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Across the nation, pension funds are coming up short
Sacramento Bee ^ | 6/24/12 | Jon Ortiz

Posted on 06/24/2012 3:11:07 PM PDT by SmithL

California's public retirement systems' pension obligations were a combined $112 billion beyond the value of their assets in 2010, according to a report released this week, with anticipated retiree health costs adding another $77 billion in unfunded liabilities.

The study issued by the nonprofit, nonpartisan Pew Center for the States says that the combined pension and health costs are both a cause for serious concerns.

California's total long-term retirement and health costs two years ago totaled $593.7 billion, but the funds paid just 75 percent of the recommended contribution into pension plans and 29 percent of what the state should have paid to fund retiree health benefits.

Nationally, states continued to lose ground . . .

(Excerpt) Read more at sacbee.com ...


TOPICS: Business/Economy; Extended News; Government; Politics/Elections
KEYWORDS: pensions; publicpensions; unionthugs; yourtaxdollarsatwork

1 posted on 06/24/2012 3:11:11 PM PDT by SmithL
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To: SmithL

Well, the solution is obvious. Increase taxes./s


2 posted on 06/24/2012 3:19:24 PM PDT by Signalman ( November, 2012-The End of an Error)
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To: SmithL

I heard these liabilities were approaching $900 billion for California alone.


3 posted on 06/24/2012 3:21:54 PM PDT by 4Liberty (88% of Americans are NON-UNION. We value honest, peaceful Free trade-NOT protectionist CARTELS)
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To: SmithL
Looks to me like those stingy 1%’ers just aren't paying their fair share. /s

It takes brotherly caring financially to support a communist state.

4 posted on 06/24/2012 3:30:17 PM PDT by EGPWS (Trust in God, question everyone else)
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To: Signalman

But OF COURSE! Why didn’t I think of that? The solution is so obvious, raise taxes. How simple could that be so that we citizens can pay for the public servants gold plated health care programs and pensions?

Of course, we’ll just turn right back around and raise our wages won’t we? That will allow us to be super competitive in the world markets won’t it.

Sarcasm off pissed off back on.


5 posted on 06/24/2012 3:36:02 PM PDT by Sequoyah101 (You've been screwed by your government.)
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To: Sequoyah101

And another thing... they, the public sector, think they have paid in to their retirement benefits adequately...not a chance.

They haven’t a clue about what an actuarial table, sinking fund or annuity is. They live on the public care tit and suck it dry. At the same time they bludgeon the cow with rules and regulations.


6 posted on 06/24/2012 3:39:12 PM PDT by Sequoyah101 (You've been screwed by your government.)
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To: SmithL
Obviously, social security or any retirement program should never be privatized. Government knows best how their money er your money should be invested.
7 posted on 06/24/2012 3:41:11 PM PDT by johniegrad
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To: SmithL
Obviously, social security or any retirement program should never be privatized. Government knows best how their money er your money should be invested.
8 posted on 06/24/2012 3:41:26 PM PDT by johniegrad
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To: SmithL
Obviously, social security or any retirement program should never be privatized. Government knows best how their money er your money should be invested.
9 posted on 06/24/2012 3:41:36 PM PDT by johniegrad
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To: SmithL

So much for retirement. I work for the railroad, and our retirement is completely separate from social security (it actually pre-dates it, so the feds left it alone, until recently). We pay into our own pension fund at a higher rate than SS, around 11% off the top of our paychecks. There is no employer match, and the plan is fully funded by the railroad employees. This system worked just fine for 80 or so years until paul ryan and congess decided that they couldn’t have a competitor to the SS piggy bank. They’re dicating to us when we can retire, how much we can receive, and how much they want to put back into government control through SS. If this happens, your 401k, IRA’s, and other retirement plans will be up for grabs by the feds. If the feds can break a contract with the railroad, they can break any contract they want with impunity.


10 posted on 06/24/2012 3:41:50 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: SmithL

So much for retirement. I work for the railroad, and our retirement is completely separate from social security (it actually pre-dates it, so the feds left it alone, until recently). We pay into our own pension fund at a higher rate than SS, around 11% off the top of our paychecks. There is no employer match, and the plan is fully funded by the railroad employees. This system worked just fine for 80 or so years until paul ryan and congess decided that they couldn’t have a competitor to the SS piggy bank. They’re dicating to us when we can retire, how much we can receive, and how much they want to put back into government control through SS. If this happens, your 401k, IRA’s, and other retirement plans will be up for grabs by the feds. If the feds can break a contract with the railroad, they can break any contract they want with impunity.


