TF: Cost of state workers is too high. Must bring costs down. Used to be state workers pay was low, benefits to bring in workers. Now, salary is high and benefits even higher. Avg benefit 60% of payroll for public, 30% in private business. Move from defined benefit retirement to contribution, increase retirement age.
OG: Need to address issue. Burden future generations if not done. State and municipal. Some towns have moved to 401K. Eligibility age must be increased. Christie in NJ blocked unfunding of pension fund because he is relying on concessions.
MF: By 2017, we will be broke if we don't fix system. Hybrid plan -- Wall St Journal -- two tier for new employees and current. Defined benefit and contribution. Look at other states. Need governor with courage to act.
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