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Pandemic Of Pension Woes Is Plaguing The Nation

Monday, August 5, 2013 - 6:23 PM
Detroit, you're not alone. 

Across the nation, cities and states are watching Detroit's largest-ever municipal bankruptcy filing with fear. Years of underfunded retirement promises to public sector workers, which helped lay Detroit low, could plunge them into a similar financial hole.

A analysis of more than 120 of the nation's largest state and local pension plans finds they face a wide range of financial burdens as aging work forces near retirement.

Pandemic of pension woes is plaguing the nation - NBC
ShorebreakShorebreak2,683 posts since
Apr 6, 2010
Rep Points: 14,540
1. Tuesday, August 6, 2013 - 9:27 AM
The shame of all of this is that most of these gov pensions are not covered by many pension laws and the workers also in most cases are not covered by Social Security. 
Ally6770Ally6770937 posts since
Jan 16, 2010
Rep Points: 2,724
2. Tuesday, August 6, 2013 - 11:03 AM
If the gov workers are not covered by social security they never had it deducted from their paychecks and that is probably what is making up their pensions.  These people should have realized something like this could happen and I hope they put away personal savings to protect themselves for "just in case".
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135
3. Tuesday, August 6, 2013 - 11:19 AM
Yes, and when the law was changed that they could belong to SS  when they get a pension it is reduced by the amount of their SS check. So even though they contribute they do not get full benefit from it. 
Ally6770Ally6770937 posts since
Jan 16, 2010
Rep Points: 2,724