Breaking News Bar
posted: 1/13/2013 4:06 AM

Bad mix: Pensions and government

hello
Success - Article sent! close
 

Bad mix: Pensions and government

How did we allow a socialist concept like pension funds creep into our lives? Teachers especially were stupid and naive to give a government entity 9.4 percent of their salary to save for their retirement, for 35 to 40 years.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

As we now know, the trustees who administered the pension fund, were not to be trusted. They did not guard the money in the fund. If they had guarded the money and invested wisely after 35 or 40 years, a conservative estimate of the amount accumulated would be about $1 million.

If teachers had invested 9.4 percent of their salary in tax free municipal bonds for 40 years -- this is the amount they would have. Workers should have a choice as to how they want to save for their retirement. There should not be a mandate requiring workers to contribute a percentage of their salary to a pension fund, including social security -- another "Big Brother" socialist concept.

We would all be better off without these government agencies in charge of our retirement funds.

Charles Coletta

Lombard

Share this page
  • This article filed under:
  • Discuss
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.