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I have a similar story with my wife's nj state teacher's pension. NJ state pensions were rated the most junk-bond like of any state. For years the state withheld money from the teacher's pay but didn't put it in the pension piggy bank. You may think that illegal but as long as the pension is "funded," they can legally do that. You know "here's a dollar, the pension is funded." By the way, the retired teachers did have inflation adjustment which they completely ignored. Never got one penny added over the years.
Fortunately, the checks kept coming but it was going to hit the fan. The state said they were something like 30 or 40 billion in the hole. Biden did bail them out and the pension is now on solid footing. Although neither my wife or I voted for him, despite knowing the pension might be in trouble. It sets a bad precedent for states not to have a balanced budget.
Last edited by Redboard; 11-01-2022 at 11:20 AM.
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