Part of the problem has been the generosity of the pension plan. While the defined benefit program was designed to serve retirees and their spouses, the fund had permitted the grandchildren and great-grandchildren of the first generation of retirees to receive benefits after the original retiree died, according to court documents.
How many private pension plans are woefully underfunded and/or have been taken over by the PBGF?
Why is this even worthy of a thread?
Marcia Wagner, managing director at The Wagner Law Group, believes this is the first time a public pension plan has filed for bankruptcy.
"When a Library expels a book of mine and leaves an unexpurgated Bible lying around where unprotected youth and age can get hold of it, the deep unconscious irony of it delights me and doesn't anger me." --- Mark Twain
I'm guessing in the future government workers will be moved over to a 401K type retirement plan, much as has happened in private industry.
Seems many states have underfunded pension funds. Politicians like to make many promises to buy votes, and people want to believe the lies. If I was a government worker, I would be concerned and making additional plans for retirement funding.
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