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You are all arguing about whether the deck chairs should be blue or yellow. The fundemental question is: Why do public sector pensions exist in the first place? i.e. Why are taxpayers on the hook for public employees throughout their life expectancy? Yes, the simple answer is that it's contractual. However, until the city transitions to a defined contribution plan vs. the existing defined benefit plan, this issue will not go away. Taxpayers should be responsible to pay governmentl workers a reasonable wage. The same taxpayers should NOT be responsible for government workers fourty years after they retire.
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