The center's executive director
Rather, he said the lawmakers should focus on building on the 2010 reforms to the
The report bolsters the claims of labor unions representing public that the Tobash plan is a bad deal all the way around.
"It devastates the retirement security of workers without providing substantial savings to either the state or schools districts and won't pay down pension debt any faster," said
A message left for Tobash was not returned by the time of this post.
Tobash's plan would have the first
He promotes the plan as a way for the state to get its arms around the massive unfunded liability problem and prevent the pension systems from getting into a similar financial predicament in the future.
It estimates the savings to be about
While Tobash's plan includes no planned reduction in the amount taxpayers will pay into the pension systems -- or "collars" in legislative speak -- for the next few years to free up tax dollars for other uses, Herzenberg and state Treasurer
Further, both men said during a conference call with reporters that while a majority of private sector workers may lack adequate retirement security, adding to the misery index by flooding the ranks of those who will teeter at the edge of poverty in retirement won't help.
"We need to be doing more to help middle middle-class people have retirement security of some form, but a step in the wrong direction is to increase the armies of people who would have a lack of retirement security," McCord said.
Herzenberg added the focus of the state's efforts should be on how to make retirement security in the private sector more like the public sector, "not how can we destroy retirement security in the public sector."
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