That money is washing away
"The basic problem is that pension funds created to finance retirement benefits for thousands of public employees -- teachers, police officers, firefighters, and state, city and county workers of every description -- lack sufficient funds to meet their obligations.........
....Minneapolis Mayor R.T. Rybak brought the scale of the situation home in his budget address last summer.
He reported that nearly two-thirds of an 11.3 percent property tax hike next year would go to fund the city's pension obligations."
"The basic problem is that pension funds created to finance retirement benefits for thousands of public employees -- teachers, police officers, firefighters, and state, city and county workers of every description -- lack sufficient funds to meet their obligations.........
....Minneapolis Mayor R.T. Rybak brought the scale of the situation home in his budget address last summer.
He reported that nearly two-thirds of an 11.3 percent property tax hike next year would go to fund the city's pension obligations."
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