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Governor's 12-point pension proposal

The employer and employees would share all pension costs.
New employees would get a "hybrid" retirement plan designed to make taxpayers and workers share investment risks.
Retirement ages of non-public-safety employees would be increased to 67 for new employees.
Pensions of new employees would be calculated by averaging the final three years of compensation to stop "spiking."
New employees' pensions would be based on "regular, recurring pay" to stop spiking.
All employees would have new limits on post-retirement employment.
All felons would forfeit pension benefits.
Retroactive pension increases would be banned for all employees.
"Pension holidays" -- that is, not collecting pension contributions for a certain period of time -- would be prohibited.
Employees would no longer be allowed to buy "service credits" to increase the value of their pensions.
The state pension boards would be made more independent.
Retiree health care costs would be reduced.

Source: Governor's office

Any state that won’t deal with these growing liabilities is simply warning off potential taxpayers (individual AND corporate); the debt won’t go away, and kicking the can down the road simply detracts from your property values (who wants to buy a share in that misery?) and your current earnings (they will pay the retirees regularly, with someone’s money).

All of those in private industry who get ANY kind of pension along with the job security to guarantee that it is vested, please raise your hand.

Seeing none, we all know where this is headed.