The Morning Report
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Tuesday, Nov. 28, 2006 | Richard Rider’s letter, “Say No to Higher Taxes,”zeros in on the “deluxe pension plans” provided to city employees. He fails to point out, however, that one of the “plans,” the SPSP plan, was put into place in 1982 in lieu of the federal social security plan. Contributions by the city and the employee are exactly the same as would be required for social security contributions. The difference is that the money goes into an investment account with the principal fluctuating with the stock market. In most cases, the SPSP plan has proven beneficial to employees while costing the city and the taxpayers no more than would have been expended for the normally required social security contributions. It would be nice if Mr. Rider had provided all the facts before painting such a negative picture of the “deluxe pension plans.”

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