4 ms·

Something, something, defined benefit, it seems. I had no idea defined benefit pensions were still a thing.

by dboreham 4y ago

blockwriter 4y ago
They’re enshrined in the constitution of my home state, Illinois, for the public sector, I believe.
- tofof 4y ago
  Not that the legislature met the obligation of actually funding them for like 30 years, though.
  - bushbaba 4y ago
    Going to be an interesting next 2 decades as these funds insolvency becomes an issue.
- landemva 4y ago
  Either feds take over this obligation, or Illinois will go bankrupt, legally disolve, and the land will be absorbed by neighboring States. This is why I expect a federal UBI.
  - collegeburner 4y ago
    why th should i be paying for illinois underfunding its pension obligations. this is not some natural disaster where the government couldn't predict it, so screw that. i hope all the other 49 states vote against any of that nonsense.
  - deleted 4y ago
    [deleted]
  - dragonwriter 4y ago
    > Either feds take over this obligation or Illinois will go bankrupt, legally dissolve, and the land will be absorbed by neighboring States. US States cannot go bankrupt (They are not only not covered by bankruptcy law, but there is a reasonably strong argument that state bankruptcy would violate the contracts clause. (And the public entities that can go bankrupt via municipal bankruptcy in US law do not legally dissolve when they do.) > This is why I expect a federal UBI. That seems…unrelated.
HarryHirsch 4y ago
You'd think that annuities were easy, they don't have many variables and have been studied for centuries.
Nursie 4y ago
There are a lot of retired people in the UK who are living off them at the moment, they were only really phased out for new entrants about 20 years ago, and for a lot of people they were able to continue to build them if they were already part of one. So it's going to be a long time before all those people, both retired and not, are dead. Plus the public sector in the UK still offers them.
shapefrog 4y ago
Boomers - no contribution with a defined benefit out. For some reason when they realised they were a bad idea they got rid of them for everyone else but themselves.

Something, something, defined benefit, it seems. I had no idea defined benefit pensions were still a thing.

blockwriter 4y ago

They’re enshrined in the constitution of my home state, Illinois, for the public sector, I believe.

tofof 4y ago
Not that the legislature met the obligation of actually funding them for like 30 years, though.
- bushbaba 4y ago
  Going to be an interesting next 2 decades as these funds insolvency becomes an issue.
landemva 4y ago
Either feds take over this obligation, or Illinois will go bankrupt, legally disolve, and the land will be absorbed by neighboring States. This is why I expect a federal UBI.
- collegeburner 4y ago
  why th should i be paying for illinois underfunding its pension obligations. this is not some natural disaster where the government couldn't predict it, so screw that. i hope all the other 49 states vote against any of that nonsense.
- deleted 4y ago
  [deleted]
- dragonwriter 4y ago
  > Either feds take over this obligation or Illinois will go bankrupt, legally dissolve, and the land will be absorbed by neighboring States. US States cannot go bankrupt (They are not only not covered by bankruptcy law, but there is a reasonably strong argument that state bankruptcy would violate the contracts clause. (And the public entities that can go bankrupt via municipal bankruptcy in US law do not legally dissolve when they do.) > This is why I expect a federal UBI. That seems…unrelated.

HarryHirsch 4y ago

You'd think that annuities were easy, they don't have many variables and have been studied for centuries.

Nursie 4y ago

There are a lot of retired people in the UK who are living off them at the moment, they were only really phased out for new entrants about 20 years ago, and for a lot of people they were able to continue to build them if they were already part of one. So it's going to be a long time before all those people, both retired and not, are dead. Plus the public sector in the UK still offers them.

shapefrog 4y ago

Boomers - no contribution with a defined benefit out. For some reason when they realised they were a bad idea they got rid of them for everyone else but themselves.