24/7 Newsfeed

Put Reason 24/7 on Your Site

RSS

Follow Reason 24/7 on Twitter and via RSS

Public Pensions Remain Underfunded and Unlikely To Keep Promises

Last spring, the St. Paul Teachers' Retirement Fund Association and the Duluth Teachers' Retirement Fund Association went to the Legislature to ask for help.

At the time, the St. Paul fund could only provide two-thirds of what it had promised to those paying into the system, and the Duluth fund had more retired members than working members.

The Minnesota Legislature passed a billthat will give aid to the funds, change early retirement calculations and authorize a study on the merger of the two funds. But are these changes enough?

Pension woes are being felt across the country. Detroit, Chicago and Los Angeles are all dealing with unsustainable public pensions.

Source: Minnesota Public Radio. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

advertisement