Bear the burden of our own retirements

Municipal, county, state, federal — the story is the same. Pensions are underfunded and government officials don’t know what to do about it. We know how we got here. At some point the governing body in charge agreed under certain terms to pay its employees a pension. This same governing body has not put enough money in the “bank” to pay these future pension obligations. It’s that simple. A promise was made. Now someone is looking to break that promise.

Wait, aren’t these pensions overly generous? Yes. Especially when comparing them to Social Security benefits. What now? Now it is time for the two parties involved to step up. Government officials, step up. Union and other employees receiving pensions, step up.

Government officials, pay what was promised. Stop trying to modify benefits of current employees and retirees. Stop blaming the financial woes of this country on “greedy” union employees. Who agreed to these overly generous pension terms? You, the elected government official. Step up and pay current employees and retirees what they are promised. Union and other employees receiving pensions, place the responsibility of retirement back on the individual.

Now is the time to end pensions for all new hires. All new hires would return to the Social Security system. What happens if Social Security collapses? Again, place the responsibility of retirement back on whom it should be, the individual. Everyone who does not have a pension must live with the reality of possible Social Security collapse and must plan accordingly. It is not selling out. It is stepping up.

Step up and admit the generous pension system is not sustainable and must end. This solution will save taxpayers money. This is a compromise both sides could live with.

Jason Daley

Schaumburg