Copyright © 2019 by MILES Financial Group 

Drained pension fund has retired New York union workers pinching pennies to survive

March 1, 2017

After years of not setting aside enough money, state pension funds are looking at a $1 trillion shortfall in what they owe workers in benefits, according to a new analysis.  IS YOUR RETIREMENT INSURED?

 

“This is a quiet crisis, but it’s very real. There are currently 200 other plans on track for insolvency — that’s going to affect anywhere from 1.5 to 2 million people,” said Nyhan. “The prognosis is bleak minus some new legislative help.”

 

And it’s not just private-sector industries that are suffering, he added.

“Municipal and state plans are the next to go down — that’s a pension tsunami that’s coming,” he said. “In many states, those defined benefit plans are seriously underfunded — and at the end of the day, math trumps the statutes.”

SOURCE: http://www.nydailynews.com/new-york/n-y-retirees-struggle-survive-pension-fund-bottoms-article-1.2982399

 

Please reload

Featured Posts

Social Security is losing money

July 8, 2019

1/4
Please reload

Recent Posts
Please reload

Archive