11 posted on 06/24/2012 3:49:26 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: SmithL

So much for retirement. I work for the railroad, and our retirement is completely separate from social security (it actually pre-dates it, so the feds left it alone, until recently). We pay into our own pension fund at a higher rate than SS, around 11% off the top of our paychecks. There is no employer match, and the plan is fully funded by the railroad employees. This system worked just fine for 80 or so years until paul ryan and congess decided that they couldn’t have a competitor to the SS piggy bank. They’re dicating to us when we can retire, how much we can receive, and how much they want to put back into government control through SS. If this happens, your 401k, IRA’s, and other retirement plans will be up for grabs by the feds. If the feds can break a contract with the railroad, they can break any contract they want with impunity.


12 posted on 06/24/2012 3:49:39 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: SmithL

So much for retirement. I work for the railroad, and our retirement is completely separate from social security (it actually pre-dates it, so the feds left it alone, until recently). We pay into our own pension fund at a higher rate than SS, around 11% off the top of our paychecks. There is no employer match, and the plan is fully funded by the railroad employees. This system worked just fine for 80 or so years until paul ryan and congess decided that they couldn’t have a competitor to the SS piggy bank. They’re dicating to us when we can retire, how much we can receive, and how much they want to put back into government control through SS. If this happens, your 401k, IRA’s, and other retirement plans will be up for grabs by the feds. If the feds can break a contract with the railroad, they can break any contract they want with impunity.


13 posted on 06/24/2012 3:50:07 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: SmithL
So much for retirement. I work for the railroad, and our retirement is completely separate from social security (it actually pre-dates it, so the feds left it alone, until recently). We pay into our own pension fund at a higher rate than SS, around 11% off the top of our paychecks. There is no employer match, and the plan is fully funded by the railroad employees. This system worked just fine for 80 or so years until paul ryan and Congress decided that they couldn't have a competitor to the SS piggy bank. They're dictating to us when we can retire, how much we can receive, and how much they want to put back into government control through SS. If this happens, your 401k, IRA’s, and other retirement plans will be up for grabs by the feds. If the feds can break a contract with the railroad, they can break any contract they want with impunity.
14 posted on 06/24/2012 3:52:34 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: SmithL
So much for retirement. I work for the railroad, and our retirement is completely separate from social security (it actually pre-dates it, so the feds left it alone, until recently). We pay into our own pension fund at a higher rate than SS, around 11% off the top of our paychecks. There is no employer match, and the plan is fully funded by the railroad employees. This system worked just fine for 80 or so years until paul ryan and Congress decided that they couldn't have a competitor to the SS piggy bank. They're dictating to us when we can retire, how much we can receive, and how much they want to put back into government control through SS. If this happens, your 401k, IRA’s, and other retirement plans will be up for grabs by the feds. If the feds can break a contract with the railroad, they can break any contract they want with impunity.
15 posted on 06/24/2012 3:52:54 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: SmithL
So much for retirement. I work for the railroad, and our retirement is completely separate from social security (it actually pre-dates it, so the feds left it alone, until recently). We pay into our own pension fund at a higher rate than SS, around 11% off the top of our paychecks. There is no employer match, and the plan is fully funded by the railroad employees. This system worked just fine for 80 or so years until paul ryan and Congress decided that they couldn't have a competitor to the SS piggy bank. They're dictating to us when we can retire, how much we can receive, and how much they want to put back into government control through SS. If this happens, your 401k, IRA’s, and other retirement plans will be up for grabs by the feds. If the feds can break a contract with the railroad, they can break any contract they want with impunity.
16 posted on 06/24/2012 3:53:32 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: factoryrat

And to think I felt bad about the triple post!!


17 posted on 06/24/2012 3:55:17 PM PDT by johniegrad
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To: johniegrad

Having serious problems with my connection, I apologize for the scattershot reply.


18 posted on 06/24/2012 3:58:18 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: SmithL
Interesting to see New York State in a surprisingly strong position on that graphic. For all the justifiable criticism of New York as a leftist "blue" state, it actually has a well-managed pension system under the state comptroller's office.

