The problem with state pension funds is...

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The problem with state pension funds is...

Post by T on Tue Jun 19, 2012 11:09 am

The problem with state pension funds is not with the greedy police, firefighters, teachers, and other public sector workers, it's with the greedy politicians diverting "money away from pensions to pay for more 'immediate concerns', leaving a $757 billion hole in the retirement funds covering millions of public employees, according to a study released Monday".

"The Pew Center found most states were trying to address the funding gap, either through cutting benefits for future employees or requiring workers to pay more of their own money into their retirement fund".

I wish this were true in Maine. LePage and his Republican cronies did just the opposite. Among many changes made to the MEPERS, they cut/froze benefits for current retirees. I doubt one, currently retired citizen of the United States of America (including Tea Partiers), receiving a Social Security benefit, would stand for such a cut.

"Pensions aren't the only retirement problem. States also faced a $627 billion shortfall in health care services for retirees. Essentially, for every $1 they'll eventually have to pay out in health care, states had set aside only 5 cents."

Unlike private sector workers, Maine's teachers pay for more than half of the cost of their health insurance (out of pocket) in retirement and DO NOT receive Medicare.

"When states fall behind in their retirement contributions, they'll have to come up with even more money later to make up the difference."

Tell that to Republican Governor McKernan. Maine's pension problem can be traced back to his administration, not to our police, firefighters, and teachers.

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