that's cause the state union scum tries to makes sure they get theirs first and the state be damned...
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 ...
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.
Good. Starve the B.
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Public sector pension funds.
It would be illegal for private sector pension funds to do this.
Just wondering....how much of these projected costs are due to obamacare....
that's cause the state union scum tries to makes sure they get theirs first and the state be damned...
ping
Glad I’m a Federal retiree!
Just wait and see, leech. They’ll be coming for yours soon.
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.
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.
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.
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.
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