Teachers Reflect on State Worker Pension Reform
Kai Ryssdal: As if the economics of the federal deficit weren't enough, the states now have $1 trillion problem of their own. That's the shortfall that state-run retirement systems are facing over the next 30 years. Some, including New York, where we are today, are making changes to those pension plans to fill the funding gap. Which has public workers claiming the states are breaking a trillion-dollar promise.
From the Wealth and Poverty Desk, Marketplace's David Gura reports on the changes facing one group of middle-class Americans and why benefits for public workers have become so political.
Ryssdal: So you said New York state's pension fund is actually doing all right?
Gura: Yeah so the Pew Center on the States has actually crunched the data and when you look ahead 30 years, New York state is actually 101 percent funded. So much better than other states like West Virginia or Illinois, which are just over half funded. New York State's actually in pretty good shape.
Read the full transcript or listen at marketplace.org.
- Public Sector Retirement Systems