SK I have no problem with what your friend gets as his pension. I do have a problem with the return on his pension being gauranteed by the state.
Why can’t the state gaurantee the returns on my 401k?
It is a total fallacy that the state should gaurantee anything. You are a state employee, you get compensated for what you do. You should be given a selection of pension plans all with different returns AND RISKS ASSOCIATED with those returns. You want the big return, you take the risk, you don’t get a gaurantee. You want the low risk, then accept the lower return like the rest of us.
You don’t like any of the choices, then don’t take the job.
No government institution state, local or federal should be in the business of backstopping pension returns with taxpayer money.
