The retirement programs are called "multiemployer" pensions, as workers from multiple companies pay into the same retirement benefit program.
Provost Christopher Eisgruber '83 said the number of University employees already had dropped by more than 100 before the retirement program's impact was felt, citing an aggressive vacancy-management program.
House Budget Committee Chairman Paul Ryan has been a proponent of privatizing the retirement program by putting seniors' savings into risky Wall Street investments.
In fact, the sdministration's proposed reallocation would make SSDI solvent for 17 more years until 2033, while reducing the retirement program's solvency by only one year, meaning it will be fine until 2033, as well.
The retirement program will be overseen by a state board, but most of the administrative work, including investing money for the program, will be outsourced to private companies.
The retirement program is also available to local governments.
It would cut an additional $207 billion by making changes to student loan programs over 10 years and $200 billion more by changing federal retirement programs and making major changes to the U.S. Postal Service," Paletta and Werner report.
While the on-budget surplus doesn't include the Social Security surplus, it does include the Medicare and government retirement programs, which, by the logic that leaves the Social Security surplus off budget, also shouldn't be available for tax cuts or spending.
Rick Perry, the governor of Texas, has sparked a high-stakes political fight over Social Security by calling the popular retirement program a "failure" and a "Ponzi scheme" on the campaign trail and in his recent book.
