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Commission recommends rolling back pensions for current state, local workers – Sacramento Politics – California Politics | Sacramento Bee

February 25, 2011

Commission recommends rolling back pensions for current state, local workers – Sacramento Politics – California Politics | Sacramento Bee.

10 years ago, pundits would have laughed at the possibility of any public sector employee forced to give up the idea of a pension. It was written in stone: People joined the public sector, not for high wages but for job security and retirement benefits.

In 2003, United Airlines decided to roll over their pensions into 401(k) annuities and the Supreme Court ruled they could legally do it. Since then, almost every major company in America has done the same. The last bastion of pension security was the public sector worker.

We have to conclude two things. First, retirement as we used to know it will come to an end soon. There are no nest eggs for anyone except the very wealthy that can support us at a decent living wage. Second, people are going to struggle giving up what their hearts yearned for: a season of life where they didn’t have to work.

It would be good to mentally relinquish that now and do the things you were saving for retirement now.

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