The Wall Street Journal reported today that,
Many state and city governments reeling from financial woes are about to get whacked again, this time by an unforeseen increase in their pension bill thanks to market declines.
In an effort to stave off tax increases, New Jersey lawmakers on Monday will consider a bill that would allow municipalities to defer payment of half their annual pension bill, due April 1, for one year. Those towns, counties and schools that opt to defer would face a higher pension bill for years to come.
Market hits are bad enough, but did you know that not only were many state pension funds already underfunded before the financial crisis, but many state pension fund administrators are working to make things worse by lobbying for global warming regulation.
For more on this story check out our report, Pensions in Peril: Are State Officials Risking Public Employee Retirement Benefits by Playing Global Warming Politics?
1. Read Pensions in Peril; and
2. If you are a current or retired public employee who is a beneficiary of a state or local pension fund system, contact your state and local representatives and request that the system administrators explain why they are either lobbying for or not lobbying against global warming regulation.