I'm a member of the NYS police and fire pension system. I "joined" when I was hired in the early 90's.
What bothers me most, and what should outrage taxpayers, is from when I was hired through around 2004, my employer didn't have to pay a penny toward my pension. The pension system was doing so well with market investments, employer contributions were nil. Did anyone think to take that "surplus" and save it for the current eventuality? No. The surplus money was spent and wasted on every entitlement program under the sun, when saving just 10% of their annual "savings" over those good years could easily cover the current shortfall.
Now that the shortfall must be filled, all the municipalities are crying poverty. And no one has the stones to call this mess what it really is...poor planning by elected officials.
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