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Cap public pensions, but don’t scrap system
The Gazette Opinion Staff
Jan. 24, 2012 11:36 am
Regarding “Group wants public workers off pension system,” Jan. 19.: Chicago-based Taxpayers United of America suggested changing the IPERS system to a 401(k) plan based in the private sector. Because of what happened in the financial crisis of 2007, I don't think this is a good idea.
The article points out that few public employees may end up receiving millions in pension funds and that this justifies changing the current system to one more like a 401(k). However, they failed to mention that the average public employee pension is more like $19,000 a year.
We need to get rid of some bad eggs. Instead, put back a cap on how much someone can receive.
Susan Ellenberger
Cedar Rapids
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