State employees, like many in commercial industry and organizations, pay a portion of their earned income into a pension fund. Note, I said “earned income.” As in the Social Security system and in private industry, this contribution is matched, and that pension fund is established with those monies.
Jointly, those contributions are invested in stocks and bonds, and in other investment instruments, and the proceeds of those investments are then used to pay retiree benefits/pensions.
Taxpayer dollars do not pay those benefits!
If you understand that the retiree’s pension is paid from investment earnings (which do not belong to the state), then how can you justify calling them “taxpayer dollars”?
Wouldn’t it be better for the retiree’s pension to continue to support his/her family, rather than have them fall back on public/charitable assistance and public medical care? (Taxpayer funded!)
Tuesday, May 6, 2008
Letter to the editor on forfeiture of public retirement benefits
This letter to the editor in the Advocate Opinion section by a retired state employee urges against the forfeiture of public retirement benefits.