Ground Breaking Federal Bankruptcy Decision In Detroit (Largest Bankruptcy in US History); and who is next? Detroit: Detroit bankruptcy moves forward as judge rules city can shed debt. The city says pension funds are short by $3.5 billion. Illinois: SPRINGFIELD, Ill. (AP) - The Illinois Legislature approved a historic plan Tuesday to eliminate the states $100 billion pension shortfall, a vote that proponents described as critical to repairing the states deeply troubled finances. Chicago: The city’s pension funds owe $19.5 billion in unfunded obligations to police, firefighters and municipal employees. Pennsylvania: The National Council on Teacher Quality compared pension in all 50 states, looking at unfunded liabilities and other factors. Nationwide, the report estimates teacher pensions systems have almost $325 billion in unfunded liabilities. Pennsylvania makes up slightly more than 6 percent of that total, with an unfunded liability of $19.7 billion. New Jersey: A state Treasury Department report (June 30, 2012) said the state’s pension plans covering 780,000 employees and retirees were pledged to pay out, over the long term, $41.7 billion in pension checks which the state lacks revenue to cover. Social Security: In the aggregate, the actuarial value of assets amounted to $2.8 trillion and liabilities amounted to $3.8 trillion, producing an unfunded liability of $1 trillion. Medicare: The government said Friday that Medicares giant hospital trust will not be exhausted until 2026 (12 Years from now), while the date that Social Security will exhaust its trust fund remained unchanged at 2033 (19 Years from now). With an aging population, how will we care for these people?
Posted on: Wed, 04 Dec 2013 01:03:57 +0000
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