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Old 04-28-2014, 02:44 PM
 
29,837 posts, read 34,924,704 times
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How Are Pensions Protected State-by-State?

Lots of discussions have occurred in the forum on the stability and sustainability of public pension funds and the obligation by government to fund them. Information provided and interpreted varies in accuracy and often assumptions get made that what exist in one state exists in another. The link provides state by state look at the protections in each state. If interested find yours and have a thought on or not. Please no badgering about pension affordability without providing the funding level of your states pension and protection level of pension benefits. Please provide the most updated funding rate available and not one from the Great Recession when funding levels were at their latest.

Quote:
Pensions both public and private started out as a worker’s perk – a gratuity that could be amended or removed entirely at any time. But over the last century, that perception has given way in most states to the idea that pensions are a form of deferred compensation.

Along with that change has come certain protections via either specifically in state constitutions or through a court’s interpretation of the constitution. Nearly all states have some kind of protection for pensions. Most (41) protect pensions under contract theory which prohibits states from passing a law that impairs a contract, whether public or private.
The quoted part above is from the provided link.
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Old 04-28-2014, 02:51 PM
 
29,837 posts, read 34,924,704 times
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Report: 21 States

Perhaps not the latest but a Nov 2012 report with funding levels to help fact check any misinformation.
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Old 04-28-2014, 04:55 PM
 
Location: Los Angeles area
14,018 posts, read 17,772,783 times
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Quote:
Originally Posted by TuborgP View Post
Report: 21 States

Perhaps not the latest but a Nov 2012 report with funding levels to help fact check any misinformation.
This is a very interesting and useful link, Tuborg. Thanks for posting it. The worst states in terms of percentage funding of pension liabilities are Illinois (43.4%), Kentucky (50.5%), and Connecticut (53.4%). The best state is Wisconsin at 98.8%.

Naturally we are all going to look at our own state. California did not fare too badly at 77.1%. It appeared to be in the upper half of states. I say "appeared to be" because the listing of states was in alphabetical order, not in highest to lowest or lowest to highest ranking, and I did not take the time to count how many states were higher (or lower).
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Old 04-28-2014, 05:38 PM
 
29,837 posts, read 34,924,704 times
Reputation: 11752
Quote:
Originally Posted by Escort Rider View Post
This is a very interesting and useful link, Tuborg. Thanks for posting it. The worst states in terms of percentage funding of pension liabilities are Illinois (43.4%), Kentucky (50.5%), and Connecticut (53.4%). The best state is Wisconsin at 98.8%.

Naturally we are all going to look at our own state. California did not fare too badly at 77.1%. It appeared to be in the upper half of states. I say "appeared to be" because the listing of states was in alphabetical order, not in highest to lowest or lowest to highest ranking, and I did not take the time to count how many states were higher (or lower).
Glad you like it I thought you would. I was prompted by a comment about pensions being unsustainable from a poster in a state with a 95% funding level that prides its self for being so well funded. At least now there is something to help folks fact check wrong info and link back to it.
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