The state assembly yesterday passed a bill that will decimate the retirement plans of all state employees, both current and future. I have created a calculator that estimates the losses, and they are staggering, when considered over a retiree’s remaining years.
You can try the calculator here. Don’t be too shocked when you look at the totals! This is highway robbery of the highest degree and I hope that the courts will agree that it is unconstitutional. Look at the results in the calculator. If that isn’t “diminishment” then I don’t know what the word means.