What steps have been put in place to prevent any future reallocating of pension funds?
Money on the table, money divided up over a 3 year period. Contract signed. ALL GOOD
Then money reallocated, Money never replaced, No more money in the till. ALL BAD
That's what happened to the NJ Teachers Pension fund to their state's contributed dollars. Thank goodness the state couldn't attack the monies donatedby the employee or that would be gone as well.
Well, yes, I think this has been going on all over for quite some time now, and it's horrible.
Governor Walker's bill here --- that we're trying to kill --- would take away the right to bargain at all, except for a few little issues. So, it would essentially mean NO MORE UNIONS --- for teachers, law enforcement or state workers.
From what I understand, these pension funds have been getting raided since the "Reagonomics" in the '80's. They usually try to cover it up, though.
Yes, it is good the state couldn't take away the employees' own contribution. I think sometimes they even raid that, though. I don't know a lot about the details of how it all works. Just the basics. I know enough to know it shouldn't be happening. It's unjust.
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.