Why 401(k)s should replace pensions for public workers
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Your editorial on 401(k)s as a solution for pension woes gives a bunch of flimsy reasons why you believe there is not a solution (“401(k)s aren’t the solution to Illinois governments’ pension woes” — March 6).
You overlook the compelling reasons 401(k)s should replace pensions in the public sector.
First and foremost is the substantial cost savings to taxpayers. The 401(k)s would be funded annually. There would be no future payments for that year. There would be no concern about the correctness of the actuarial input used to calculate how much the pension contributions must earn to support the pensions.
The outrageously high pensions that some public employees receive (e.g. more than $300,000 annually in some cases) would be a thing of the past. Scams used to “boost” pension payments unfairly would also go away. In short, the substantial benefit to taxpayers more than offsets any speculation as to why 401(k)s should not replace pensions. There are many more taxpayers who would benefit by the cost savings to them than public pensioners who benefit from their pensions.
Champ Davis, Oak Brook
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The truth is, immigrants are ‘saving our butts’
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What’s more, he’s made stars out of Rachel Maddow, Anderson Cooper and Morning Joe, while reviving the career of Brian Williams. (Whether being a Trump apologist is a winning strategy for Fox broadcasters is yet to be determined.)
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