Indiana Pension Fund Set To Run Out

[mrjarrell]

Business Insider has rated Indiana as the #3 state in those listed as having pension funds due to run out. We've got a few years before that happens, but when it does that will mean our taxes are going to have to rise to meet the governments obligations to pay off their employees retirements, even if you have no retirement security. The state has to start reformation of their system now. Raising retirement ages and doing away with pensions, switching their employees to 401K and the like.

Advance Indiana: Indiana State Pension Fund Among First Headed For Insolvency

The First 11 State Pensions That Will Run Out Of Money

 

[Prometheus]

Can't be true. Mitch Daniels is our finicial boy-wonder, he raised our taxes and he sold the toll road so everything would be ship-shape!


I'm shocked to find out daniels has been using clintons fuzzy math!

 

[E5RANGER375]

im not having my taxes raised because they couldnt budget properly. we already have too high of taxes because of this kinda crap.

 

[Dogman]

im not having my taxes raised because they couldnt budget properly. we already have too high of taxes because of this kinda crap.

I agree, you shouldn't pay any tax increases because of this kinda crap ..... let us know how that works out for you.

 

[Disposable Heart]

im not having my taxes raised because they couldnt budget properly. we already have too high of taxes because of this kinda crap.

I agree with this ^

I have worked with and worked for several former state employees. I get sick and tired of hearing about them grouse about their palacial pensions and health benefits as if they were destitute. One I served at a cigar shop I worked for in the past actually complained that he could not buy a new car every year, only every 2! :O Granted, they "earned" the pension, but it should come out of their pay, NOT MINE! Why can't states and governments take accountability for their own kind and make them have to save up for retirement like the rest of us!?

Police, fire, state, federal employees get paid HANDSOMELY for the work they do! I hear of 50K a year police officers, 60K a year firefighters, one controller for a BMV made over 100K a year!! Yet they all complain about their pensions! WHY? So they can keep sucking off me when I make jack crap!

I am not going to go on the entitlement route with this: I believe that we should all have to save for our OWN retirement, or face the concept of working until literal and foolish death. Given the current path of the .gov right now, that may happen for all of my generation. But for highly paid .gov employees to complain about their pay AND pension when they make twice or thrice than I? I dont think so...

I appreciate and celebrate the hard work and ethic that many in our .gov system put in, particularly the fire fighters and police. But I am seeing an inequity in a system that gives the same benefits to those who I don't see risking their health or life for: the endless stream of bureaucracy and their minions sitting at desks and slowing the taxpayer's ability to interact with the .gov.

Boy, I am POed right now!

 

[indyac]

$3.6 billion is a huge amount to make up. Are the pension payouts indexed for inflation?

If not that payment amount will be the least of our problems if hyperinflation sets in.

 

[dross]

Colorado public employees have PERA, which is the best retirement program ever invented, I think.

They pay no social security taxes, that money goes into their funds. Their benefits are extremely generous and guarenteed. In the nineties, their funds did better than expected, so the PERA board (made up of people on PERA, btw) voted a benefits increase. Now that the fund is doing poorly because of the economy, by law the citizens must make up the difference in taxes. These are citizens whose own retirement funds have been devastated by the economy, but who must figure out how to make that up themselves.

 

[xring62]

It used to be balanced but now its lopsided, not just for state workers but most any large companies, money taken in is shrinking and retiries grow. Im due my retirement ,worked in states service for 26 years ,just in last 5 started making above poverty level. Most of you would laugh at state paychecks. Im not talking high end jobs with college ed.

 

[Duncan]

Can't be true. Mitch Daniels is our finicial boy-wonder, he raised our taxes and he sold the toll road so everything would be ship-shape!


I'm shocked to find out daniels has been using clintons fuzzy math!

Side note : We are not balanced as the Indiana Constitution demands .
the State of Indiana is 1 Billion ( yes B as in Bravo ) in arrange from money taken from the US Gov for ....ta da !! Unemployment insurance .
My Source ... My Representative's office :

Indiana House of Representatives Republican Caucus: State Representative Eric Allan Koch - Home

 

[dom1104]

Seems to me we are going to have our taxes raised all across the board state local and federal wether we like it or not.

Not a whole heck of a lot we can do about it, the horse is out of the barn and we werent watching.

Time to tighten the belt, cancel the cable, and render unto Ceasar...

 

[ATOMonkey]

People who invented pensions did so knowing fully well that it could not possibly extend past their generation.

Unless the company or government grows at a rate that mantains the original pensioner to employee ratio, it will always fail. No ifs ands or buts about it.

Don't worry, the pensions are federally insured, so Uncle Sugar will raise our taxes, not Mitch.

 

[lashicoN]

Seems to me we are going to have our taxes raised all across the board state local and federal wether we like it or not.

Not a whole heck of a lot we can do about it, the horse is out of the barn and we werent watching.

