Civilian pension needs fix, too (my pension)

http://www.omaha.com/article/20100507/NEWS01/705079902#civilian-pension-needs-fix-too



By Paul Goodsell WORLD-HERALD STAFF WRITER

Omaha's civilian pension system is struggling with an estimated $163 million shortfall that won't be fixed solely with higher pension contributions or by hoping that the stock market continues to rebound.

“It's not at the crisis stage yet,” said City Councilman Pete Festersen, who serves on the civilian pension board. “But we do need to make changes.”

That could mean smaller pension payouts or new rules that encourage city employees to work longer before they retire, Festersen said.

The civilian fund's shortfall mirrors problems in other government employee pension systems across the nation.

Locally, the city's separate police and fire pension system is underfunded by about $500 million. Douglas County and its employees, meanwhile, are increasing pension contributions because the county's fund has only 58 percent of the money needed to meet its future obligations.

Pension funds have been hurt by a variety of factors, including investment losses and benefits that were more generous than the funds could afford.

FULL story at link.

As a nation we need to see universal sacrifice from the top to the bottom to get our financial affairs back in order and it MUST be seen as equitable.

We've been screwed by the elite and war mongers since Reagan, but that needs to end too and they need to have major payback time.

If we (or our children and grandchildren) don't do it soon we are all going to sacrifice more. The numbers don't compute and the outlays don't match the revenue, demographics and trend. I would start off by.

1- Ending every dime that is paid in direct or indirect foreign aid to other countries, especially those that don't need it.

2- Reduce our military budget significantly as in much over 25%.

3- The top elite in our nation from Wall St, to CEOs, to entertainers must be a part of a major sacrificial effort of putting the country back on track as they have benefited the most, and that means raising their income taxes to 1950s rates and most important enforcing IRS auditing and collection procedures. They need to sacrifice most and pay their share. If they move offshore to hide their income, then strip them of their US citizenship, (as Joe Lieberman proposes) and that includes those who go to Israel or elsewhere.

4- Those on the bottom rung who only receive social security should still participate and see a flat lining of payment growth for 5 years.

5- The rest of us who are either retired or working are in between and should also see freezes and/or cuts depending on where we are on the income scale.

6- Retirement age should be standardized for private and public sectors and align with social security.

7- Public pensions should be modified as being more comparable instead of excessive when compared with 50K or 100K income in the private sector. Many public pensioners do receive exorbitant pensions relative to the private sector. Those pensions need reigned in before and after retirement.

8- Lastly we need to reduce payments going to people who do nothing. Based upon the knowledge of my own family and of others, there are many Americans who are getting paid to do nothing when they could be doing something. They have that ability. That BS needs to end now. If you are truly disabled then we must help. If you just want an early retirement supplemented with cash work on the side I refuse to pay for it. We should require that those receiving government handouts contribute to society in some manner and that includes the rich.

As a taxpayer I don't want to see young capable people I know collect checks for doing nothing. That applies whether they be rich elites or those who could do something.