I can't speak for all states, but that is patently false in the state where I live. The portfolio backing the public pension is audited regularly by an actuarial consulting firm, and when it has been found to be underfunded, a messy process of political wrangling and lawsuits has ensued to figure out how to shore it up. Public employees in the state where I live pay into SS also.I don't mean to be argumentative, but the state systems are just like SS in that they are "pay as you go". Without younger workers contributing, they will quickly become insolvent, and millions of current retirees will be left hanging.
+1. I wish this bill had a provision to wean these states that opted out of SS to force them back in. Would make things seem more fair. The fact that people who never worked a day in their life can get spousal and survivor benefits is what messes things up, but there is a need for that. So maybe this will just be a perk for government workers now. Hopefully more states don't start dropping out of SS now for state workers. That's going to dry up the trust fund even faster.
Statistics: Posted by Northern Flicker — Wed Jan 08, 2025 12:42 pm