tag:blogger.com,1999:blog-21123853.post8269961160066238117..comments2024-02-12T04:30:53.556-05:00Comments on Tim White Listens: $15,000,000 pension deficit, but defined contribution pension plans are "too expensive"Tim Whitehttp://www.blogger.com/profile/16588518063096822071noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-21123853.post-68617750445042642962009-01-20T16:51:00.000-05:002009-01-20T16:51:00.000-05:00About three years ago there was a guy on the Counc...About three years ago there was a guy on the Council (Shrum I think) who pushed the issue of phasing out the current plan because sooner or later the financial chickens would come home to roost. Esty and the majority Dems ditched the idea....."too expensive".<BR/>We need more people who will change the underlying drivers of bigger government not just people who whine about "tough times" when the all-too-predictable s--t hits the fan. Where are the people who think ten years down the road....not just until the next election?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21123853.post-29337767029966531432009-01-16T11:22:00.000-05:002009-01-16T11:22:00.000-05:00you all are banging your head against the wall. th...you all are banging your head against the wall. the bottom line in this town: they are here for the school system, they will put up with minor annoyances and when their kids graduate they LEAVE TOWN!! NO ONE CARES!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21123853.post-57731605585865333322009-01-16T10:31:00.000-05:002009-01-16T10:31:00.000-05:00Breachway is right.Many of the smaller, private se...Breachway is right.<BR/>Many of the smaller, private sector companies are not matching in any way, so it is all up to the employee.<BR/>Wake up people, we are in a recession here.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21123853.post-88402255856229368872009-01-16T10:20:00.000-05:002009-01-16T10:20:00.000-05:00You are right on with this Tim. I think the TC mem...You are right on with this Tim. I think the TC members need to be educated a bit more on the pros and cons of each and specifically how a DC plan works....I work with DC plans all day long...401k, 401a, 403b and 457s...I could reel off a long list of municipalities and state govts that have DC plans. DB may have looked good in booming markets as your annual contribution liability decreased due to plans' return exceeding expectations. The argument that it will hurt recruiting efforts because it decreases the pay package is dumb. There are more than enough people who will take a job w/o a DB plan because most employers don't have them to begin with. It can be an added benefit even for those on the DB plan. Most govt entities offer a DC plan to their DB employees also. It gives them another avenue of savings. I get the feeling from one of the meetings I watched that TC members think you have to have an employer contribution/match to fund a DC plan that you would offer to a new employee. Not one of the govt entities that we service(we are one of the biggest providers of these)contribute to the employees DC plan.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-21123853.post-11439943308707758592009-01-15T23:20:00.000-05:002009-01-15T23:20:00.000-05:00This is not 1950. The TC needs to look into this a...This is not 1950. <BR/>The TC needs to look into this and make the changes now. People are living longer and we can't afford to hand out this sort of pension in a DB plan.<BR/>Why is it that the public sector seems to feel they deserve this entitlement when the rest of us in the private sector need to contribute to a 401K(that has drastically dropped over the past year)in order to get a retirement?<BR/>In the words of our new president:<BR/>"It's time for change!"Anonymousnoreply@blogger.com