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Piscator,
There is a federal agency set up to absorb those funds that failed...the Pension Benefit Guarantee Bureau (we joke that PBGB closely sounds like heebee jeebees!). That's where United pilots went when their fund went belly up along with lots of others. What I find amazing is that railroad retirement, the only federally mandated retirement fund, is self-sufficient at this point. However, their members pay almost 3.5 times what we pay into social security.
When it comes to attracting good people I think the discussion has to be broken into the respective groups, i.e. firefighter, teachers, police, and other public servant. I do think it would be difficult to keep qualified firefighters if they did not have the pensions that they have. However, they are also taking, for the most part, big concessions during the econic downturn (at least here where I live) and no I am not a firefighter. In my area teachers and police have refused concessions. I find that to be the real hard pill to swallow and a major reason why I am less inclined to work with them. I don't dislike unions (I actually pay my dues and I am a conservative)...I dislike unions that bring nothing to the table and expect everything. We all need to take cuts. However, figuring out what cuts to take is the big issue. I'd like to see the first Congressman willing to not take the pension or health benefits provided after only 8 years in office (try getting that in a contract!!).
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