Posted on 04/04/2015 10:53:36 AM PDT by SeekAndFind
Pension funding is a hot topic in the political world. Retirees who have worked their entire lives end up retiring with very little to their name or have a very difficult time accessing their funds. These problems vary from state to state, with underfunded pensions accounting for the worst.
Many states promise a certain amount for public employee retirement benefits, but don’t deliver in the end. According to this post from State Budget Solutions, last year’s unfunded pensions reached an all-time high of $4.7 trillion. This funding gap is affecting every state, but for some it hits harder than others.
Let’s take a look at some of states with the most underfunded pensions, according to Bloomberg.com.
(Excerpt) Read more at americanthinker.com ...
Wisconsin is one of the few that is fully funded. (Thank you Scott Walker.)
Underfunded state pension funds are no problem for the elites.
The minions they have placed in public office shift tax dollars to keep the funds solvent.
If necessary, they just crank up taxes on taxpayers.
Where are the protests?
Government employees are not receiving their full pensions? And they aren’t out in the streets? Why not?
I like to be sure b4 I send this stuff around
wheres the link at Bloomberg and how old is this stat?
And this doesn’t even try to cover underfunded (or even entirely unfunded) city and county pensions.
Which I have pointed out to my BIL, and for which reason when this comes to a head for him (it absolutely will he is in Fort Worth) I will give him mockery rather than sympathy.
If you work one of those jobs be happy with what you are getting right now. Today. And don’t gibber and cry about the nothing you wind up with down the road. People told you how this would end but you chose to believe whoever would tell you what you wanted to hear.
Just another racist, homophobic, anti-Islam attack on the Black Man in the White Hut Mosque House!
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>> “Underfunded state pension funds are no problem for the elites.” <<
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Until the pitchforks and rocks (of whatever caliber) begin to fly, anyway.
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The biggest problem is they let the government hold their money
One thing I believe is certain:
Federally guaranteed borrowing for Cal, Ill, and NYS.
Gotta keep those 104 evs locked in for Democrats.
Health care costs for retirees in New York State are a whole different story, since actuarial tables don't work well in that area.
Wow. Disappointed in Kansas. We have never had a public pension and don’t even have a private one. Half of our portfolio is in land holdings and the rest in a very conservative portfolio. If we were immortal (in the bio sense) I would be concerned but we should be okay till we die.
“Interestingly, New York State has one of the most stable pension systems in the country”
At the State level the Republicans do OK, I believe they control the Senate currently. I don’t believe RATS have had a veto proof majority in a while.
How is California not at or near the top of that list? Must be some Moonbeam creative accounting.
Democrat governor coumo gave state employees a seven year contract with the following raises: 3,4,0,0,0,2,2. This is how NY works. Niether dems nor repubs give generous contracts to unions. probably because they are always on the brink of bankruptcy.
New York’s founders were quite smart when they required that a separately elected state comptroller be in charge of the public pension fund rather than the governor or the legislature. Andrew Cuomo’s father tried very hard to raid the pension fund when he was governor. The fund is more than 90% funded which is one of the best in the country. This is one of the few government functions in my hellhole state that actually works well.
In California the vast majority of State, County and local public employees are in CalPERS, which is about 70% funded. Not quite bad enough to make the list.
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