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Post by Rich Fisher on Mar 16, 2009 21:58:36 GMT -4
Pension plans for government workers in Maryland, DC and Virginia have lost a staggering amount of money since the economic crisis began last year, and state lawmakers say issue cannot be avoided for too much longer. "This time next year, if nothing has changed, you will see everyone running around with their hair on fire wondering, what the hell do we do now?" says Maryland Delegate Murray Levy. The "Post" conducted a survey of pension systems covering state workers and found that Virginia's investments shrank by more than 14-billion dollars last year. Maryland's shrank by more than ten-billion and the District's shrank by about one-billion dollars. Traditionally, replenishing pension funds would have to mean further spending cuts in annual budgets. Most pension plans are set up so that recipients' checks will not be reduced, no matter how much the markets fall.
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Post by mikerobe on May 24, 2009 10:33:48 GMT -4
Yeah, and I'll be waiting for the state government to replenish my 401K, which ain't gonna happen. I can't find a single reason that government workers, who average $13 /hr. in benefits vs. $7 /hr. for the private sector deserve to be protected more than the average Joe.
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