Posted on 05/11/2016 6:54:55 AM PDT by george76
the public pension debt for the 50 states and the District of Columbia jumped 84 percent in recent years, from $2.625 trillion in 2008 to $4.833 trillion in 2014.
...
The highest pension debt/household is in Alaska, with an estimated $113,137 figure; Illinois and California are in the second and third highest rankings at more than $77,000 per household. The lowest state pension debt per household is in Tennessee at $17,761.
Illinois has the lowest market funded ratio (value of pension assets divided by market liability), at 23.3 percent. The other 49 U.S. states and Washington, D.C. have a market funded ratio that is almost twice as high, at 41.4 percent.
Despite over $8 trillion in federal deficit spending flowing to the states in the 6 years from 2008 to 2014, the Stanford Institute for Economic Policy Research report demonstrates that due to increasingly underfunded public employee pensions, the financial solvency for most states has declined substantially during the period.
(Excerpt) Read more at breitbart.com ...
Apparently none of these big pension funds have ever used the services of an actuary. Brilliant.
Hint: when derby suddenly jumps on a pension fund it usually means someone has been dipping into the funds. Have worked RICO cases involving pension funds and this is usually the case. My first stop is to go directly to the fund manger / administrator because they’re almost always the cause. If they put up a big fuss when you want to review the books or subpoena the bank records you know.
This is no accident. They just operate on an assumption that the first politician who acts like an adult and tries to stop the madness will get booted out of office...so most politicians will just keep robbing Peter.
Not one penny of bailout. Let the public plans write down their benefits to fit their funding stream. That should include Social Security, which is underfunded by about 30 percent.
And then move all future public pensions, including Social Security, to a fully funded basis.
Great minds. :-)
A bankruptcy of the Federal Government (and thus the States as well) would have many bad consequences - but would have many good consequences as well.
They have here in Louisiana. But the warnings just go in one ear and out the other. The response of the Deadhead Caucus (govt employees and retireds) is: "That's somebody else's problem."
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