The worst part of that is the state is on the hook for 100% of those pensions per the state constitution. Bankruptcy won't ever get rid of the debt. And that goes for all public sector pensions!
Please explain this, this is news to me, how is the State on the hook for a Muni Pension Debt?
58 posted on 02/22/2013 2:47:28 PM PST by taildragger
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There isn't much to explain except that the state constitution says that all public pensions are guaranteed by the state. So state taxpayers are on the hook for the debt.
Counties, townships, and cities are only allowed to be formed under direction of the state. I guess that is why they put that in the constitution?
59 posted on 02/23/2013 10:21:59 AM PST by Beagle8U
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