employees maxing out on that 12% that the IRS made the company drop that 12% to 8%.
I agree with this 100%. Its not just dangerous for the municipals but also for the people who bank on it and then get fricked.
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