Got Pension? | Work For A State Or Local Government? Read This

The Market Ticker – Work For A State Or Local Government? Read This

I’ve tried to warn you all about this if you’re a firefighter, cop, teacher or otherwise employed by a state or local government — you are not going to get your pension!

(Reuters) – U.S. states and localities have run up more than $2 trillion of unfunded pension liabilities, Moody’s Investors Service said on Monday, citing data on plans offered by 8,500 local governments and over 14,000 individual entities.

The Wall Street credit agency said that according to its estimate, the total liabilities for fiscal 2010 were more than three times the amount reported by local governments.

Read that last sentence again. And again. And again.

You are being lied to. Actively. Intentionally. Repetitively.

The money does not exist to pay those pensions. The governments cannot tax sufficiently to pay those pensions.

You are not going to get your pension.

Oh sure, if you’re retired now, or nearly so, you are likely to get a good part of it. But you won’t get it all if you’ve got more than 10 years left (before you die) — that is, if you’re under 70 or so.

Keep threatening, teachers, firefighters and cops. Go on strike. Please. All those threats, protests and strikes demonstrate is that you are demanding that 2 + 2 = 5 — but no matter how loudly you scream, you can’t make it so.

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The Origins and Severity of the Public Pension Crisis

4 Responses to “Got Pension? | Work For A State Or Local Government? Read This”
  1. StuckInSoPa says:

    The wife and I recently went to a pension meeting hosted by the sub-contractor that runs the Pa educational sections pension fund. She’s pushing 62 ( and been pushing a broom over the high school for over 30 years,) and got the invite because she will be eligible for early out. The first thing the pension Rep, who is not a state official but works for the contractor managing the pension fund and has no obligation to feed us state propaganda or sugar coat anything, told her is to get EVERY STINKING DIME that she could out of the state pension fund and roll it over into an insured pension fund as soon as she was eligible. In her case this is a little over 50% of her total. The school district matches dollar for dollar, and she purchased her military service decades ago. Pretty much of a jaw dropping wake up call but at least the gentleman was honest. That’s the same reason I started Social Security at age 62. I didn’t need the money but I figured I might as well get something out of it. By the time I turn 66 it might be no more, the way they keep dropping the “we’re gonna run out of money” date lower and lower.

  2. Bill says:

    The next big “run” will be those cashing out their pensions early. Why risk losing the money contributed? Once this begins, there certainly won’t be enough to fund anyone’s pensions. Same as when everyone figures out the stock market is rigged and stops participating. The music stops and the Ponzi shuffle comes to a screeching halt!

  3. lies is all they tell says:

    no one cares until it is happening to you. america is home of 3oo million hypocrites. hypocrisy is what america is about right now. no one cars about enyone else but there own well being. who cares about anyone else. they are not ME. we live in a ME society. people will not get involved to help until it directly effects them. thats why at work you cant talk about it, cant talk to anyone else for that matter. that is why so many homes are empty and rotting because no one talks they are ashamed. most folks not on this web site, the foreclosure hamlet ect do not know that homeowners did not cause this. because of the society not caring this entire scheme has been manufacutred on american ignornance. i was at work and someone was talking about trying to get a modification but her bank “ocwen” will not modify her loan because she is not late. i told there is no where in the amp guidelines you have to be late to apply. then she said why when i call them do they say ” this is an attempt to collect a debt” i was not able to explain to her that these servicers are debt collectors.
    sad wish more people carded like back when this country was foremed. can you imagine trying to form america today. no minutemen would show. eveyrone would just care about themselves. just ebing realistic. we need to get the judges. how do we do that???? the judges need to be judicating . follow the laws

  4. Pamela Edwards says:

    A big hell ya.Some of us realized this along time ago others not so much.Feel really bad for the people who bought into this cause now thier out not only the money but the dreams as well.

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