Public Pension Plans Face Billions in Shortages - New York Times:
In 2003, a whistle-blower forced San Diego to reveal that it had been shortchanging its city workers’ pension fund for years, setting off a wave of lawsuits, investigations and eventually criminal indictments.
"The mayor ended up resigning under a cloud. With the city’s books a shambles, San Diego remains barred from raising money by selling bonds. Cut off from a vital source of cash, it has fallen behind on its maintenance of streets, storm drains and public buildings. Potholes are proliferating and beaches are closed because of sewage spills."
But by one estimate, state and local governments owe their current and future retirees roughly $375 billion more than they have committed to their pension funds.
This is Muskegon, folks!
Wake up!
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