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Could this problem be somehow related to mismanagement of the pension itself? When you have people putting money into a system for the better part of 30 years, it should throw of enough money for the pensioner had it not been tapped into along the way.

Might explain how Hillary "misplaced" 6 billion when she was Sec of State.

It would also explain the Social Security "lockbox" demise.

I don’t know the particulars of this pension, but most public pensions are based on the rosiest of projections and pay out much more than a comparable private plan. Usually retirement prior to 60 years old, and a large payout every month. Its not uncommon for somebody who worked for 25 years to get 20 years of pension - which is nearly impossible to make work.

"Could this problem be somehow related to mismanagement of the pension itself?"

There were some great in-depth reporting on the mismanagement of the pension from the 2 Detroit Newspapers when that story was gaining steam. Tales of cronies being made Pension Managers with no financial background loosing 1.5 billion comes to mind. I don't know if the Teachers Pension did this, but any year the Pension did well via the markets, the pension recipients got a bonus kind of like the "Big 3". But what they were doing was dipping into seed corn for the future by the disbursement of this equity / asset. Even Mayor Dennis Archer tried to get to stop this in the early to mid 90's and the dysfunctional City Council said Nyet..

I hope Cripplecreek can confirm what I have posted here and that I got the info correct...