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U.S. state pension funds have $1 trillion shortfall: Pew

Discussion in 'Political Discussion' started by DisgruntledTunaFan, Feb 21, 2010.

  1. DisgruntledTunaFan

    DisgruntledTunaFan In the Starting Line-Up

    Oct 12, 2006
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    +7 / 0 / -0

    U.S. state pension funds have $1 trillion shortfall: Pew | Reuters

    WASHINGTON (Reuters) - U.S. states face a total shortfall of at least $1 trillion in their funds for employees' pensions and retirement benefits, and their financial problems are quickly mounting, according to a report released by the Pew Center on the States on Thursday.

    Illinois is in the worst shape, with only 54 percent of its pension obligations funded, according to the report, which looked at fiscal year 2008.

    Because the analysis did not encompass the final six months of calendar year 2008 -- most states' fiscal year's end during the summer -- it does not include the market downturn that devastated many funds' investment portfolios.

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  2. Real World

    Real World Moderator Staff Member

    Aug 15, 2006
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    State pensions are a joke. No one should ever get a six figure pension from the state. That's utter BS. Paying someone the average of their top 3 earning years is BS too. It's a pension. It's something that should provide a solid footing for your golden years, among other things. People need to plan for themselves as well. What's wrong with a pension of $50 or $60k per, along with some SS, and whatever annuity, private investments, and nest egg a person has? To get six figures from the state alone is a fiscal disaster waiting to happen.

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