Across the nation, pension funds are coming up short

Sacramento Bee ^ | 6/24/12 | Jon Ortiz

[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 . . .

[SmithL]

[Signalman]

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

[4Liberty]

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

[EGPWS]

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.

[Sequoyah101]

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.

[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.

[johniegrad]

Obviously, social security or any retirement program should never be privatized. Government knows best how their money er your money should be invested.

[johniegrad]

Obviously, social security or any retirement program should never be privatized. Government knows best how their money er your money should be invested.

[johniegrad]

Obviously, social security or any retirement program should never be privatized. Government knows best how their money er your money should be invested.

[factoryrat]

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.

[factoryrat]

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.

[factoryrat]

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.

[factoryrat]

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.

[factoryrat]

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.

[factoryrat]

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.

[factoryrat]

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.

[johniegrad]

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

[factoryrat]

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

[Alberta's Child]

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.

[Alberta's Child]

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.