Underfunded pension plans have been the norm for as long as I can remember. Most people don't realize that fact, however, until it's too late. Now might be a good time to check up on your employer -Public or Private!
Mathews Realty Group
"Building Lifestyles For Life"
Pew: States' retirement shortfall exceeds $1.26 trillion
The gap between the promises states have made for public employees' retirement benefits and the money they have set aside grew to at least $1.26 trillion in fiscal year 2009, resulting in a 26 percent increase in one year, according to a report released Tuesday by the Pew Center on the States.
"In many states, the bill for public sector retirement benefits already threatens strained budgets, and is competing for resources with other critical needs, including education, infrastructure and health care," said Susan Urahn, managing director for Pew Center on the States in a press release. "The $1.26 trillion shortfall for pensions and retiree health care will drive up annual costs and make already tough budget decisions even tougher."
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