MONEY: How well-funded are pensions?

Boston archdiocese reaches settlement in nuns’ lawsuit over pension fund
May 25, 2011

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The lawsuit came after archdiocesan officials disclosed that the entire pension account is severely underfunded.

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I fear that this is just the tip of the old pension underfunded iceberg.

Anyone with a pension better start paying attention to it.

The Pepuls Republik of Nu Jerzee is reported to have not made a pension payment into the state workers fund for decades. Where are the unions leaders, the auditors, the state workers themselves. Where’s the litigation? Where are the feds? PGB, SEC, FTC, Treasury, FBI … …

Clearly, “workers” can NOT depend upon “pensions”. The “gold watch era” ended in the 60’s when the aircraft makers began screwing their senior engineers. That’s how ERISA came about.

And, personally, hope I’m wrong, but we keep seeing trial balloons about the Federal Gooferment “taking” IRA & 401k savings in exchange for an “enhanced social security” benefit. So where are the Feds going to find a big pit of money so they can keep spending. It wouldn’t be too hard. Only have to strong arm 2k+ “custodians”.

SO, everyone better start saving their pennies, nickels. As well as copper, silver, and gold bullion. It’s hard times ahead.

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