Apr 21, 2007

gainsharing probably dead--make that actually dead

Gainsharing, or gain sharing, or gain-sharing: by any other name, this rose is just as wilted.
The House voted to end a retirement benefit for some state workers Saturday, likely ensuring the end of “gain sharing.”

Democrats said the benefit, once thought to cost essentially nothing, will cost too much in the future. In exchange for ending the program, they plan to lower state workers’ retirement age by three years.
Republicans got to play the "a promise is a promise" card on this one, but lost. I'll take earlier retirement, though, if I can get it. To borrow a phrase from Delmar O'Donnell, "I'll only be 62."

We'll see how this all plays out. I'll post updates as soon as they're available.

Update: Yep, it's gone. If it's any consolation, though, plan II and III members can now exit three years earlier without penalty.

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