EU just ran post on the troubles that Costa Mesa is running into. Those troubles were planted DECADES ago.
So lets compare:
PERS 2.5% @ 55
PERS 3.0% @ 55
PERS 2.7% @ 55
PERS 3.0% @55
The public has brought alternative approaches to the council over the years--no action by the council, other than taking on way bigger/stupider risks.
Just as a comparison for all those folks who work in less strenuous jobs in the private sector:
You also have defined benefits for part of their retirement. It is called social security.
Social Security Full Retirement Age is 67 years old if born after 1960. The earliest you can pull SS is 62. As the baby boomers draw down funds and rosy predictions fail to materialize, younger private sector employees who have been PROMISED the same retirement benefits will find that those promises can not be kept. A choice will have to be made, reduce benefits to current AND future retires or reduce benefits from future retirees. For some reason people think it is more fair to take something away that has been earned but never been held than to take away something that is already in someones hands.
City and state employees will go to the taxpayers for more money for their failed retirement funds at the same time the taxpayer's own social security benefits are getting pulled out from under their feet. We may be heading toward a society where only those who get lucky and get a government job get to retire.
No one ever took the $100 challenge to explain how we dodge a pension meltdown by doing nothing different.
Dear anon pension posters, this is the place to put your comments.