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Author: fleg9bo Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 3955  
Subject: Wish your neighbors luck Date: 1/22/2012 4:50 PM
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They're going to need it. You will too if you bring the Dems back.

http://blogs.the-american-interest.com/wrm/2012/01/21/the-gr...

If you are a current or former state employee in the state of Minnesota, watch out. Your pension depends on hot air, sketchy arithmetic, and the willingness of future taxpayers to make huge sacrifices to cover the deceit, wishful thinking and sketchy math at the heart of your pension system.

According to a recent analysis in the Minneapolis Star-Tribune by Mark Haveman, Minnesota's pension plans, even after recent mandatory increases in employee contributions, are essentially hollow. Even using the state's extremely aggressive "assumed" rate of 8.5 percent annual return on its investments, the pension fund is about $10.5 billion short of being able to pay off its future obligations. For every $1 the state has promised to pay retired civil service workers and teachers, it expects to have about 79¢. The good fairies and the wood elves are responsible for coming up with the rest of the money.
__________________________

Running out of Other People's Money is never fun.

--fleg
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