Posted on 09/26/2014 11:53:54 AM PDT by george76
the 25 biggest systems by assets averaged a 7.45% return from 2004 to 2013, but liabilities tripled over the same period leaving them facing a $2 trillion shortfall as investment returns can’t keep up with ballooning obligations. The top 25 funds account for 40% of the entire US public pension system with Illinois, Kentucky, Connecticut, and Louisiana at the top of the 'most underfunded' list.
....
the New York-based credit rater’s calculation of liabilities tripled in the eight years through 2012,
...
liabilities are crowding out spending for services, roads and schools.
(Excerpt) Read more at zerohedge.com ...
Greedy socialist bastards.
TS.
Cut the pensions. Give the unions a taste of what they created.
Blame the politicians who OVER promised Defined Benefits instead of current wages to pay for the union vote knowing they would be out of office enjoying their own DB retirement when the SH*T hits the fan a few decades afterwards, which is now.
The only thing to do now is REDUCE the overpromised benefits. BUT, instead they will tax the struggling privae sector middle class who have funded their own retirements.
Fingers Crossed here - my former employer's pension fund in 110% funded. Market was up last year. ; )
Since when were Ponzi Schemes supposed to be solvent in the first place??
Who’s in the worst shape? Illinois.
Who’s in the best shape? Wisconsin.
Gee, I wonder why?
They'll figure something out .... or not
I've been around the block a few times and though a few scars ... not too bad for the wear.
Goverment's too big and MUST be in O.R. Asap
Easy to solve...another stimulus bill.
aND LET THEM TAKE IT TO THE SUPERS
Yep, the US taxpayer will get stiffed with this -
or, whoever is stupid enough to hold US debt.
Mine is right smack in the middle. They finally got us to put some money(5%) into the game.
Or we will collapse AGAIN.
Just because the US economy hasn’t collapsed in our lifetime doesn’t make it immune to reality.
Sept 13, 2015.
I plan to pull back to about 50% cash around the 11th.
cut ALL the govt pensions...this is going to hit some 20 vets hard but the whole system is OBSCENE and we all know it.
Cities and states promised their workers retirement money without ever properly funding them, instead spending the money on pork barrel projects and redundant government agencies. If it had been private company, they would have already been hauled in front of a judge to explain what they did with the money.
Boomers are in trouble.
Ban public sector unions and end all defined benefit pension plans!
Whatever vested pension they have would be converted to a 401-k.
And the government has plans to seize 401-k funds. Bye-bye money.
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