John Oliver wrote:
On Fri, Jul 08, 2005 at 11:55:14PM -0700, David M. Cook wrote:
Uh oh, does this make you one of Arnold's "special interests".
Glad to hear you're making a successful career change.
Not really... if "pension reform" comes along, and if it affects the
county, it'll only be for new hires after the fact. There's no way they
can take pensions from people who are already in a certain plan...
that's half of the problem with the City pension mess. Aguirre wants to
"roll back" the questionable/illegal increases, but state law says you
can't do that.
Wrong. You go bankrupt. Pension mess solved.
See US Steel, Bethlehem Steel, US Airways, etc.
Since the City of San Diego actually has useful income that must be paid
(taxes) and has useful assets, it will quite easily emerge out the other
side.
Thinking that your pension is safe in this day is naive. I vastly
prefer 401Ks simply for that reason. Once the company dumps the money
in there, it's *yours*.
-a
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