Check out today’s Albuquerque Journal cover story on government pensions

I’m quoted throughout the article as to the need for reforms to the system and reasons why the current defined benefit system is simply unsustainable. Read the full article here or pick up a copy of the paper today.

And Happy Independence Day!

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One Reply to “Check out today’s Albuquerque Journal cover story on government pensions”

  1. An excellent article in Sunday’s paper.

    I think it’s important for the media to publicize how tremendous the public sector retirement benefits are compared to the private sector. Last year, the Journal reported that state employees have 24% of their pay placed in a defined benefit plan. State workers ,at that time, only chipped in 5.5% of their own pay. Governor Richardson has directed that the state employees TEMPORARILY increase their contribution to 7% of their own wages.

    Bob Clark had a show about the increased contributions being made by state workers. Many state workers called into the show HOWLING about the unfairness of their increased contributions. The calls stopped when Bob pointed out how generous the state plan was compared to the private sector.

    If more New Mexicans were aware of how generous and costly public sector retirement plans were, those plans might be pared down to a more reasonable and affordable level.

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