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.
"The funding gap will likely increase when the more than 25 percent loss states took in calendar year 2008 is factored in," the report said.
Regardless of stock market fluctuations, pension funds were destined to fall down a budget hole, the non-profit research center found.
A few years back the talk was to allow us working class to continue to allow Social Security deductions or opt out and invest the same dollars privately.
ReplyDeleteTo think of just how much gold I would have... instead I'll never see a penny of what was taken from me.
Yer doin a great job there Barry.
yeah is is all barry, bush the war criminal and the bush crime family have not sewn the seeds for this at all,
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