Eliminate public pensions.  Putting hundreds of millions of dollars in politician's hands is a recipe for disaster.  Convert all pension plans to personal 401k plans.  The plans are underfunded because the politicians made promised they couldn't keep.

 

If that means a retired cop gets only half of what was promised, that's still better than stealing more from the public.  Besides, a lot of guys put in their 20 and then work for another 3 decades while collecting the full pension.  Too many double and triple dippers.

 

Also, the rules make it easy to defraud the public and the pension fund.  If a guy's pension is going to be 90% of his final year's pay a lot of them will spend that last year getting as much overtime as possible.  So a guy who makes $55k can pull in $75k the final year and get a pension of $67,500 for life instead of $49,500.  He's not only ripping off the public but all others in the pension.

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