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In Normal America, employees are transitioning by the hundreds of thousands from a defined benefit pension plan to a defined contribution plan. It is broadly recognized that taxpayers appreciate the work of their public servants, but should not be on the financial hook for the entire life expectancy of said servants. Further, it is recognized that defined benefit plans are simply not sustainable, long term. Instead of rearranging the pension deck chairs, perhaps a true Captain could alter the course of the retirement planning ship with a transition to a defined contribution plan that employees would own, carry to another job in public or private service, and invest as they see fit with named beneficiaries. Such a move would require a scintilla of political courage, and a belief that individuals, not government, are the best stewards of their own money. I won't hold my breath.

From: Councilmen defend use of pension to plug deficit

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