The largest state-funded pension system said Wednesday it will need a 10 percent increase in its state contribution in next year’s budget.
The Teachers’ Retirement System said the state will have to kick in more than $4.8 billion for the next budget that will start July 1, 2019. That’s an increase of about $400 million from the current budget
Why is underfunding the taxpayers problem. When you pay your property taxes within those and other taxes are pension payments that are not appropriated to the pensions but “Diverted” to something else. When they had the pension holidays was there ever Property Tax holiday? I do not recall any. It is hard enough to fund my retirement but I also have to fund some public employees lifetime pension and healthcare because of behind closed door contract never open to public scrutiny. P.S. If any pension fund is 100% funded today (Jeff Bezos writes a check) are taxpayers off the hook?… Read more »