Dumping new people into Tier 3 cash balance retirement makes paying for Tier 1 and Tier 2 retirees impossible without the state taxing more and spending it on Tier 1 and 2. Cash balance is exactly that. They put money in, that money grows a little, and they get it back as an annuity or can cash out. It's all paid by them. You can't make someone pay for someone else's retirement if they're not getting the same deal. It's called equal protection under the law and is part of the Constitution. It's
Dumping new people into Tier 3 cash balance retirement makes paying for Tier 1 and Tier 2 retirees impossible without the state taxing more and spending it on Tier 1 and 2. Cash balance is exactly that. They put money in, that money grows a little, and they get it back as an annuity or can cash out. It's all paid by them. You can't make someone pay for someone else's retirement if they're not getting the same deal. It's called equal protection under the law and is part of the Constitution. It's