Posted on 12/28/2011 1:42:14 PM PST by Oldeconomybuyer
The stock market's summer slide took a toll on public pension funds, with the assets of the 100 largest ones down 8.5% in the third quarter of 2011, the Census Bureau reported Wednesday.
The quarterly decline was the first since early 2010, and the steepest since the fourth quarter of 2008, when the asset total plummeted 13.5% at the height of the global financial crisis.
The latest drop brought the value of investments and cash held by the biggest pension funds -- including the California Public Employees' Retirement System, the California State Teachers' Retirement System and the Los Angeles City Employees' Retirement System -- to $2.5 trillion on Sept. 30, down $236.6 billion from June 30.
(Excerpt) Read more at latimesblogs.latimes.com ...
Who will bail-out the bail-outers?
Well, only half of us pay taxes, so it is no problem for the other half. These pension plans are probably nearly all defined benefit plans, as well. We are so screwed.
Uh, no one... Feel free to work until your 90 as you won’t have a retirement because you are working for theirs..
Things will not change until you start cutting administrative and management positions in every state
As good as the GOP has been in some states with reducing state employees....they still have failed to cut the overpaid administrators and managers...who not only get big salaries....but get huge retirements that a unionized state worker cannot even dream of getting.
Reducing management and admin, you remove a huge pension liability
Problem is that, in most states, a lot of state politicians (both GOP and DNC) end up in those high-paid management/admin positions...and do not want to cut them.
Yeah...we got a former Football coach (retired) making $400,000/yr in retirement here in Oregon....while he is pulling in more than a million a year (I THINK) from ESPN...
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