Ditch rich bureaucratic pensions – invest in 401(k) like the rest of us Dear Editor, I cannot count the number of articles I’ve read in various newspapers about a city’s budget problems. The one issue that seems to be a big part of the problem across the board is pensions. It’s been repeated city after city. It certainly is a problem for the state of California as well. It would seem to me that perhaps CalPERS and its ilk should be shut down and employees become vested in 401(k) programs. That’s the option the rest of us have. I invested in my own retirement. My rate of return went up and
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