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It's the average people, again, who suffer. Those who receive pensions have worked for years depending on this to help sustain them during retirement. To suddenly find that it's not been well-financed is devastating. We have the same problem in Illinois where the pensions have been under-funded for decades. However, those at the top always manage to receive theirs. A CEO of METRA, only after 2 years of service, received a nice severance package of $750,000 while other state employees are collecting pensions from 2 jobs.
It's like the market crash of 2008 when people were saving their money for retirement, but suddenly lost thousands of $$$. As long as greedy politicians and banks are involved, no one's future retirement is safe.