Are pensions an idea that never worked? My grandfather had a pension that pretty much sustained him in old age. He retired in 1977 - at 60 - and lived another 34 years. Are we going to go back to old people eating cat food?
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I am not advocating getting rid of pensions. When the creators of the 401K originally proposed them, they were originally suggested as a supplement not subsitute for pensions.
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Welcome to the flip side of a terrible GOP. One party Democratic rule that basically funnels all tax revenue to above market public employee pensions.
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Isn't it also... Prop 13?
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Calpers like a lot of pension funds is built upon incorrect assumptions; that retirees will die on average at 71 and that the market will generate an average 7.5% rate of return.
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I think you mean “like a lot of PUBLIC pension funds”. Private pension funds would not be permitted to operate under such unrealistic assumptions, because they don’t have taxpayer guarantees.
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