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Posted on 4/9/21 at 3:41 pm to kywildcatfanone
quote:
Pensions are amazing for those who get them. We need to move away from them in govt.
This! Crippling many states and city Governments. The only ones that should have it is the military
Posted on 4/9/21 at 5:01 pm to FLObserver
quote:
for the rest of his life,
Why would a pension pay out for the rest of HIS life. Is this normal?
Posted on 4/9/21 at 5:21 pm to FLObserver
quote:
Pensions are amazing for those who get them. We need to move away from them in govt.
quote:
This! Crippling many states and city Governments. The only ones that should have it is the military
In fairness, pensions are not an issue in Tennessee at all because they are fully funded. What is crippling many states and city governments are pension systems that are not fully funded.
A pension system is funded through the stock market. Once you start shorting the funding (because you either don't want to cut spending or increase taxes) you really can never catch up due to compound growth. It's kicking the can down the road for the next group of elected officials to deal with (beside it's less of a can and more of a snowball that grows as it rolls).
Tennessee is one of the top three funded state pension program (roughly 95 to 100%). Conversely, Kentucky and Illinois are two of the worst at less that 40% funded.
Funding of State Pensions
Posted on 4/9/21 at 5:59 pm to FLObserver
quote:
This! Crippling many states and city Governments.
Only the poorly managed ones, and I’d argue that they would just waste it elsewhere because they’re poorly managed entities overall.
Alabama’s is well managed and doesn’t have to be propped up by extra legislative appropriations so it doesn’t cripple anything. As long as that is the case, there’s no issue.
Posted on 4/9/21 at 6:01 pm to BilltheTiger
quote:
Why would a pension pay out for the rest of HIS life. Is this normal?
That is covered upthread.
Posted on 4/9/21 at 7:50 pm to Garfield
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Conversely, Kentucky and Illinois are two of the worst at less that 40% funded.
Kentucky's last governor actually tried, and at least for his term succeeded, at fully funding the pension system and paying more into it.
Then he was voted out, and we now have a governor who is the son of one who raided the pension systems.
Louisiana lite.
Posted on 4/10/21 at 9:23 am to Serraneaux
Over 8.5 million - yep 
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