Reported Today UNDERFUNDED PENSIONS

[WOODYDEL]

So today they are reporting the horrendous condition the state pension plans are in. So as I'm reading the article I'm apprehensive about the pension system in my state which as I remembered it was is excellent shape. What are they going to surprise me with was my thought.

The worst state? Illinois at 51%!

The BEST state? NEW YORK. 101%

Yeah I'm bragging. Just like I bragged about Suffolk County.

[edj]

Quote:

Originally Posted by WOODYDEL The worst state? Illinois at 51%! The BEST state? NEW YORK. 101%

What are the percentages measuring? Underfunded? Overfunded?


Oops.... never mind, I just noticed the thread title......

[melvonnar]

Like chicken little says;

The sky is falling; the sky is falling.

There are many things you can't do anything about; Why worry yourself about those things.

[Wanabee FTer]

My wife is an RN and some of her co-workers lost 30 years worth of retirement pension because the community hospital couldn't keep running in the red, so sold to a private corporation. The new corp simply stated "sorry but your pension plan is gone" Nothing could be done about it because the new company was not responsible for it. This is a little different then a state run pension but quite similar.

[WOODYDEL]

edj,
Ooops just saw your oops


New York has 101% of what is supposed to be in the pension fund.

All the other states are underfunded to the tune of $1.25 TRILLION dollars.!!

Let's here all the phony excuses they make up.

I'm thinking downstate New Yorkers have a reputation of being pains in the A. There's a reason. A good one. Shoveling your problems under the rug doesn't work. Sometimes that makes us have an in your face attitude. The best way to live.

Quote:

Originally Posted by edj What are the percentages measuring? Underfunded? Overfunded?

[RustyJC]

Most of us who are retiring today don't have pensions. Welcome to the real world. Whatever we've been able to accumulate in our 401(k)s and personal investments, along with Social Security ( ) is it.


Rusty

[hondo122]

Woody, 2 things are behind this, underfunding of state workers pensions. For years states have under contributed to their workers pensions using the money for other items to balance their budgets, realy a smoke and mirrors trick. Then there's Wall street, they stole our pension money, and when that went up in smoke we bailed them out, they didn't make their investors whole, they patted each other on the back and paid themselves bonuses with our cash. They are now trying to pit the working folks at each others throats.

[Clifftall]

Quote:

Originally Posted by RustyJC Most of us who are retiring today don't have pensions. Welcome to the real world. Whatever we've been able to accumulate in our 401(k)s and personal investments, along with Social Security ( ) is it. Rusty

Me too

[WOODYDEL]

Anyone remember Mercedes Benz taking off WITHOUT funding the pension fund? Just who was watching and letting that happen? I don't want to hear an legaleze about why.

I have a purpose for my post. Maybe my goading will start some changes to take place. This should not be viewed as some same old same old NEWS.

You can watch the news but the bottom line is multiple THEFTS HAVE TAKEN PLACE.

[baraff]

You've all seen my signature line - Illinois! - Where the politicians make the license plates..... well, the corruption here is as unbelievable as it is traditional. Its ingrained in the political culture in this state and I think given the current state of Illinois politics corruption is almost unavoidable.
We keep electing the same ol', same ol' bozos. Everybody wants "change" but nobody wants to dump their state rep or congresscritter. Its always the "other politician" who's the problem.....
Look at Rahm Emanuel's recent victory as Chicago Mayor. Hold on to your hats, you ain't seen nuthin' yet!

[hamguy]

Quote:

Originally Posted by WOODYDEL So today they are reporting the horrendous condition the state pension plans are in. So as I'm reading the article I'm apprehensive about the pension system in my state which as I remembered it was is excellent shape. What are they going to surprise me with was my thought. The worst state? Illinois at 51%! The BEST state? NEW YORK. 101% Yeah I'm bragging. Just like I bragged about Suffolk County.

WTH are you talking about. 51% what, 101% what? those numbers are totally 100% meaningless.

[wildtoad]

51% is the percentage the retirement fund in underfunded in relationship to it's current and future obligations. In otherwords Ill have 1/2 of what they potentially will need to pay out. This is due in large part to overpromising, not requireing state employee's to contribute (some not all states), spiraling medical costs, people living longer, and reduced state revenues due to recessions. Yes many of these plans lost money due to the recent financial crisis but I suspect many of these funds would still be way underfunded due to the increase in costs and folks. Same reason SS is in trouble: More people using it for longer periods of time than are paying into it.

[Ron2]

I worked for a company for 35 years then two years after I retired that company filed bankruptcy and terminated my retirement, everything was approved by the bankruptcy judge. Twenty-five years prior to my retirement the company could not afford to increase our wages so they offered the employees a paid retirement.....yeah, the one they terminated! I have had to return to the work force to supplement my retirement and treat this job as just an income, I have no loyalility to the company that I currently work for. Oh yeah, I almost forgot to mention when working for the first company I enjoyed my job and looked forward to going to work every day. I have always contributed to a 401k so that helps, I just hope I don't out live it.

[JimM68]

Quote:

Originally Posted by baraff You've all seen my signature line - Illinois! - Where the politicians make the license plates..... well, the corruption here is as unbelievable as it is traditional. Its ingrained in the political culture in this state and I think given the current state of Illinois politics corruption is almost unavoidable. We keep electing the same ol', same ol' bozos. Everybody wants "change" but nobody wants to dump their state rep or congresscritter. Its always the "other politician" who's the problem..... Look at Rahm Emanuel's recent victory as Chicago Mayor. Hold on to your hats, you ain't seen nuthin' yet!

I'm with Burns... and also from Illinois. The political corruption here is unreal. And they are talking seriously about balancing the budget by "adjusting" the pensions of currently retired teachers, cops, and fireman.

Maybe we can out an end to patronage jobs?
And perhaps term limits for all elected officials?
Been trying for that for years, but it's pretty tough to get the patronage bosses to vote themselves out of thier lucrative careers as politicians.