VERY interesting map of US state pension funding levels from Forbes:
As you can see, by Forbes’ estimates of pension funding levels as a %, pensions are WAY underfunded. This underscores my previous articles about pension problems in the US. For those of you who have a pension and either always thought it was safe or are actually worried about it, click the link to the right for PensionTsunami.com – a good aggregator of pension news around the US.
And for those of you who think that cities will never not fund pensions, you need to meet Chapter 9. Chapter 9 allows a city to break pension contracts and if you don’t think they will, try convincing unemployed residents why their property taxes should double so you can retire at 55. Sounds blunt I know, but as I’ve stated in a few previous articles, it’s precisely this fight is coming to a town near you.