Public Vs. Private: Where Pensions Are Golden

All pensions and health-care plans are not created equal. At the same time millions of workers in private industry have lost the benefits they once thought they had for life, another group is doing quite nicely, secure in the knowledge that their benefits are protected forever--not by some government agency, but directly by you, the taxpayer.

They are public employees in state and local governments, ranging from teachers to cops. Most collect guaranteed pensions provided through state and local taxes and their own contributions and investment returns. Overall, 90% of public employees enjoy a defined-benefit pension, compared with only 20% (and...

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