Sean King

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Knoxville, Tennessee, United States

Tuesday, June 22, 2010

More on the Public Pension Problem

Baltimore Sun:
The ability of police and fire fighters to retire after just 20 years on the job is one of the main drivers of the pension system’s cost. The average life expectancy for a 20-year-old who joined the force this year is about 75, meaning he or she could work for 20 years and receive a pension for 35. As life expectancies steadily increase, that ratio becomes more and more lopsided. The city’s pension reform bill takes a small step toward changing that by increasing the minimum to 25 years of service for all employees who now have less than 15 years on the job.

Well, it's progress, I suppose.

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