Letter: A 401K is no match for a pension - Ahwatukee Foothills News: Letters To The Editor

Letter: A 401K is no match for a pension

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Posted: Friday, April 25, 2014 4:55 pm

Corrupt management and lack of pension annual checks and balances should lead to the arrests of those guilty of abusing the vital pension system. Their corrupt actions need prison sentences and fines for the pension system and employees they stole from.

I would be unable to exist in my home without having paid my required payments to my pension plan before retirement. The huge deficit these thieves created must not go unpunished.

To be offered a 401K is a sick joke. I lived through one of those times and when everything settled, many of my co-workers lost thousands of dollars as their 401K savings were wiped out.

The thieves need to pay back the families they have affected by destroying their retirement dreams. Yes, the damage needs to be sorted out, fines and punishment need to bring some justice to the employees pension system. It needs to be salvaged by higher pension premiums, maybe more years of service, and an independent periodic review of the needs and checks and balances of the retirement system.

Do not take a 401K as a replacement for a hard earned pension plan that can be and should be saved. A 401K is no match for a pension and is not a viable option.

If the politicians get a pension for a few years’ service how can that be justified? They are no better than government workers, military personnel, firefighters, police, health, trash pick-up workers and workers that keep our cities, counties and state working smoothly.

Joe Campbell

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