Posted on 10/19/2016 9:05:18 AM PDT by Lorianne
Dallas Police Retiring in Droves, Taking Lump Sum Pensions, Fearing the Money Isn’t There (And It Isn’t)
The Dallas police and firefighters pension fund has just 45% of the money it needs to cover benefits. The fund rates to be out of money in 15 years at the current rate of withdrawals.
For those eligible, the sane thing to do is retire and take a lump sum payout before the money is all gone.
That’s precisely what’s happening, and it is further pressuring the system.
(Excerpt) Read more at mishtalk.com ...
Here in NJ all the young people want a government job (most real private-sector jobs are gone) and all the older people and companies want to leave the state to avoid being saddled with the resulting bills. Governments at all levels are spending as though we have a 1950s economy when the reality is our economy has shrunk considerably (and will continue to do so).
If these public sector, pre 65 retirees get medical paid for, we all know what happened there.
That expense at least doubled in the past three years and is not budgeted for. So when they say the pension funds run out in 2025, think 2020.
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