Cost Of Pensions Rising For Taxpayers - Cleveland 19 News Cleveland, OH

Cost Of Pensions Rising For Taxpayers

CLEVELAND (AP) - A northeast Ohio newspaper is reporting that
the amount of tax money spent on public pensions and guaranteeing
retirement payments for government workers increased by almost a
third over the past six years.

The Cleveland Plain Dealer says that supporting pension funds
will cost three-point-five (b) billion this year. Critics say some
plans, which give retirees an average pension of around 21-thousand
dollars, compared with 18-thousand for private sector retirees, are
too generous.

Many private companies have abandoned pensions to save money,
but public pensions are guaranteed, funded by employee
contributions and investment earnings, and covered by taxpayers if
they run out of money.

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