So, you do not know the difference between an annual budget and a pension fund? Why do you think public pension funds have been in trouble? Because the governments have not met their obligations to fund them. They took money that was owed to workers and used it for other things. If a private company did that with their employee pension funds they would be in prison. But you want to blame the victims of the mismanagement of these funds on those people who simply trusted their employer when they were told " you give us 35 years of your life; you go out on the streets and risk your life for us as a cop, a firefighter, a paramedic, and we will fund your pension."
who took the money and misappropriated it?
i cant hear you
In Kansas, the Governor did. Took pension monies to close his budget hole.
The state will reduce its contribution to KPERS, the state’s pension system, by $40.7 million by dropping the employer contribution rate to 9.5 percent from 12.1 percent.
That move won’t affect the pensions of current retirees. But it could mean that the state won’t be able to pay all it owes in pensions in the future. It has an unfunded pension liability of $7.4 billion, which was projected to go down to zero over 20 years.
Brownback had repeatedly highlighted during his re-election campaign the state’s efforts to shore up its pension system under his administration.
The pension cut, which does not require legislative approval, rankled the Senate’s top Democrat and one of its top Republicans.
“Brownback is unilaterally reneging on a compromise he touted,” said Senate Minority Leader Anthony Hensley, D-Topeka. He noted that public employees are still set to see their contributions to KPERS increase by 1 percentage point come January.
Senate Vice President Jeff King, R-Independence, a conservative who rarely sides with Hensley on policy issues, blasted the governor’s plan.
“Basically, I think that all 290,000 of the KPERS-eligible workers and retirees in the state should be deeply disappointed by the actions taken by Gov. Brownback,” said King, who chairs the joint committee on pensions and benefits. “Over the last four years, we’ve become a model for pension reform in Kansas ... and by raiding the KPERS fund today, Gov. Brownback’s threatening to undo all the hard-fought work we’ve done in the last few years.”
Ernie Claudel, vice chairman of the Kansas Coalition of Public Retirees, called the move astounding.
“It’s just starting the underfunding cycle all over again,” Claudel said. “Obviously, the employees can’t say, ‘well, because you guys aren’t keeping your promise we’re not going to keep ours.’ ... They don’t have that option.”
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Brownback moves money from highway fund cuts pension spending to deal with 279M budget shortfall The Wichita Eagle