Public pensions plan for lower returns
By J. Chambless
By Uncle Irvin
Public pension plans like those in
Pennsylvania, which are already underfunded, are in the process of
cutting their investment return predictions.
Returns are now pegged at around 7.68 percent, and state pension plans are dropping theirs to 7.5 percent and below. The meaning of this change is cataclysmic for homeowners in particular. Taxes for these pension plans come largely from property taxes, which are already confiscatory.
This pullback will create deep financial pain for government, their employees and their taxpayers, while those responsible to change benefits -- state government and legislation -- have not worked a day in the last three months on solving this problem, while drawing full pay and benefits.
Democratic Governor Wolf and state legislative leaders, all GOP, are totally unwilling to compromise until hell freezes over. More and more, your right to vote gets you no results, because the politicians are all the same.
(Uncle Irvin's column
is his opinion only, and is not a news story.)