Public Pensions

While the pension system is not overly generous for typical employees, it is riddled with exceptions, ambiguities, and loopholes that allow some of them to abuse the system and collect unwarranted benefits, resulting in tremendous cost to the state and ultimately to taxpayers. The root of these problems is that the calculation of benefits is not based on the simple concept of contributions but the complicated interplay of four factors—years of eligible service, maximum three years of compensation, “group” or job classification, and retirement age.

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