FTA;
By the way, victims of the law policies are often unionized workers -- America's truckers, factory workers and teachers -- whose lifetime savings are put at risk Thereby opening the door for government takeover of those plans in order to "safeguard" the investments of those workers. The government has had it's eye on these accounts for a loooong time....and the government wants them!!!!
I fully expect to see the name Teresa Ghilarducci re-emerge in this scheme.
Most of those pension plans are in serious trouble, especially state and municipal public employees. Taking them over means having the nation's taxpayers cover the shortfall. It would be similar to the government's takeover of the college loan program.
State, municipal pension plans have wider funding deficit
State and local pension funds had a $1.4 trillion funding deficit at the end of 2022, according to Equable Institute. Over the past year, assets fell by 4.5% to $4.9 trillion, while liabilities increased 3.7% to $6.4 trillion. The funding gap, which was just under $1 trillion at the end of 2021, jumped to $1.4 trillion, in line with previous years.
The funding ratio was 77.3%, down from 2021's 83.9%. From 2017 to 2021, it ranged from 71% to 73%.
