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The governor and a number of legislators seem to be much concerned about the current (and future) pension plans for teachers, which they wish to alter or preferably replace with some other defined "contribution" plan such as a 401(k). They do not, however, see any need to reduce or otherwise change the pension formula for themselves.
For those now retired, teachers did indeed "contribute" -- 88 percent of our pension was derived from our contributions and investment earnings from those contributions and those of our employer.
Should we invest our money in the stock market? Great -- when the economy is doing well. And those other times?
At least we can fall back on Social Security, but aren't there movements afoot to reduce those payments, too?
There's always welfare. "Always?"
First Published July 3, 2012 12:00 am