What do you think about the defined benefit pension plans of public sector employees and how they are funded?
I agree ..the average fat, dumb and ignorant private sector tax payer (government wants to keep them that way) who is footing the bill for the outrageously generous public sector defined benefit pension (DBP) plans are being screwed! The DBP's guarantee a payout regardless of interest rates or expected investment returns. Today's rates and investment returns are nowhere near high enough to cover the pension payouts of public sector employees retiring on full pension in their 50's and living into their 80's. The massive shortfalls in public sector pension funding are being made up for by private sector tax payers who are themselves working longer and longer, many into their 70's, in order to retire. And remember, the average private sector employee does not even have a pension! Yet they are forced to pay through their nosew for the defined benefit pensions off the priveledged public sector class. And what about # sick days/yr, dental benefits, professional development days, etc etc ..