Pensions are not inherently unsustainable. They exist in the private sector in other countries and there are still some well funded private sector pensions in the U.S. They don't work well if they are not properly funded. Corporations got rid of pensions not because the concept is inherently unsustainable but because it's more profitable to do away with them.
My pension plan is not a good one. You characterization of one group of state employees giving a dream set of benefits to another is not based in reality. Administration does not negotiate strongly with us the contract won't be approved by the legislature or signed by the governor. Our wages relative to buying power has not been going up or remaining steady.
If pensions are inherently unsustainable then you must conclude that it is unsustainable for a society to care for itself.
> If pensions are inherently unsustainable then you must conclude that it is unsustainable for a society to care for itself.
How do you figure?
It is unsustainable for us to support all people over e.g. 60. But we can support the 5% over 60 who really need the support and can't look after themselves.
Supporting that 5% who really need it would effectively be a means tested pension system. The point of a pension (retirement savings) is to prevent masses of destitute elders. The goal is to have a society in which masses of elderly are not left without means to live at a reasonable standard. That’s the purpose of a pension system. If the goal can be effectively accomplished in another way then I support it. I’m not personally tied to the notion of a pension system.
Defined Cost pensions are sustainable. That's what we in the private sector have: 401k and Roth.
Defined Benefit pensions aren't sustainable. That's why nobody outside of government has them, and the ones sponsored by the government suffer huge deficits and are slowly but surely edging towards bankruptcy.
My pension plan is not a good one. You characterization of one group of state employees giving a dream set of benefits to another is not based in reality. Administration does not negotiate strongly with us the contract won't be approved by the legislature or signed by the governor. Our wages relative to buying power has not been going up or remaining steady.
If pensions are inherently unsustainable then you must conclude that it is unsustainable for a society to care for itself.