Skip to main content
Help Center Community Shop

Unfunded Pensions

GilWilson1
I heard on the "news" this morning that the newly elected Mayor of Chitgago will inherit billions in unfunded pensions along with a annual 250 million dollar deficit.

I wonder when does this ticking time bomb of unfunded pensions plans actually strike? If ONE city has billions of unfunded pension liability America must have Trillions on trillions, then add in the unfunded pension liabilities of even "strong" companies like Boeing among the weak like GE and when does it fall?

Is this a measurable time frame where a specific number of retirees become eligible and the system collapses or is this similar to the way our Government currently works and each municipality, state, corporation will simply borrow their way out endlessly?
0

Comments

16 comments

Date Votes
  • hillbille
    had a few plants in this area that went down that route, one basically told the workers tough luck, no retirement insurance available and reduced average, pension 4-500 range down to $20. other plant did about the same for future retirees, but also took insurance and about half pension from allready retired members, big stink raised here in town but not much was done except to make a few lawyers rich fighting in court for years....... :(
    0
  • wpageabc
    Deficit spending. Its something only gov seems to be able to do. For the rest of us its called bankruptcy. No one could run their house like this without foreclosure. Local gov, state gov, and the fed somehow are exempt from fiscal sanity.

    Some entities are better at fraud then others Chicago is a blue ribbon winner for fiscal irresponsibilty.
    0
  • discusdad
    the sad thing is, its not just the Chicago city employees pension fund. it is the state, municiple and educational pension fund that has been underfunded/unfunded for countless years while the Democrat controlled state legislature pissed away the premium payments on pork barrel projects. while the Chicago Teachers association pension is fully funded, the downstate teachers pension has been left high and dry. this has been known for 20 years. nothing new at all.
    0
  • nmyers
    Uh, hate to add to this but.....it's just as bad in the private sector.

    The Pension Benefit Guaranty Corp (a federal agency) insures the pensions of almost 40 million Americans. Many corporations have looted the company pension plans, & the PBGC is supposed to take over part of the pensions when they go bankrupt. But, they are underfunded, & have refused to follow the law & request allocations from Congress. Eventually, that balloon will burst, too. And, no one knows what will happen.

    My fear is that, someday, there will be 100,000 destitute old folks living in tents on the Mall.

    Neal
    0
  • select-fire
    Sad shape where some retirees may be headed after working all their lives. I sure hope not.
    0
  • mogley98
    I am of the opinion that the corporations should claw back every dime the current and previous O's have until it is funded, how can you say you "earned" a million dollar or more salary and benefits when the coffers haven't been properly filled?

    As for the Government side perhaps all healthcare and retirement benefits for those who were in charge, mayors, Etc. clawed back.
    0
  • asop
    The politicians (democrats) which go back to the orig. Daily days wanted the union votes. Thus the BIG pensions that is unfortunitly written to the state's constitution. VERY tough to change the "program".
    0
  • mjrfd99
    Bayone PD Chiefs pension is $177,000

    State governor makes $175,000
    Better to be greasy vinny though.
    https://www.politico.com/states/new-jersey/story/2018/02/15/prieto-lands-280k-job-as-sports-authority-ceo-256411
    Corruption pays big
    Yeah all demonrats
    0
  • waltermoe
    This is Illinois, the state that gave you Ron Blagojevich, George Ryan and AL Capone.
    0
  • chiefr
    I can remember the days when many pension funds were solvent, solvent until government and unions got their fingers on them.

    Unions, no matter what other people think, are a big part of the problem. Every election year the combined amount of money unions
    spend towards the election of DEMOCRAT candidates is in the billions.
    Irony in two forms: DEMOCRAT controlled cities and states are the ones that have most of unfunded pension liabilities and the billions of dollars unions
    spend electing DEMOCRATS would fund a lions share of the pensions
    0
  • droptop
    wpageabc wrote:
    Deficit spending. Its something only gov seems to be able to do. For the rest of us its called bankruptcy. No one could run their house like this without foreclosure. Local gov, state gov, and the fed somehow are exempt from fiscal sanity.

    Some entities are better at fraud then others Chicago is a blue ribbon winner for fiscal irresponsibilty.
    Deficit spending WITHOUT any loss of assets or other adverse consequences to the city needs to change. When a private company TANKS all the assets are sold to pay debts and other liabilities.

    If the same thing happened to a "city" they'd be selling all their assets, buildings, court house, jails, furniture, property, vehicles, all the way down to NOTHING to pay their liabilities. Let something like that happen and maybe things will change.

    The cities will reorganize and should become liable for any unpaid liabilities in particular city employee pensions and bonds.
    0
  • Bill DeShivs
    Unions are the epitome of socialism.
    0
  • wpageabc
    A freind retired from Bethlehem Steel when they went belly up his pension dropped 80%. This was a hardship for him. Were it not for his social security
    things would be really hard for him. Shame he is a vet and a decent guy. Those that know him are glad he got something. Not much after many years in the corporate world.
    0
  • mogley98
    My step father retired from one of the steel companies out of PA, he said when he reached 62 they cut his pension since he could draw SS and when he hit 65 they dropped his medical.
    wpageabc wrote:
    A freind retired from Bethlehem Steel when they went belly up his pension dropped 80%. This was a hardship for him. Were it not for his social security
    things would be really hard for him. Shame he is a vet and a decent guy. Those that know him are glad he got something. Not much after many years in the corporate world.
    0
  • chollagardens
    Won't be a problem. The people that made all those Indian treaties, the U.S. government, will hold back health care to seniors causing the mortality rate to go up. Dead seniors don't collect pensions. Not only does this reduce the Unfunded Pension, the demographics of retired voters is more conservative. Add to this' death taxes and dead people voting, problem solved.

    Check Obama care, the recent VA health care problem and now the New Jersey right to die (humane vs save money).
    0
  • wpageabc
    Won't be a problem. The people that made all those Indian treaties, the U.S. government, will hold back health care to seniors causing the mortality rate to go up. Dead seniors don't collect pensions. Not only does this reduce the Unfunded Pension, the demographics of retired voters is more conservative. Add to this' death taxes and dead people voting, problem solved.

    Check Obama care, the recent VA health care problem and now the New Jersey right to die (humane vs save money).
    Agree, with AI and automation kill off the children. There will be no jobs. Next wave kill off the old folks. Like Soylent green. Problems solved. Welcome to the future comrade.
    0

Please sign in to leave a comment.

Recent Activity