Bevin's not bright enough of a bulb to realize that when you put all the new people into a cash balance 401k type plan, then the system stops receiving all of the contributions that have always been required of those in defined benefit plans. You can't extract as much money from those having no real retirement just to pay for those who still have a retirement.
Bevin's not bright enough of a bulb to realize that when you put all the new people into a cash balance 401k type plan, then the system stops receiving all of the contributions that have always been required of those in defined benefit plans. You can't extract as much money from those having no real retirement just to pay for those who still have a retirement.