I have just returned from the Imperial Irrigation District Board of Directors meeting, where the rollover of the employees' retirement fund was the main topic for the evening.
I do not understand the board's unwillingness to treat this matter as a rollover instead of a massive retirement by all employees. As I understand it, the district was supposed to be contributing to a general fund a certain percentage of each employee's wages every payday to provide for the future retirement of each employee. Now that, for whatever reasons, this fund is no longer able to provide for our retirement, it is being "rolled over" into a 401(a) account.
This means the employees will now be able to gamble their retirement funds on the stock market. My problem is with the "formula" used to distribute these funds. The biggest factor in how much an employee will receive is that employee's age. How fair is this to an employee who at a young age decided to make the district a career and has been contributing more than 20 years, only to see employees with less than five years being given more money?