11 State Pension Funds that May Run Out of Money

[BadgeBunny]

Still have a few, I got in late.
Don't think my check will be responsible for draining it.



They've been both tapper,s and tappee's.
But it was the state congress that tried to do that.

Ahhh, 'tis true ... I have always wondered why there are so many different retirement systems in the state. Seems it would be prudent and more economical to have one big one. But that would mean more than a few piddly-assed administrators would have to get out and find a JOB ...

Besides if the regular state employees had to contribute the same percentage of pay to their fund that GC has to contribute to OLERS there would be a BUNCH of unhappy state employees.

 

[Old Fart]

True.
Ours has been raided a few times historically and that's why it's so under funded.
Don't see that ever being fixed correctly either.
But such is life.

 

[BadgeBunny]

True.
Ours has been raided a few times historically and that's why it's so under funded.
Don't see that ever being fixed correctly either.
But such is life.

Every so often someone thinks it is a good idea to try and tap OLERS ... thank goodness the JBTs have guns ...

It is amazing how those who are irresponsible with their own stuff always seem to think the more prudent of us should be willing to just hand it over ...

 

[liliysdad]

OLERS and OPPRS are prety high on Ms. Fallin's list of funds to rob.

 

[DirtyDawg]

Easy fix. INFLATION.

Debase the currency to create inflation....everything costs more, more revenue is collected on since tax is calculated as a percentage. Coffers get refilled. In 20 years when you retire, the pension they promised you years ago is insignificant. The $500/month they plan on paying you won't buy you anything. That is how government silently steals your stored hard work in currency/money. Governments pay off yesterday's debts with tomorrow's inflated dollars.

 

[technetium-99m]

That's why I opted out of TRS, forget that noise.

 

[BadgeBunny]

Easy fix. INFLATION.

Debase the currency to create inflation....everything costs more, more revenue is collected on since tax is calculated as a percentage. Coffers get refilled. In 20 years when you retire, the pension they promised you years ago is insignificant. The $500/month they plan on paying you won't buy you anything. That is how government silently steals your stored hard work in currency/money. Governments pay off yesterday's debts with tomorrow's inflated dollars.

That's why I opted out of TRS, forget that noise.

GC doesn't have an option ... participation is mandatory.

 

[DirtyDawg]

GC doesn't have an option ... participation is mandatory.

I disagree. Nobody is forcing GC to work for the state.

Yes, state & federal pension plans sound great, but now that the truth about them being unfunded and unsustainable has been exposed, I would not choose to work for anyone that promises something undeliverable.

I saw into the ponzi scheme years ago....my best investment is in myself or at least in an account manged by me.

 

[BadgeBunny]

I disagree. Nobody is forcing GC to work for the state.

Yes, state & federal pension plans sound great, but now that the truth about them being unfunded and unsustainable has been exposed, I would not choose to work for anyone that promises something undeliverable.

I saw into the ponzi scheme years ago....my best investment is in myself or at least in an account manged by me.

Good for you.

 

[Cedar Creek]

I have drawn out of TRS for nine years - will start federal retirement and social security in another year or so. If they all go belly-up I still have my ski mask & pistol.



Cedar Creek