Lawmakers’ pension payments differ greatly from the private sector, which
has largely turned to ”defined contribution” retirement packages such as
401(k)s, Koc said.
In fact, only 10 percent of the employer association’s member
companies have a ”defined benefit” program similar to what’s offered by the
state, he said. And 12 percent offer no pension program at all.
”This is definitely CEO territory or big, major company territory,” Koc said about the
size and scope of legislative retirement packages. ”This is GM and Ford and
it’s why they’re going bankrupt.”
From the Morning Call: