Messing with the well-being of city employees
In The Seattle Times’ Business section aviation analyst Richard Aboulafia warns that Boeing is running big risks in forcing major concessions from its unions [“Analyst Aboulafia lauds 777X, berates Boeing for creating ‘ill will‘, Business/Technology, Feb. 6].
He comments, “If you don’t have the workers on your team working with you and feeling good, you’ve lost a big chunk of the battle.” It is well known that the forced concession angering Boeing machinists is the substitution of a 401(k) plan for their defined-benefit pension.
Yet, on the following page, former State Auditor Brian Sonntag suggests that Seattle might do well to follow this same path with our city employees [“Seattle’s pension system is unsustainable,” Opinion, Feb. 5]. Do we really want those supplying our essential city services, many of whom make considerably less than Boeing workers, to work for us feeling they are no longer respected players on our city team?
Edith Ruby, Seattle
Realities of retirement planning do not reflect rhetoric
What if everyone who has a mortgage had to make all of their future payments right now? It would not be surprising to find that the total sum could not be paid if the amount owed on those mortgages “came due all at once.” Although this is what former State Auditor Brian Sonntag presents as a problem, it is not what happens with mortgages, nor does it happen with pension obligations.More