So now the pensions for at least 10 million people are in trouble?? What the hell??

[a kennedy]

Ex speaker Bohner was just on CNN with an ex house Democrat discussing the problem.

[richsonpoordad]

1. Can you give us a clue? Whose pensions? When, what happened? nt

[littlemissmartypants]

3. Here, it's the best I could do. nt

https://www.daytondailynews.com/news/local/former-speaker-boehner-joins-fight-save-pensions-for-million-retirees/UGgCyBrmL0LrCcHE5fVPLJ/

[Ilsa]

2. Govt pensions? Whose pensions? nt

[littlemissmartypants]

4. Here...

https://www.daytondailynews.com/news/local/former-speaker-boehner-joins-fight-save-pensions-for-million-retirees/UGgCyBrmL0LrCcHE5fVPLJ/

[TexasBlueDog]

5. There are some private sector pensions underwater...

...but the big problem is public sector. Many state and local governments can't meet their commitments to current and future retirees. The big problem is many states desire to renegotiate retirement plans. You're going to be hearing a lot about 'industry standards'. Let's say your public sector union negotiated a 150k annual retirement package for you but a comparable private sector retirement for a similar job pays 40k per year...see where this is going?

This has already come up in NY and Illinois and other places and has been beaten back but the pressure is becoming immense. There have been some successful pension cuts in Fl. Future retirees are already screwed but its the current retirees that face the most danger.

The shortfalls nationwide are in the trillions.

[Bradshaw3]

6. Illinois pensions require a 2/3 vote of the people to change them

Rauner tried to mess with the pension system there but was shot down by a unanimous Supreme Court vote. Illinois law requires the government to meet three financial obligations - pensions being one of them - before other governmental funding and it takes a two-thirds vote of the people to change it. With so many governmental employees covered by the pensions there, that ain't gonna happen.

[Midnight Writer]

7. Thank Ronald Reagan. He signed law to allow corporations to use pensions as operating funds.