Deferred Promises: America's Pension Crisis
Retired firefighter John DeGenova from Cranston, R.I., says good pension benefits were one of the reasons he entered his profession.
Burning Away Cash: Pension Plight In Rhode Island
()The city of Cranston, R.I., used to operate a separate pension fund for hundreds of police and firefighters who contributed money from their paychecks to the fund. But instead of setting the money aside and investing it, the city spent it on operating expenses.
California Pension Costs Fuel Growing Anxiety()
March 22, 2010 With more than 1 million public employees, the state's pension tab is running at more than $3 billion a year. And as Gov. Schwarzenegger tries to close a $20 billion deficit, there's growing anxiety about the high pension costs. An economic adviser says pension costs divert money from other important government services, but pensioners say they earned it.
Pension Woes May Deepen Financial Crisis For States()
March 21, 2010 From Connecticut to California, pension funds for public employees lack the funding they need. A recent report from the Pew Center on the States put the tab for unfunded pension liabilities at $452 billion. The debacle could threaten the financial solvency of some states — and taxpayers are on the hook.
Gambling To Fix Pensions Can Lead To A Bigger Bind()
March 21, 2010 Public pension fund investing has changed a lot over the past few decades. Cities and states used to invest conservatively. Now, many are trying to rebuild pension funds by resorting to chancy investments in foreign currency, junk bonds and margin trades.
Pennsylvania Pensions: From Surplus To A Deep Hole()
March 22, 2010 Generous benefits, underfunding from the state and worse-than-expected investment returns have pushed Pennsylvania's two large public pension funds into multibillion-dollar holes. The state didn't set aside enough money to make good on the pension promises it made.
