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Old 04-11-2019, 09:40 PM
 
25,413 posts, read 32,387,837 times
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They changed up our pension plans after I was hired, twice. Only affected future hires each time, so now there are 3 plans in effect. I'm glad I got in before the changes, but obviously they were financially wise changes for my employer.
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Old 04-12-2019, 04:33 PM
 
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NJ has a big problem with this. They cut back benefits to new employees twice. Also increased public workers contributions.

Biggest problem was the state failed to make the required pension payment for many, many years and nobody held them accountable
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Old 04-12-2019, 05:12 PM
DKM
 
Location: Thousand Oaks, CA
2,595 posts, read 901,222 times
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Quote:
Originally Posted by leastprime View Post
Oregon has $22billion pension liability on a population of ~4.2 million. About 78% funded.
Actually the number for Oregon is 27 billion liability about 69% funded. That represents about $6,900 per person in Oregon and 15.3% of per person GDP.

For California, its 157 billion, about 66% funded. But CA has more people so the per person debt is closer to $4,000 and is only 5.6% of per person GDP.
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Old 04-12-2019, 05:23 PM
 
504 posts, read 90,235 times
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A lot of pensions are ponzi schemes. Soon to start really going belly-up. Wait and see.
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Old 04-12-2019, 08:59 PM
 
Location: plano
6,357 posts, read 7,906,215 times
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Government's are not competent nor transparent. They under fund their pension obligations consistently and over state expected returns vs reality. Further they agreed to higher raises and pensions then we the taxpayer can afford.

Lord help us if they are the sole provider of healtgcare. With this track record or medicare's where costs are too high for coverage provided and the Dr are not getting paid for their time either. A royal mess.

So no surprise a robust stock market can't bail this mess out
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Old 04-13-2019, 08:35 AM
 
4,556 posts, read 2,486,365 times
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The next recession is going to shine the flashlight on all the sins to be paid for funding our lifestyles off of debt. Universities, auto manufacturers, cities, states, and the fed will all feel the pains for what the have sewn.
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Old 04-13-2019, 08:39 AM
 
69,494 posts, read 70,060,316 times
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the most expensive words in the english language have always been " this time is different " as people believe this and prepare for something that still ends up being nothing different when the smoke clears
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Old 04-13-2019, 11:40 AM
 
8,710 posts, read 3,807,789 times
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Quote:
Originally Posted by SWFL_Native View Post
Because government in general does not understand basic financial principles / concepts.
Not cities, counties or states, but the federal gov't can go by different rules since they are monetarily sovereign.
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Old 04-14-2019, 05:57 AM
 
3,620 posts, read 1,519,405 times
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Quote:
Originally Posted by mathjak107 View Post
life expectancy stalled as far as exceeding the top ages , but not the number of people living to older ages.

more people then ever are living to 90
The biggest issue is the number of baby boomers who are retiring and the general life expectancy of people once they reach retirement. There are a lot of baby boomers and many of them are taking a pension at 55. Even at a normal life expectancy now to about 79, that is almost 25 years with a pension.
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Old 04-14-2019, 06:32 AM
 
Location: western East Roman Empire
6,432 posts, read 10,506,939 times
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Quote:
Originally Posted by mysticaltyger View Post
Government pensions not bailed out by higher returns.

The short answer is too much was promised at the worst possible times when they knew a large wave of Baby Boomers was going to start collecting them.

In the 1980s and 1990s, double-digit stock and bond returns convinced governments they could afford widespread benefit increases.

Problem is, they couldn't afford those increases.

But the value of their holdings—their assets—began to fall in the aftermath of the dot-com bust in the 2000s, and the 2008 financial crisis followed soon after. State and local retirement systems lost 28% in 2008 and 2009, according to the Boston College data.

“The first thing you have to do is make up what you lost,” said Sandy Matheson, executive director of the Maine Public Employees Retirement System. “And it takes years. And then you have to make up what you didn’t earn on what you didn’t have. It’s a pretty steep climb.”


We're going to be in serious trouble if the stock market has a major bear market.

https://www.msn.com/en-us/money/mark...ons/ar-BBVN7Ia
A default solution is federal government takes over pension payments by elixir of fiat money. By that time, pension payment money might be worth basic foodstuffs, utilities and a small room all in communal housing.

Up to the early 1990s, Italy had a plethora of pension systems at both government agency and private levels when crisis struck, triggered by end of Cold War and the onset of globalization. As part of the solution that has helped them stutter along over the past almost 30 years by now, the central government solidified all these systems into one.
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