In defense of public employees’ pensions
As
a senior citizen and a retired employee of New York state, I take exception
to recently published articles attacking public employee pensions.In New York, these pensions are protected in the state constitution, because they were mutually understood, between the government agency (employer) and the now retired senior (employee), as the just reward for years of service.
People take jobs in the public sector and stay in them through both good times and bad, because they know they can count on a certain level of pension benefits when they retire.
To advocate reneging on those benefits strikes to the core of government integrity and fair play. Should we drag our government commitments down to the level of many private corporations that fail to meet their pension obligations to their loyal workers? Shouldn’t we raise the bar for all, rather than let everyone sink to the lowest standard?
Most of the elderly receiving such benefits are former working-class, unionized civil servants who sacrificed higher wages during their productive years for agreed-upon benefits in retirement. The public benefited from our years of service; now, we deserve to receive what we were promised.
In the 1990s, when the stock market boomed and sent public pension fund assets soaring, state and municipal governments were allowed to stop contributing to the pension funds.
Unfortunately, most of them set nothing aside to prepare for the hard times now upon us.
Many seniors live on the edge of poverty and 10 percent actually fall below the poverty line.
We are on fixed incomes, yet shoulder the burden of escalating food and energy expenses.
Those who continued employer health coverage in retirement can no longer negotiate those benefits, even though health care plans and prescription drugs comprise a significant part of their budgets.
The poor economy has shrunk the retirement nest eggs and investments many seniors count on to sustain them. Additional loss of income and/or higher prices will only force more seniors into government-assistance programs.
Because our pensions are quickly spent locally for basic goods and services, they help to keep our local and state economies running.
Most of the criticism of public pensions centers on fairness and affordability. The basis of fairness is to live up to agreements. Don’t take from the elderly; and don’t channel more of their limited incomes to government entities with poor records of fiscal prudence.
