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Old Yesterday, 11:32 AM
 
2,456 posts, read 2,094,300 times
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Quote:
Originally Posted by fluffythewondercat View Post
The usual experts, relatives and acquaintances our brand-new posters cite.
OR it could be someone on a street corner as you walk by that says "psst hey buddy"
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Old Yesterday, 12:10 PM
 
Location: Loudon, TN
5,910 posts, read 4,918,278 times
Reputation: 19954
DH's pension is through the state, and our state (former state I should say) has a constitutional commitment to paying the pensions to state workers, so without a change to the state constitution, he shouldn't have a problem. Mine is administered by the state pension office, but is from a municipal district that independently funds it. Years ago when the first underfunding issues were revealed, my district made changes to the way it funded the pension plan, and beefed it up to the point that it is fully funded and always will be. In addition, they changed the vesting and health insurance vesting for future hires to reduce future obligations, while keeping promises made to current employees. Fortunately we had some very savvy financial people in our budget and accounting departments, as well as upper management, and the were proactive to solve the issues before they became a problem. I sleep just fine.
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Old Yesterday, 12:31 PM
 
Location: Loudon, TN
5,910 posts, read 4,918,278 times
Reputation: 19954
Here's an article discussing the funding ratio and how it's been interpreted, and misinterpreted.

https://www.actuary.org/sites/defaul..._IB_071912.pdf
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Old Yesterday, 12:47 PM
 
Location: The Outer Limits
1,491 posts, read 1,843,411 times
Reputation: 2495
Hopefully not...no crystal ball here.
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Old Yesterday, 12:57 PM
mlb
 
Location: North Monterey County
3,271 posts, read 2,895,109 times
Reputation: 5006
Another state pension plan here -Utah ...one of the best managed - funded at 86%.


https://www.deseretnews.com/article/...h-problem.html

It’s not going anywhere....particularly because state legislators are also beneficiaries of the same plan.
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Old Yesterday, 01:20 PM
 
Location: Albuquerque, NM
1,437 posts, read 2,587,608 times
Reputation: 2552
I’m in both of the large public pension funds in my state — educational and public employee. Neither is particularly well funded. There were tweaks to one of them in 2013 to do some shoring up. Now there is talk of tweaking the other. It seems most likely that the changes will include stopping the existing standard 2% retiree COLAs and tying them to actual performance of the fund, as well as increases in contributions from current employees and the state. My contribution from my salary — 10.7% — isn’t inconsequential. Increasing that will be a tough sell, but something must be done. I can envision future decreases to the pension factors — at 2.5% and 2.35% they’re pretty generous. But I would imagine this would be a tougher sell, and I haven’t seen it in many of the proposals.

So, in essence, I believe my pension will be there. I don’t believe it will be exactly the same as I currently envision in ten years when I finally start drawing it.
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Old Yesterday, 01:59 PM
 
4,743 posts, read 10,369,453 times
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I feel pretty confident my pension will stay solid. It had it’s ups and downs in 2000 and 2008 and they took action and got it back on solid ground. Right now it’s 80% funded with that projected to go up 5% over the next 3 years.
There is no cola in the pension which helps keep it solid. It is fully funded by our union and has a 75-25 and a 50-50 death benefit option at retirement.
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Old Yesterday, 02:36 PM
 
7,484 posts, read 8,750,267 times
Reputation: 9542
Quote:
Originally Posted by Expert Investor View Post
Could this be your pension and are you worried?
No pension to worry about. That went the way of the dinosaur around the 1990s in my industry and it's been 401K only since then.
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Old Yesterday, 02:43 PM
 
Location: The Berk in Denver, CO USA
14,103 posts, read 20,527,896 times
Reputation: 22955
No.
It is slightly overfunded.
And, at $405/mo not a significant factor in our finances.
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Old Yesterday, 03:41 PM
 
Location: Southern California
24,368 posts, read 8,518,568 times
Reputation: 15837
I'm happy every month when I see that extra pension amount hit my bank account, 15 yrs now. If it should go away, I'll have to adjust things more in my life.
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