Stop kicking can
To the Editor:
Many, many years ago, the Legislature approved a liberal pension plan with built-in raises independent of the cost of living or economic conditions. The current status being that the pension payout requirements have grown, the interest being earned by the pension fund has decreased, and the state does not have the resources to make payments into the pension fund. This has led to calls for pension reform.
With all of the fingerpointing, very little is being done. This is mainly because the primary means of solving the problem are basic financial planning. Reform will require either more revenue (taxes) or decreasing cash outflow (pensions). Both of these hit some strong political hot buttons.
However, you can count on Springfield to investigate the standard political solution of “kicking the can down the road.” This could involve shifting more of the pension funding to the local boards and agencies.
As voters and taxpayers, we should demand that Springfield solve the problem, not kick it down the road.