Maybe, but to me it's not even that.
You're
not one of the people that I would lump in that category. But I
knew I would hear from you when I decided to relate that little story.
And I think we mostly agree on this subject. Hey, I'm a taxpayer as well and I don't want to see my local government agencies foundering because of fiscal stupidity.
In other words, it's not that my taxes go to pay for pensions that I don't get -- it's that we're already seeing private sector wages not keeping up with inflation, we're seeing our own retirements look more and more improbable due to private sector employer cutbacks and a lousy decade of stock returns, and we're told we have to pay higher taxes to make up a shortfall to "save" someone else's retirement when no one is "saving" ours in return.
Now, here, is where I don't think we necessarily agree. Or we're looking at it from different perspectives.
To me, don't look at this as "someone else's" pension, like I was just another guy who worked at some other company and am now expecting you to bail me out. I would say look at me as your loyal and faithful employee who worked for you, doing a job you wanted done well, and I did that for 27 years. While doing that job I risked life and limb for lot less than I could have made in a regular job, was there when you called me, and did what was required. Rain, snow, sleet, bullets, and zombie-like crack heads never deterred me. And now all I want is what you, through the elected officials that you put over me,
promised to give me during my retirement.
Now, I know that
you support giving current retirees what they were promised, and that is the ethically correct thing to do. And we do agree that if we can't afford pensions any more, that we have to attract the kind of quality people to do the job well with a competitive overall compensation package.
Just for fun, I spitballed the numbers to see what I would expect in salary if my job had been more like you'all's jobs. No pension, just a 401K with the maximum legal matching of 5% (IIRC). If I just wanted to equal the contributions that were going toward my pension and put them into a 401K, it would mean I would have to get 25% more in salary, and the employer's matching would be about another 2%.
But let's complete the picture on this "what if" exercise. If you're going to make my compensation package look more like yours - then let me be mobile just like you guys. Let me move from this job to one just like it at another employer - hey it works, because the biggest barriers to entry and transfers in LE jobs are pension entry age and membership time requirements. Today I could go do the same job I was doing for another employer, and not even have to leave the city, and I would be getting almost double the salary for doing the same job (99.1%). And at that salary they still give a pension - not quite as good, and I would have had to work a few more years, but they had 453 look alike program and up to 5% matching in addition.
I know, poor career choice on my part. But when I started my career their pay sucked (the pension was really great though!).
While we're doing this, let's consider the fact that I would not have been eligible to retire at 40, or actually retired at 45, but I would work to 55 or longer. How much more would I want for that? 10%, 20% - I don't know, but the fact that I would not have the same early retirement possibilities would have to be compensated to me before I would take the job.
It's like I've said consistently when this question comes up. It's all a matter of competitive compensation. You can pay me now or pay me later, it all depends on when you want to pay the bill. If you're not competitive, you're not getting my labor. And if you don't want to pay me what I am willing to accept, just decide which lesser qualified individual you want to arm and put amongst you with arrest powers and the responsibility to make life changing (or ending) decisions.