Quote:
Originally Posted by awthacker
Nobody got took, though. People's investments went south. Blame whoever you want... the brokers, the banks, how about the folks who handed y'alls money over to them, how about you guys for putting those guys in charge of your pension. The problem is that nobody saw it coming. Now that the pension money is cut in half... where's the money for all the long-term benefits packages gonna come from? My understanding is that I should pay more tax to make up for it, even though nobody's gonna step up and replenish my 401K. Now I'm making high-risk investments to get my retirement plan back on track. I'm just as bummed as you are, but I take responsibility for not paying attention when the market crashed.
|
well,you're correct,to a point.the people with the pension fund who agreed to invest made their decision.but,their decisions were also made on some supposed built up claims.either way,it is a gamble and we lost.I doubt that many people outside of Ohio know this but,Our current Governor was the one who lobbies the Police & fire pension to invest the now lost $480 million.
In Ohio no one is asking anyone except for the pension members to make up the losses.the changes include more years of service,added contributions costs,etc. No proposed tax increases have been taken to the public.