“The Coming Pensions Crisis ”

anyone who thinks government pensions are somehow insulated from this fallout are clearly delusional

Dallas Mayor Pulls Support For "Massive Taxpayer Bailout" Of Police Pension

Quote

 

The panic that has set in forced the chairman of the pension board Sam Friar to issue a letter to members.

 

"I would strongly urge all members not to act rashly and without full information," he wrote. "You may make decisions that, after all the changes are made, are not in your best interest."

 

The board was so concerned it voted to stop current officers from withdrawing any money from their pensions, and sources say the board will soon vote to no longer allow retirees to take their money out.

 

"This may be the only way the pension can limit the cash outflow because we are in a bad situation that right now the existence of system is at stake."

 

http://www.wfaa.com/news/local/mayor-rawlings-rejects-bill-to-rescue-pension-fund-calling-it-a-massive-taxpayer-bailout/427878819