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Thursday, October 31, 2013

$50 Billion In Unfunded State And Local Retirement Benefits, Study Says

The money Maryland’s state and local governments have failed to set aside to fulfill pension promises made to teachers and employees has ballooned to more than $22.5 billion over the past five years, a new report has found.

But the counties that run their own pension systems are in much better shape than the state of Maryland, with the exception of Prince George’s County.

The most under-funded retirement benefits continue to be health insurance for these retirees, which amount to $28 billion for state and local governments. Only a handful of county governments have tried to sock money away.



Anonymous said...

Boy it sure is time to leave this mess the demojerks have laid on this sorry state called MD..better get house on market now before the s storm starts..cant get taxes out of welfare queens and illegals....i gotta go

lmclain said...

Wait til this bomb haven't seen taxes, fees, fines, levies, surcharges, and police campaigns (for our, uh, safety) yet.
I know state employees are VERY confident (just like the Detroit retirees, who are now being offered......16 cents on the dollar. 16 cents!!). Politicians spend every dime they can get and then laugh at the chaos. Why? because they are going to get FULL pensions. You know who is going to pay them? Right. The same people they are robbing and driving into poverty. I'll bet YOUR guy will change things....muuhahahahahhahha. Keep cheering.

Anonymous said...

And that 28 billion dollar unfunded liability could easily be dwarfed to the new 'hypoticated amount' once the current stock market bubble corrects.

It is not a matter as to will it happen - but when. And when it does it is not going to be pretty because so many of the pensioners are going to get severely hurt.

Anonymous said...

They can have my 2% COLA back if it will help.

Anonymous said...

The time for the political class to honor themselves is coming to an end. When the wheels come off, the money they stole will not help them to escape the mops (ie there voter who used to get the free stuff). God save us!