There are few, if any, investments offering as high a risk-adjusted return as a public pension.
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2.
If they dared jump in mid-career to another firm, they'd lose a lot of what they had earned in retirement benefits, because pension credits were not adjusted for inflation.
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3.
Going forward, the company will continue to put money into its pension funds, as required by law, but pensions will not be adjusted upward to reflect any salary increases after March 1, capping the company's contributions.