Time to tighten the belt, cancel the cable, and render unto Ceasar...

Are you serious? Were you born in the USSR or something? We don't have to do anything we don't want to do.

Is this an echo from the pre-revolutionary war era? "The tea isn't so bad. It's expensive, but what can we do? We'll cut back on food and render unto King George."

No thanks. I don't want their services in the first place. Now they expect me to pay MORE money for services I won't ever receive?

There is nothing wrong with tightening up your belt, especially when you've made mistakes. But when the bloated state and federal governments have spent out of control and now they shrug their shoulders and say "well, it's your problem. You pay for it." I don't think so. Tighten up your belt if you must, but for our sake, thicken up your skin as well. It's time for Caesar to take a long walk off of a short plank.

 

[Prometheus]

Are you serious? Were you born in the USSR or something? We don't have to do anything we don't want to do.

Is this an echo from the pre-revolutionary war era? "The tea isn't so bad. It's expensive, but what can we do? We'll cut back on food and render unto King George."

No thanks. I don't want their services in the first place. Now they expect me to pay MORE money for services I won't ever receive?

There is nothing wrong with tightening up your belt, especially when you've made mistakes. But when the bloated state and federal governments have spent out of control and now they shrug their shoulders and say "well, it's your problem. You pay for it." I don't think so. Tighten up your belt if you must, but for our sake, thicken up your skin as well. It's time for Caesar to take a long walk off of a short plank.

I'd rep you but it's too soon from the last time.

Honestly, I've had it with taxes.

Screw them and their pensions. Get it by cutting welfare, or not buying new cars for every tom, dick, cop, assessor, meter maid, code enforcer and the dozens of other government employees who get cars or whatever else.

I'm done tightening my belt. .gov can spend less or starve. Personally I could care less which at this point.

 

[rambone]

"Spend less or starve!" should be your campaign slogan Prometheus. Haha

When did these pensions get set up; the entitlements promised?

 

[UncleMike]

I agree, you shouldn't pay any tax increases because of this kinda crap ..... let us know how that works out for you.

 

[lashicoN]

I agree, you shouldn't pay any tax increases because of this kinda crap ..... let us know how that works out for you.

I'll let you know how it worked out for the last group of people who decided enough was enough. They declared Independence and started their own nation, which became the greatest country the world had ever seen.

 

[UncleMike]

I'll let you know how it worked out for the last group of people who decided enough was enough. They declared Independence and started their own nation, which became the greatest country the world had ever seen.

And he slaps down the Revolution card!!!
Although he did throw in a plug for The U.S.
I don't supposed it's dawned on you yet, junior, that we are going to have a PEACEFUL revolution in 14 days???
There's no need for the 1776 violent type unless ALL ELSE FAILS!!!!!
And even then raising taxes to pay for pensions would hardly be a righteous reason to revolt.

 

[lashicoN]

And he slaps down the Revolution card!!!
Although he did throw in a plug for The U.S.
I don't supposed it's dawned on you yet, junior, that we are going to have a PEACEFUL revolution in 14 days???
There's no need for the 1776 violent type unless ALL ELSE FAILS!!!!!
And even then raising taxes to pay for pensions would hardly be a righteous reason to revolt.

I didn't specifically say we should revolt, old timer. I know the rules around here. I wish I believed we were going to have a peaceful revolution in 14 days, but I don't see that happening. What I think will happen is that all of W. Bush's old friends are going to get their power back and continue to take this country on a quick trip to bankruptcy.

Violence should be a last resort, in most cases, and I never said anything about violence. How is not paying taxes violent? Isn't that a peaceful protest? No, violence is what the government will do to you if you stop paying taxes. They are the bad guys. They will be the ones pounding down your door, shooting your dog, shooting your wife in the face while she's holding your baby (Ruby Ridge) and then burn your house down while your children are inside (Waco, TX).

Anyway, I do believe that higher taxes is certainly something to get crazy over. It's our money, we earned it. They throw it away at other countries and get people hooked on Welfare. I'd rather keep my money and buy some new winter tires and a 1911. But it isn't just the taxes. It's all the restrictions, all the lies, all the unconstitutional things they do with that tax money that really gets me up in arms. I'm simply going to try to prepare for the worst, hope for the best, and in reality, November will probably bring something in the middle.

 

[Dogman]

Anyway, I do believe that higher taxes is certainly something to get crazy over. It's our money, we earned it. They throw it away at other countries and get people hooked on Welfare. I'd rather keep my money and buy some new winter tires and a 1911. But it isn't just the taxes. It's all the restrictions, all the lies, all the unconstitutional things they do with that tax money that really gets me up in arms. I'm simply going to try to prepare for the worst, hope for the best, and in reality, November will probably bring something in the middle.

Do you really think your the only one that feels that way?

 

[lashicoN]

Do you really think your the only one that feels that way?

Where did you get that impression from?