May 29, 2012 — States have promised their employees sweet retirement benefits, but haven't set aside enough money. Now, one public pension fund has filed for bankruptcy.
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Promises, Promises
May 29, 2012 — States have promised their employees sweet retirement benefits, but haven't set aside enough money. Now, one public pension fund has filed for bankruptcy.States across the country have promised their employees sweet retirement benefits, but haven't set aside enough money to pay for those benefits.
On today's show, we hear from Illinois, which owes its state pension funds $83 billion.
And we hear from the Commonwealth of the Northern Mariana Islands, a U.S. territory halfway around the world. The territory may point to the future for many U.S. states: It just became the first American public pension fund to file for bankruptcy.
For More: Read our story, Bankrupt In Paradise
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