Future retiree medical insurance costs are another matter entirely, though. I understand New York is in terrible shape on that front.

19 posted on 06/24/2012 4:00:36 PM PDT by Alberta's Child ("If you touch my junk, I'm gonna have you arrested.")
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To: SmithL
Interesting to see New York State in a surprisingly strong position on that graphic. For all the justifiable criticism of New York as a leftist "blue" state, it actually has a well-managed pension system under the state comptroller's office.

Future retiree medical insurance costs are another matter entirely, though. I understand New York is in terrible shape on that front.

20 posted on 06/24/2012 4:01:16 PM PDT by Alberta's Child ("If you touch my junk, I'm gonna have you arrested.")
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To: Signalman

The real question here is: What is the present value of future benefits vs. how much is currently in the fund.

This is an area where a person can get people really worked up without the facts.

I agree it is a real big problem. We haven’t even seen the tip of the iceberg of this problem for Fed, State & local Govt’s.


21 posted on 06/24/2012 4:09:55 PM PDT by tired&retired
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To: SmithL

Good. Starve the B.

Rasmussen Consumer Index-Consumer Confidence Falls to Lowest Level Since January
http://www.freerepublic.com/focus/f-chat/2898908/posts

The Limits of Fed Monetary Policy for “Affordable” Housing
http://www.freerepublic.com/focus/f-bloggers/2898925/posts


22 posted on 06/24/2012 4:17:56 PM PDT by familyop ("Wanna cigarette? You're never too young to start." --Deacon, "Waterworld")
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To: SmithL

Public sector pension funds.

It would be illegal for private sector pension funds to do this.


23 posted on 06/24/2012 4:23:11 PM PDT by <1/1,000,000th%
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To: SmithL

Just wondering....how much of these projected costs are due to obamacare....


24 posted on 06/24/2012 4:35:58 PM PDT by bike800
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To: Alberta's Child
that's cause the state union scum tries to makes sure they get theirs first and the state be damned...
25 posted on 06/24/2012 4:49:25 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: windcliff

ping


26 posted on 06/24/2012 4:59:27 PM PDT by onedoug
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To: SmithL

Glad I’m a Federal retiree!


27 posted on 06/24/2012 5:00:46 PM PDT by Poundstone (A recent Federal retiree and proud of it!)
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To: Poundstone

Just wait and see, leech. They’ll be coming for yours soon.


28 posted on 06/24/2012 5:03:59 PM PDT by Lurker (Violence is rarely the answer. But when it is, it is the only answer.)
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To: SmithL

The article is a typical liberal distortion. They say that it’s a national problem in order to minimize the CA government’s own culpability. The numbers they postulate are not doubt skewed as well.


29 posted on 06/24/2012 5:12:00 PM PDT by Brilliant
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To: Poundstone; Lurker

Sure, the federal government has lots of money, right?

They’re loaded! Their pension promises are ironclad, right, as you yourself are always saying? Because of the terrific productivity and practicality of shuffling old lifers like you?

Pigiron, that is.

You’re going to end up with squat, like every shiftless mooch who has depended on the federal teat for your daily sustenance.

Think, just try to THINK for a moment: The U.S. Treasury is overdrawn to the tune of $16 trillion in current obligations, and scores of trillions when you add in unfunded liabilities (for nipple-suckers like you).

When the house of credit cards comes tumbling down, who do you think is going to pay you? Who is going to honor your silly little federal chits? Who is going to pay your doctor? Who is going feed the poor federal dependent like you?

No one, that’s who. The scam will be over, the dance will shut down. And your smug, jeering little life in Arlington will suddenly become something very different. Good luck with it.


30 posted on 06/24/2012 5:35:57 PM PDT by Fightin Whitey
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To: factoryrat

You put all your eggs into the gov’t basket. You trusted them.

Paul Ryan isn’t your problem. You are responsible for your savings and retirement. You have no one to blame except yourself.


31 posted on 06/24/2012 7:24:51 PM PDT by AlmaKing
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To: AlmaKing

The railroad retirement is not administered by the feds, it is a separate fund, like a 401k or IRA. The railroad employees fund the program themselves, and up until recently, without government interference. If the feds can bust into the railroad fund, your retirement funds, including 401k’s and IRA’s will be ripe for the picking by the feds next. If they can steal my money, yours will be next.


32 posted on 06/25/2012 8:34:03 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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