I am not for taking the benefits away retroactively....I am for stopping the inasanity now. That means freezing current benefits at current levels and offering a traditional 401k setup with a negotiated match. This started in the private sector two decades ago because they realized it was unsustainable....and very few companies today have pension plans.
Were the CEO's and stockholders beneficiaries...absolutely....it led to higher profits. A local company AMP was bought out by TYCO and pension plan surplus raided.
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