Tuesday, December 20, 2011

California pensions: there’s an 82% chance they will run out of money.

California’s pension system is living in a fantasy world where investment returns average 12.5% annually and there’s enough money for everyone. The largest union, CalPERS, has a 82% chance of a budget shortfall in the next 16 years.
Rhode Island: Cuts for the Already Retired
As cities, towns and counties struggle with fiscal pain, there has been speculation that they could shed their pension obligations in bankruptcy.

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