One of the largest budget items to be addressed by the state legislature this year is the funding shortfall of the Utah Retirement System. The pension benefits for those employed in the public sector are becoming an issue in throughout the nation. Private sector employees have been addressing this issue for years, now it is the responsibility of public employees to do the same. It has been over 15 years since the private sector began to modify pension benefits all employees. Pensions have been terminated for current, future and past employees. Many pensions have been modified, causing extreme financial distress to those affected.
The Utah Retirement System should be frozen. Implement a defined contribution, or a 401(k) plan for all individuals. If the shortfall continues, the plan should be terminated and benefits ceased. Millions of private sector workers have had their pension benefits terminated. Public sector employees should be treated no differently.