Posted on 09/13/2010 7:28:13 PM PDT by trueamerica
County employees across Texas are part of a retirement plan that would be the envy of most taxpayers, and Collin County Judge Keith Self wants to dial it back.
The Texas County and District Retirement System allows counties to match employees' contributions up to 250 percent, and it guarantees their accounts will grow by 7 percent every year.
Self says the system is too onerous for governments and too generous, and needs to be adjusted.
"Our citizens do not get anything close to this," he said. "They don't get anywhere close to a two-and-a-half-to-one match. They don't get guaranteed interest."
Self said the system creates retirees who can make far more money in retirement than they did in their government jobs.
According to TCDRS data, nearly 700 Collin County employees could make more than $100,000 a year once they reach retirement age. And 246 of the county's 1,651 employees could take home $200,000 annually.
Self has proposed cutting the county's match for every employee dollar contributed from $2.50 to $1.50. That would be less than both Dallas and Tarrant counties, which offer a 200 percent match. Collin County commissioners are expected to vote on the proposed changes this morning.
"I think we ought to be closer to what our private-sector citizens receive," Self said. "We do not need a privileged class."
There are 96 public pensions in Texas, serving employees from schoolteachers to city workers. And before the recession hit in late 2007, 82 of those owed more in benefits than they claimed in assets.
States and municipalities across the country are beginning to struggle to cover similar pensions.
(Excerpt) Read more at dallasnews.com ...
yup
Well that’s California state wide.
The only thing that will change it is bankruptcy and the courts.
Let me try....Obama's stash is running low?
No, THATS not it...lets see, I know those who have aren't force feeding those who have not enough?
Now they will be forced to face a truly hostile employer...
Taxes just aren't high enough.
We need to pay more fair share.
At least Self seems to be trying to do something about it. I live in Collin County and was not aware of this until a couple weeks ago.
Most of them retiring at 50 years of age with 100K guaranteed. The govt may be unable to change the benefits but they can raise the tax rate to 80% for anyone retiring early. Give them some of their own medicine.
Thanks for fighting the good fight judge.
If I got a guaranteed 7% over the last 17+ years, I'd be golden... make that platinum... right now.
A 2.5 to 1 match... sounds like leagalized theft from us tax payers if you ask me.
Separately, I recall an article in the DMN a few years ago that mentioned quite a few Collin county employees (in the county offices) are relatives to each other. Don't know if that's still the case (maybe nepotism rules were implemented to negate such activity).
Judge Keith Self is the real deal. He’s spoken to our local Tea Party group on many occasions.
Our group supported him to the hilt in his recent election bid, and it was well worth it. Judge Self is a Tea Party patriot, and a good example of the kind of new leadership we need all over this country.
Fellow Collin County resident here. Howdy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.