While many employees in the private sector sock away part of their incomes into 401(k)s and IRAs for retirement, full-time government employees can bank on a pension that is guaranteed to support them for the rest of their lives.
But pensions for public workers are a sore spot for some homeowners, who have to foot part of the pension bill through their property taxes. Naperville city pensions – for police officers, firefighters, public works employees and other nonsafety personnel – account for about a combined 19 percent, or $9 million, of the city’s $47.4 million 2007 tax levy.
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little gal says:
I think that you haven't done your homework. I am a government employee and earn substantially less than I could in the private sector because I choose to work (in service) for the government. For years, the state has substantially underfunded our pension, even though laws are in place that require them to make their contribution.