[Publib] Pension? What pension?

[Backwage at aol.com]

Many public sector pension funds are hurting, and many more will join the  
club.  Nobody wishes to acknowledge that, given the actual numbers, it will  be 
unlikely that ultimate levels of pension payout will match  expectations.  The 
difference between state/local pensions and the  retirements provided to 
federal government employees is that the feds can print  money to back their 
debts; obviously the states can't.  The public sector  pensions are finding 
themselves in the same pinch as private sector funds, and  for the same reasons.  
 
An important consequence of this situation is that many workers are opting  
to remain in their jobs years beyond their expected retirement date, for the  
sake of financial security and to build up additional pension credits.  I  
believe that this is part of the reason for the failure of the "librarian  
shortage" projections to come true.  Beyond that, the extension of library  careers 
beyond expected retirement dates means that the highest-paid  workers are 
remaining in the pool.  What this means for library  staffing budgets is obvious.  
 
M. McGrorty
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