Nineteen states passed major pension legislation in 2010, said Ron Snell of the National Conference of State Legislatures, who has been following state pension issues for decades. “There has never been a year in which state legislatures have been active so much,” Snell told the newly created Public Employees’ and Retirees’ Benefit Sustainability Commission.
State legislatures were concerned about their pension obligations before the recession caused the widespread budget problems, he said. But the fiscal crisis has certainly pushed them to take action, along with the severe investment losses, Snell said.
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Promised benefits and then failed to secure the money to pay them.
ReplyDeleteThis is criminal.
Their excuse? The "invested" the money in the rigged gambling casino entity called the U.S. Stock Market.
Terrible
They would be MUCH more credible if they started with their own inflated, bloated, unjustifiably large and generous taxpayer supported pension....their unmitigated GALL never fails to amaze me ---- they are "very active" in cutting OUR pensions and benefits, while they remain mum on theirs and hope the peasantry doesn't get too riled up.
ReplyDeleteYou work all your life to obtain a pension and it not enough to live on without the assistance of Social Security and a part time job which who knows what the future of SS is, yet they keep voting themselves raises and improving their pension and wonder why the citizens don't trust them?
ReplyDeleteThe real magicians in our Federal Government know and feel that they are so far above those "little people" who are so insignificant compared to the exaulted Political Positions of Professional Politicians. Their mantra, "What we think, God thinks", little people have no say in our world. Your right I am, go back and hit that muslem topic.
ReplyDeleteMy grandparents made out much better in their retirement age. They keep their extra esarning stuff in a mattress. American greed is killing this country.
ReplyDelete