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Old 08-31-2017, 07:29 AM
 
Location: Tennessee
34,691 posts, read 33,700,331 times
Reputation: 51915

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While reading a story on Minnesota pension problems, came across this overall info on the status of funding for state pensions. The information was first published in June 2017 but it was updated August 29, 2017. If you scroll down they "ranked the states by the size of their funding gap. The lower the funding ratio, the more money the state has to come up with to meet its pension obligations."

Below the chart is a list. 5 states were not ranked and one state, NY, has a fiscal year that ends in March rather than December.


Quote:
"The news continues to worsen for America’s public pensions and for the people who depend on them. The median funding ratio—the percentage of assets states have available for future payments to retirees—declined to 71.1 percent in 2016, from 74.5 percent in 2015 and 75.6 percent in 2014. Only six states and the District of Columbia have narrowed their funding gaps; New York did best, going from 90.6 percent to 94.5 percent. D.C. is now overfunded. By contrast, New Jersey, Kentucky and Illinois continue to lose ground and now have only about one third of the money they need to pay retirement benefits. And three states had double-digit declines in their pension funding ratios in the past year: Colorado, Oregon and Minnesota—though some of this can be attributed to actuarial changes in the way pension liabilities are calculated."

https://www.bloomberg.com/graphics/2...unding-ratios/

If you just happen to be from Minnesota, here's that pension story dated today.

https://www.bloomberg.com/news/artic...hit-in-the-u-s
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Old 08-31-2017, 07:55 AM
 
13,923 posts, read 7,416,674 times
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In most states, it's not a calamity. Let's pick Massachusetts, for instance. Their state pension shortfall is about $37 billion. That's spread across decades of pension liability. The 800 pound gorilla in the Massachusetts budget is Medicaid. Massachusetts spends $15+ billion on Medicaid out of their $40.5 billion state budget. The pension liability looks nothing like that.

That pertains to a retirement forum since about 1/3 of Massachusetts Medicaid spending is for long term care. As the Boomers start requiring nursing homes and run out of money, that's what is going to crush the state, not pension liability.
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Old 08-31-2017, 08:00 AM
 
Location: Washington State
18,553 posts, read 9,592,797 times
Reputation: 15806
I wonder why Minnesota had such a huge drop?

If I were dependent on a pension from:
New Jersey
Kentucky
Illinois
Conecticu
Colorado

I'm really nervous...all under 50% funded and NJ only 30%! At some point, the roosters will come home to roost.
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Old 08-31-2017, 09:28 AM
 
Location: WA
5,396 posts, read 21,401,588 times
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There are many more local plans that are in trouble with some scaling back benefits and looking for help.
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Old 08-31-2017, 09:31 AM
 
Location: Sylmar, a part of Los Angeles
3,990 posts, read 2,544,884 times
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This is a real sore point with me, I don't want to pay for someone else's retirement Especially when they made more than I did.
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Old 08-31-2017, 10:21 AM
 
Location: Upstate NY
35,508 posts, read 10,519,191 times
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Quote:
Originally Posted by V8 Vega View Post
This is a real sore point with me, I don't want to pay for someone else's retirement Especially when they made more than I did.

As a retired public employee, a sore point for me is when someone mistakenly thinks that they're "paying for" something which government retirees aren't paying for or haven't paid for.
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Old 08-31-2017, 12:28 PM
 
10,510 posts, read 8,439,237 times
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It's very bad in Kentucky. Our carpetbagger governor Matt Bevin promised he'd set it all straight - instead, he hired consultants who have proposed that the cost of living raises given to retirees from 1996 through 2012 be rescinded, with said retirees' current pensions being reduced up to 25% to cover the deficit.

We're talking COL raises given up to 21 years ago - and long spent. Now the state should get them back?? The same state government who botched retirement plan investments and failed to pay in its legally required share for its employees? How is it that those who made these wretched decisions get off the hook - while those who were long promised a decent and reliable retirement must now be docked of long-past COL raises to make up the deficit caused by others' carelessness and callousness?

Right, public employees (including local communities' police, firefighters, public librarians, social workers, etc., plus other employees who worked directly for the state of Kentucky) who worked at their jobs for a quarter of a century or more for less than private market wages and who did not job-hop, who were promised good retirement benefits in compensation, and who paid in their own legal share, would be rewarded by having their pensions drastically cut to make up for the lax behavior and poor investments of current and previous governors and state government representatives, all of whom are covered with a different retirement program which is fiscally solvent.

If anyone can find any justice or common sense in this, please enlighten me.

Not gonna fly. Retirees and their families, friends, and advocates are outraged at this, as well as at Gov. Matt Bevin's comments on teachers who occasionally take sick leave (public school teachers in Kentucky are also covered by state retirement, but in a slightly different form, and so they are not included in the COL take-back proposal).

Bevin and his cronies (financially dubious cronies, I should add) are clueless when it comes to the public good, and it burns me that my tax dollars are being spent on useless and punitive consultants who came up with such a brainless suggestion. If this proposal goes through, heads are going to roll in Frankfort when the next election comes around.
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Old 08-31-2017, 02:20 PM
 
5,476 posts, read 6,907,112 times
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Quote:
Originally Posted by Delahanty View Post
As a retired public employee, a sore point for me is when someone mistakenly thinks that they're "paying for" something which government retirees aren't paying for or haven't paid for.
Are you paying for the full amount of your pension? I haven't heard of any govt employee who has to date. Everyone I know pays a portion of it with the rest funded via tax payers most of whom do not get a govt pension.

My local taxes most certainly pay for pensions for local govt employees. Do you have no local govt employees where you live?
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Old 08-31-2017, 03:22 PM
 
Location: Upstate NY
35,508 posts, read 10,519,191 times
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Quote:
Originally Posted by NSHL10 View Post
Are you paying for the full amount of your pension? I haven't heard of any govt employee who has to date. Everyone I know pays a portion of it with the rest funded via tax payers most of whom do not get a govt pension.

My local taxes most certainly pay for pensions for local govt employees. Do you have no local govt employees where you live?

Are YOU paying the full amount of my pension? Answer: No.

Newsflash: Public retirees are taxpayers, too-- a fact which many seem to forget.

Neither my husband, who's a federal retiree after 40 years with BATF (when they called it that) nor I, a local government administrator for almost 35 years will be apologizing for our pensions, so you can chuck the attempted guilt trip.

And, BTW, both of our positions, with great pay, benefits, pensions, and job security, were up for grabs. By anyone.
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Old 08-31-2017, 04:53 PM
 
5,476 posts, read 6,907,112 times
Reputation: 4284
Quote:
Originally Posted by Delahanty View Post
Are YOU paying the full amount of my pension? Answer: No.

Newsflash: Public retirees are taxpayers, too-- a fact which many seem to forget.

Neither my husband, who's a federal retiree after 40 years with BATF (when they called it that) nor I, a local government administrator for almost 35 years will be apologizing for our pensions, so you can chuck the attempted guilt trip.

And, BTW, both of our positions, with great pay, benefits, pensions, and job security, were up for grabs. By anyone.
No guilt trip here just pointing out that you didn't pay for your pension to the degree that you originally claimed. Govt pensioners seem to overestimate their contributions to their pensions.

You can have your pension, just don't complain when it gets cut from budget cuts. Living off the govt teat you are subject to the whims of the govt and fed up taxpayers.
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