"This Is Going To Be A National Crisis" - One Of The Largest U.S. Pension Funds Set To Cut Retiree

zero hedge ^ | 4/20/16 | Tyler Durden

[Smokin' Joe]

We are pretty much out of runway.

On the current glide path, "runway" is only a radius a couple times the wingspan.

[Smokin' Joe]

The best fix is an improved economy raising all of the sinking ships....

A rising tide just puts a sinking ship further under water. Better patch the holes and float your boat.

[absalom01]

Keep an eye on your 401K.

[napscoordinator]

I know you like giving the taxpayer money to terrorists. But I’d rather give to Americans. You’d rather give to foreigners who want to kill us. I shake my head to that.

[napscoordinator]

You terrorist lovers are in full force tonight.

[Nailbiter]

ping

[GOPJ]

Thanks for the ping.

[Jack Hammer]

obama’s socialism cutting deep.

[Retain Mike]

I often wonder how could people reason in this manner, but in Oregon we have a great example of what you are talking about with our PERS pension fund. I was part of this plan for about 10 years in the 70's and 80's. They had and, I believe, still have an option dictated by our legislature that you can be guaranteed an 8% return. But it gets worse because if the stock market has a good year you participate partially in the extra earnings. If the market has a bad year you are completely sheltered from that experience. They have accumulated a huge unfunded liability that must be passed onto all the state and local taxing districts which have participated in this scheme. When I saw that option in 1976 I could not sign up fast enough, because with my limited knowledge from an MBA in finance I could not image how the scheme could work and that it must soon be abandoned.

In contrast my private plan through a church, which optimistically has at best 1% of the MBA’s that Oregon PERS can call upon, has increased my annual payment since my retirement by 56% in the fifteen years since 2001.

[Angels27]

How much of the fund was embezzled?

[VeniVidiVici]

You terrorist lovers are in full force tonight.

Your own teat must be in danger.

[jneesy]

Hey Teamsters Hillary’s got your money

[chuckee]

“The Central States Pension Fund is currently paying out $3.46 in pension benefits for every $1 it receives from employers..”

Sounds like they hired government mathematicians. What possibly could go wrong?

[Pontiac]

Meanwhile we continue to give Iran, and other Middle Eastern states (except Israel) all that money that could go towards these pensions. Disgusting government.

If it sinks it is because of the mismanagement of the pension fund.

Not saying the union did not mismanage the pension fund but country being mismanaged by Obama and Congress probably had more to do with that pension fund’s losses.

[biff]

Don’ be a full on retard. Why do you think i am a terrorist lover?

[newnhdad]

Maybe they should have spent their money in solidifying their retirement investments instead of electing democrats... not to worry Obama will sign an executive order taking our money and bailing them out..

[Foundahardheadedwoman]

I think that Obammy’s got the money in his stash.

[ronnie raygun]

This along with the criminals in DC forcing 401k providers out of business and employers forced to push their employees into a government run 401k scam. WE will give you what we think you deserve and the rest will be offered to those in need

[griswold3]

‘The Central States Pension Fund is currently paying out $3.46 in pension benefits for every $1 it receives from employers, which has resulted in the fund paying out $2 billion more in benefits’

Too few workers (employers going OOB) supporting too many retirees. The promised returns on these pension funds were always a lie. Too bad employees believed and trusted these figures.

[napscoordinator]

I just get pissed when I see Americans getting screwed by our government while we send money to the Middle East. Even if they are liberal, I’d still rather give money to them rather then the Muslims of the Middle East.