kyounge1956 brings up some good points that I have thought about, but not put in writing. The original OP asked about early pensions and my response to that is, unless the work is hazardous, extremely physically demanding or has performance that is subject to degradation due to age, then pensions for civil servants (not military) should be available without penalty no earlier than 60 years of age. I think that's a reasonable position at this time and would save pension systems a lot of money. The catch is that DB plans, even partial DB plans base the DB on time worked and some calculation of high salary. So there will be some increased cost which should be more than offset by not having to pay the pension as long.
If early outs for downsizing are offered, they should either be lump sum or heavily penalized the younger the person leaves. These all make sense. Many of the retirement ages were set when people lived at least 5 years less and maybe even 10 than they do now. For thse of us now over 60, life expectancy at birth is at least 10 years longer than when we were born.
I also agree with k1956 that CB plans are not the answer, expose governments to just as much risk as DB plans as the money can and will be used by politicians for other purposes, leaving a paper IOU instead. There is nothing wrong with DB plans that are properly structured and funded.
For those who keep insisting that public pensions take food out of their children's mouths, how is this any less of an issue than fire services you pay for but never have a fire, education if you never have children, welfare or food stamps if you never need them, etc? You can't pick and choose what you would like to pay for. And you can't complain about things that have no direct impact on you. Most of us are residents of and pay taxes in one state. Maybe we own a vacation or retirement home in another state and pay property taxes there. For the most part, our taxes are affected by what happens in a single state. So why are people so concerned with what happens where they don't pay taxes? Goes back to the doorman comment. What do you care what a doorman or garbageman or anyone else makes when you are not paying those salaries? I don't hear any complaints about the CEO of Lockheed Martin being paid $1.8M in 2010 plus stock options upwards of $10M? A very large portion of their business is DoD funded - so you have a direct line from your tax dollars to his pocket. Why does it bother people who live in Vermont what the civil servants in Arizona receive as pay or pensions?
This is where my pension envy comment comes from. Other than an academic interest, why is it so important to you what happens in areas that do not affect your personal taxes? Federal pensions are, at this time, pretty much in line with those paid by extremely large companies. Health care costs for feds are way higher than in most large private companies. Some employees are overpaid and many are underpaid in comparisons with similar jobs with similarly sized companies - that was the study some of you read. Some federal benefits are extremely rare in private companies - COLAs and health insurance in retirement. But does that equate to taking them away because you don't have them and are paying for them through your federal taxes?
I have said this before and it's apparently not sinking in. The current - for the past 24 years - federal retirement system is far less generous than the one prior to that. From the DB portion of the pension to retirement age, the amount that the government pays, and is funded by tax payers is way less than it used to be. The portion of the current federal budget spent on federal pensions is miniscule compared with the well over $1T total. Face it, public serants are an easy target to take out your anger and frustration on. Just remember that unhappy civil servant who is auditing your tax returns - be sure to tell him you think he is ovepaid and that his pension is far too generous
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BTW, not sure I remember where this happened, but did you read about the local fire department that refused to put out a house fire at a house where the owners would not pay their fire tax? Sort of puts it in perspective - you do not get to pay as you go for public services.