Monday, December 26, 2005
Part V – More on Pensions: Defined Benefit -- Good; Defined Contribution--Bad
The union says the “defined contribution” plans “are weaker and riskier retirement plans and have not proven to be cost-effective plans compared to defined benefit plans.” (Tell that to all of the companies who have dumped their “defined benefit” pension plans in bankruptcy court. If it didn’t same them money, why would they want to kill them.)
SEIU wants to know on page 6, "If there are attempts to close Illinois defined benefit plans for local governments or state employees, will you oppose such efforts?”
When Illinois, under Governor Jim Edgar, gave state employees a huge pension increase, Missouri was splitting it pension program into half “defined benefit,” half “defined contribution.” What do you bet that Missouri’s pension system is in better shape that Illinois?
If it didn't save taxpayers money, I'd be surprised.
To return to McHenry County Blog, click here.
SEIU wants to know on page 6, "If there are attempts to close Illinois defined benefit plans for local governments or state employees, will you oppose such efforts?”
When Illinois, under Governor Jim Edgar, gave state employees a huge pension increase, Missouri was splitting it pension program into half “defined benefit,” half “defined contribution.” What do you bet that Missouri’s pension system is in better shape that Illinois?
If it didn't save taxpayers money, I'd be surprised.
To return to McHenry County Blog, click here.
# posted by Cal Skinner : 10:31 AM
