Municipal Pensions - Partial Involuntary Bankruptcy CEPersVid-10

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You're right in that government will soon meet the same fate as GM regarding pensions. But a retrocative denial of pension promises to those who are unable to return to work will never pass political scrutiny. What about reforming current employee contracts that allows for a conversion of their pension plan to a 401k, ending the payments to future recipients in perpetuity? Start the account with a percentage of pension contributions already made by the worker and they contribute the rest.