Their View: State's public pension pl...

Their View: State's public pension plans needs fixing now

There are 2 comments on the Las Cruces Sun-News story from Apr 14, 2011, titled Their View: State's public pension plans needs fixing now. In it, Las Cruces Sun-News reports that:

For New Mexico's more than 45,000 public and educational employees, ensuring the sustainability and solvency of their retirement programs is of monumental concern.

Join the discussion below, or Read more at Las Cruces Sun-News.

Since: Jun 08

Saint Paul, MN

#1 Apr 14, 2011
Article stated -
"Either contribute more money into the retirement systems, or pay less in benefits. Neither choice is attractive, but failure to act now, means the problem becomes harder to fix."

Typical government function. Promise to do something without any financial means (except taxpayers) to fix. Any idiot knows that if you pay out more than you have coming in, you go broke. The fund is 7 billion short. Duh. If the employees want this lavish of a fund, they need to contribute more. Keep the taxpayers out of it. Best solution is to give all employees their fair share of the fund and let the employees invest their own funds.

Article stated -
"more than $7 billion short to meet promised benefits."

Stop promising more than you can deliver. Typical government solution, raise taxes.

Article stated -
"an approach that assumes the added cost will be paid mostly by taxpayers"

Not on my watch. Taxpayers are not retiring, government employees are retiring. Let them pay for their own retirement. They are not paying for mine.

Article stated -
"They also receive annual 3 percent increases, regardless of inflation"

Another fiscal approach that is wrong. Why any increase. These union pension funds are a typical ponzi scheme, first ones to retire get the most benefits and the younger employee keeps wondering if he/she will ever get anything. Just like Social Security.
Travis

Chaparral, NM

#2 Apr 14, 2011
I wish they wouldn't force everyone to pay into this retirement fund. I am already paying 9.4% of my salary into this and in a couple of months it's going to go up to 11.15% of my salary. This is only a few dollars short of what I pay in federal taxes!

I am sure I am not alone in wanting to be able to withdraw my contributions and invest them myself.

The ERB is no different from social security - they are both ponzi schemes that are about to run out of money and won't be able to pay anything to the current generation.

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