And every single person on this site that has ever defended public-sector pensions simply avoids that question completely.
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I won’t avoid the question. It’s an easy one. The employer contracted for the liability, so assumes the risk. Exactly as with defined benefits in private industry.
I get it. You think that’s wrong. But it’s been that way for scores of years. And worked quite well for scores of years, particularly in years with outstanding investment returns requiring little, or in some cases, no contributions. I don’t remember a lot of complaints then that retirees were stealing money from the taxpayers.
