Principles Governing the Retirement of Public Employees Classic Reprint

Excerpt from Principles Governing the Retirement of Public Employees

The history of such devices is always more or less the same. At the outset, the payments in the form Of pensions amount in the aggregate to only a small sum, a mere fraction of the total payment for salaries. Each succeeding year, how ever, adds its new quota to the roll Of pensioners, and al though a few pensioners die, this new quota increases the total number. The aggregate amount Of the pension payments therefore increases, and after a comparatively few years, the pension payments form a very considerable percentage Of the total for salaries. The legislature and the public begin to realize that what in its beginning seemed an inexpensive method of providing for aged employees constitutes in fact a serious drain On the resources Of the state. Attempts will then be made, especially in times of financial pressure, to curtail the amount Of the expenditure for pension purposes. The reformers will encounter vested interests. Employees will advance the unanswerable argument that they were prom ised pensions, and they will ask if the state will break its prom ise to its employees and deny them what they have regarded as part Of their compensation for services.

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