Abolishment of pension plans with 401k plans?

[vested]

Most of us saw the video about a year ago of the Sarasota city commissioners discussing abolishing the city's defined pension plan and replacing it with a defined contribution plan (401k) for all newly hired employees.

Guess what?

Gov. Rick Scott is proposing doing that statewide in the Florida Retirement System!!!

Governor Scott announced that the savings would be realized by requiring government employees to contribute five percent of their salaries to the system and requiring new employees to enroll in investment plans similar to private sector 401(k)s.

“We must bring Florida in line with the private sector,” said Governor Scott.

http://www.tallahassee.com/article/20110201/BREAKINGNEWS/110201011/Gov-Scott-Proposed-changes-to-pension-plans-could-save-the-state-2-8-billion#ixzz1Ck0WHGwz

The State of Utah has already done it for state, county and municipal employees:
http://pensionpulse.blogspot.com/2011/01/utah-pension-model.html

Looks like it's coming here too and it's just a matter of time.

[Guest]

About time! I would love to see us taxpayers get a break for a chance & let you guys go the 401K route like the rest of us! Good Luck!

[THE GARBAGEMAN]

Guess what, taxpayer, we pay taxes also. I would like to see you miss every holiday with your family, work nights and weekends, wear a bulletproof vest, get spit on, bottles thrown at you, and attend 2 funerals in one week, for 4 people who do your job, that were murdered at work by someone who didnt want to let you do your job. Then, I would like you to lose the benefits that you were promised, and guaranteed. Then I would like you to have to listen to people who had the same opportunities as you, and could have become a police officer, but chose to work in the private sector, because the money was better, and opportunities were better, or just could not cut it in what we do. And now that the floor has dropped out on you, you feel like everyone else should join you in your boat.

Or, how about the next time a violent criminal is taking refuge in his mother or girlfriends apartment, and is armed with a gun, we call you, and you can go get the piece of trash in handcuffs. Bring some of your co-workers.

[Guest]

Garbageman,that is one of the best responses I have ever had the pleasure to read on this board.You were right on the money..Thank you

[tax paying cop]

Another Florida Officer lost his life yesterday during a manhunt for a wanted felon. Shot to death, Suspect was killed in the gunfight. Pensions or no pensions, watch out for yourselves, and each other out there! Wear your vests, they are still free!