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Bay Area Protesters Try to Block Base Entrance Before Immigration Operation
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About 200 people stood in an intersection outside the Coast Guard base in
Alameda, Calif., where federal agents were arriving to prepare for an
immigration...
19 minutes ago
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Illinois is the undisputed poster child for having the worst public pension system in the country.
With roughly 40 percent of the state’s $165 billion pension liability unfunded and the courts refusing to allow an overhaul of its highly flawed system, tens of thousands of public employees are left uncertain about their retirements. The state’s credit ratings has dropped to junk status.
Related: States Keep Using Gimmicks to ‘Balance’ Their Budgets
A new report by the Pew Charitable Trust is a painful reminder that despite the economic recovery and improved revenue picture, many other states continue to gamble by operating with huge gaps between their employee pension obligations and revenues funneled into the retirement programs.
Indeed, the gap between what states have pledged to retirees and how much they are actually saving to fund those payments now totals $968 billion as of 2013, a $54 billion increase over the previous year, according to the report.
The picture looks even bleaker when short-falls from local employee pension programs are factored in. Then the overall employee pension gap widens to more than $1 trillion, according to Pew.
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