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What really needs to be done with federal, state, city, local, etc, etc, pension plans (probably will never happen) is to have all new employees put on a DEFINED CONTRIBUTION (self directed ira/401k plan) plan, as opposed to a DEFINED BENEFIT plan. Curent employees under a DEFINED BENEFIT plan should be required to make contributions that will result in full funding of the pension system. Also, do away with the retiree health benefits, cannot justify this huge bennie any more.
tickyul 1 year ago
I know Chileans and they like the plan. A few cities in the US have tried it in place of Social Security and it is a success there also. It sure beats the hell out of the bankrupt US Social Security plan in which you have no control of your contributions and no account with your own name on it. They will eventually write you a bumb check for a pittance.
nomadnametab 2 years ago
I´m a chilean and all this is just a lie... the system is terrible so far, when you retired you become poor...
homoybiblia 2 years ago
@homoybiblia I agree, the system is a nightmare
ignaxionazho 1 year ago