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Reform Washington state’s pension system to help state close its budget gap

Published on January 23, 2012, in Pension Reform.

Washington state must reform its overly generous pension system. The Seattle Times editorial board favors pension reform of the type proposed by state Sen. Joseph Zarelli.

IN the work to balance the state budget, short-term gains are nice, but the long term is critical. One of the most fruitful areas for saving money long term is public-employee pensions. This cannot mean taking away a benefit already promised, which is illegal. Surely it will mean changing what is promised to new employees.

An example is Senate Bill 6378, sponsored by Sen. Joseph Zarelli, R-Ridgefield. Under the bill, new state employees would no longer get a full pension at 62 after 30 years service or an 80 percent pension at age 55 — a benefit light-years away from what most private-sector workers have…

LINK – seattletimes.nwsource.com