MOAP....PENSIONS BANKRUPT in 9.09
The recession has made the long-term funding problems for Kansas' public pension system severe enough for a recent report to declare it "bankrupt."
Democratic Gov. Mark Parkinson isn't as pessimistic, and the Kansas Public Employees Retirement System says no current retirees' benefits are in jeopardy. But they acknowledged Wednesday the state must start soon to close a $8.3 billion shortfall expected between KPERS income and expenses over the next 25 years.
The report, released last week by the Center for Applied Economics at the University of Kansas, suggested the state should move toward 401(k)-style plans for teachers and state and local government workers. It's ammunition for Republican legislators who've wanted to get away from plans with benefits based on salary and years of service.
"KPERS is bankrupt under current operating assumptions," the report said.
AS MONEY EVAPORATES AS CREDIT IS CUT OFF, INCOME DECLINES, AND SAVINGS DEPLETED.....MORE AND MORE CITIES, STATES, COUNTIES, HOSPITALS, SCHOOLS AND PENSON FUNDS WILL GO BANKRUPT.....right now the Pension Guaranty is broke........soon you will learn, when government is broke.......we are all broke due to the fact that we are, as citizens, jointly and severally liable for the debts of our nation.
Keep drinking the Kool-Aid....the bodies are now starting to drop all around you.
Remember, over 500,000 Americans lost their jobs in the past week......now few are hiring.........and that is over 500,000 Americans on a much smaller employment base..............how long do you think we can keep losing over 500K jobs per week before not many are working?
But at least it was better than expected.......unfortunately it is getting a lot worse.