The exasperating politics of pensions and trust funds

Across the United States, myriad pension and trust funds are in trouble. Serious trouble.

The U.S Postal Service’s retiree health benefits fund is underfunded by $70 billion and will be depleted in 10 years. In Illinois, the state’s teacher pension fund is 60 percent underfunded. Kentucky’s public pension is so underfunded that some employers have to fork out an 85 percent premium on payroll — meaning, as the Economist reports, “employing someone on $50,000 a year requires an extra $42,500 of contributions.” Meanwhile, Rhode Island’s Providence Employee Retirement System is way underwater and will be tapped out in 15 years…. (Read more)

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