King on Pensions
Maybe I’m missing something, but it seems to me that there’s a huge conceptual flaw in general treasurer candidate Kerry King’s pension solution:
“We have a crazy system of 150 pension plans, which makes no sense at all,” he said. “We need to bring all these plans together.”
That would put all government employees into the same plan, doing away with extra perks that some municipalities may have included in their employee contracts.
“The Cadillacs are gone. We’re all driving Hondas or Chevys,” said King. “We can’t afford Cadillacs in this state. We never could.”
King said that, as treasurer, he would advocate for legislation that would require all municipalities to join a single statewide plan.
Consolidating all pensions at the state level also consolidates all of the incentive for municipal unions to install and manipulate legislators to keep the Cadillacs rolling. It will also require reform groups to work at the state level, rather than with the possibility of local neighborhood-by-neighborhood organization and advocacy. The general treasurer could certainly advocate for more intelligent control of the system, but it’s still in the hands of the corrupt General Assembly.