A small town in Alabama, which has stopped paying its retirees' pensions, could be an early casualty in a coming pension disaster, the New York Times reports.
As public pension funds across the nation suffer from years of underfunding, and from assets that lost value in the financial crisis, experts say that days of reckoning are fast approaching. In Prichard, Alabama, that day came last year: When the fund ran out of money, the city stopped paying retirees, the NYT reports. Retirees have sued, but to little avail. The money simply does not exist.
Without pension checks, 11 retirees have died, according to the NYT. Others have declared personal bankruptcy. The rest of the 150 retired workers are struggling to get by.
More Here..
As public pension funds across the nation suffer from years of underfunding, and from assets that lost value in the financial crisis, experts say that days of reckoning are fast approaching. In Prichard, Alabama, that day came last year: When the fund ran out of money, the city stopped paying retirees, the NYT reports. Retirees have sued, but to little avail. The money simply does not exist.
Without pension checks, 11 retirees have died, according to the NYT. Others have declared personal bankruptcy. The rest of the 150 retired workers are struggling to get by.
More Here..
nation that killed osama, brought democracy to iraq and killed saddam, destroyed taliban, etc needs no food. they are so highly spirited, they can feed off their pride, like monks or some sort of holly dudes.
ReplyDeleteWhy do you link to old articles and post them as if you have "breaking news"?
ReplyDeleteHey 12:37, maybe they seem even more relevant than the time they were written.
ReplyDelete811 Nation that trained osama the cia did that, brought nothing but death and famine to iraq and killed an ex friend saddam, when they no longer needed him, taliban is a cia asset dined with the bushes at crawford ranch, All psyops the usa citizens can feed off of food stamps that jp morgan makes money from as well, USA corrupt to the oore and is getting worse all the time.
ReplyDelete