Pension funds at $1T shortfall

[Peter1469]

America was founded on rugged individualism, not efficient bureaucracy.
.

[midcan5]

While my comment is a bit off topic, do any of you people hobnob with wealthy Americans? Sometimes those of us who grew up in very humble homes and lives shake our heads at the wealth of Americans at the top. They live a life most on here cannot even imagine, million dollar shore homes, feasts so ridiculously costly God must wonder. LOL Now how do they get so rich? Often it is connections and the particular inherited business. But a moral question arises since taxes for the wealthy keep falling, do they pay their fair share to a society that allows and supports their wealth. You can take it from here.

http://www.nj.com/politics/index.ssf...sion_mess.html

"New Jersey’s pension funds were flush at the turn of the 21st century. But since 1996, governors from both parties have been underfunding the system, making payments far below what actuaries recommend.


The state skipped payments altogether from 2001 to 2004, when the annual required contribution called for $2.8 billion. And while the state was taking a pension holiday, it increased benefits for employees."

[domer76]

This is why I love the fact that MI got out of the Pension business and moved to 401K programs

Once you give the money to the people, it is very hard to take it back.

Perhaps states should get out of the pension business and go to 401Ks. But the $#@!s made a promise to their employees on their pensions and they need to stick with it.

Thank goodness in my state the pension fund is in great shape. The state made a promise to me that I would work my career for less money than the private sector and, at some point, I would be rewarded for my perseverance with a good retirement. In my case, both of us kept our end of the bargain.