tag:blogger.com,1999:blog-5060417.post7652049507085033754..comments2023-11-05T06:18:25.377-06:00Comments on The Privatopia Papers: California rejects even modest pension reform | Washington ExaminerEvan McKenziehttp://www.blogger.com/profile/04479661304143631524noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5060417.post-86736650545397059882010-08-26T12:17:36.015-05:002010-08-26T12:17:36.015-05:00They have no choice but to accept reductions and t...They have no choice but to accept reductions and they better hope it's not a reduction to "0". Some of these pension promises were absurd. You can't reasonably expect guarantees on what were often outrageous promises made at taxpayer expense to begin with. As with anything there is a risk of failure of performance and that risk is going to get recognized every once in a while. However, I'm not suggesting they shouldn't get some benefits. A study as to reasonableness, salary, years of service, etc. should be performed in view of the pensions reasonable ability to pay out. That's going to mean a pay cut. However, there are plenty of folks that don't have the luxury of state-promised life pensions and who put their money into other investments based upon Wall Street representations and lost most of it. You would still be better off than those folks.Anonymousnoreply@blogger.com