Today’s staff editorial at YDR.com argues that Joe Paterno and other highly paid state employees should not get pensions. The family of the late coach is slated to get $13.4 million.
Here’s an excerpt:
…The payment – a lump sum of $10.1 million and the rest paid out over the next two years – makes a strong case for reforming the state pension system.
Coach Paterno’s pension comes from the State Employees’ Retirement System, which covers everybody from a PennDOT flagger to the highest-paid employee in the state. As it is, the formula for determining pensions cuts off at $240,000 a year – still a pretty good figure. Even at that income level, a person should be able to provide for a comfortable retirement without having to collect a pension.
And that may be the issue. A number of very highly paid state employees are able to get huge pensions at a time when current employees are concerned about the future of the system.
What do you think?