One more note. I’m not sure people understand how most public pension funds work, or how they are “guaranteed.” The pensions are NOT funded directly by tax dollars….
Most people don’t even understand that “taxpayers” do not directly fund pension benefits.[/quote]
This is 100% incorrect. Yes, the employees contribute to the pension fund but the “employer” in these arrangements is… the taxpayer.
To use a specific example, in 2011 San Diego County’s pension fund received $322 million in “employer contributions” (the employer is the County which is funded by tax receipts) and another $44 million in employee contributions.
