Re:Cash-strapped councils switch off CCTV cameras across UK
by fennecfoxen on Saturday May 23, 2015 @11:24AM
(#9593163)
> Final salary schemes were considered normal, not "gold plated",
These days defined-benefit schemes are "normal" in the US only for government employees. In the private sector, they were largely phased out in favor of defined-contribution pensions, decades ago, with only a few labor-union-negotiated holdouts. This is probably a good thing for workers whose employer may go out of business or go bankrupt some day (cough GM cough) in a way that governments theoretically shouldn't.
Meanwhile in actually-bankrupt US cities, look at Stockton, California... especially renowned for government employees working insane overtime in their final year to make final-salary calculations as impressive as possible.
These days defined-benefit schemes are "normal" in the US only for government employees. In the private sector, they were largely phased out in favor of defined-contribution pensions, decades ago, with only a few labor-union-negotiated holdouts. This is probably a good thing for workers whose employer may go out of business or go bankrupt some day (cough GM cough) in a way that governments theoretically shouldn't.
Meanwhile in actually-bankrupt US cities, look at Stockton, California... especially renowned for government employees working insane overtime in their final year to make final-salary calculations as impressive as possible.