States set policy, too.

[Guest Franklin Evans]

Your friendly state legislatures are probably under fire to change their pension policies, especially for those plans they control. Give us the news from your state, along with your opinions and personal perspectives on the proposed/debated/demanded changes.

[joel]

New York is one of the most miserly states when it comes to granting COLAS to public pensioners. It simply refuses to share, in a fair way, the tens of billions of dollars its Public Employee Pension Systems have earned, over the last 15 years, in excess of the 7% return guaranteed to the pensioner. A 1985 retiree has received two ad hoc pension supplements totalling about 7-8%. Could it be that the SS SYSTEM with its automatic COLA Program has taken the Public Employer off the hook?

I also believe that the public employee unions favor the ad hoc approach. This method keeps the pensioner in a constant state of need of the Union. Afterall, who does the retiree turn to to plead his case with the State Legislature? And, who will get the credit, every 5 Years or so, when an ad hoc pension supplement(a bone)is passed by the Legislature?

[This message has been edited by joel (edited 12-09-98).]

[This message has been edited by joel (edited 12-11-98).]

[This message has been edited by joel (edited 12-11-98).]