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The fate of pension plans

Poor management, criminal banks, near zero rates

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Heading off a cliff

Poor management, criminal banks and near zero interest create the perfect storm.

Note: There is a factual error is this program.

No one is paying 50% of their income into their pension.

What they should have said is that employee contributions have gone from 25% to 40%. The State of Ohio used to contribute 75%, now that's down to 60%. So for every dollar that's part of pension contribution 60 cents comes from the employer and 40 cents from the employee.

Still, the fundamental premise is correct:

The funds are mismanaged, they promise more than they can deliver and they're headed off a cliff.

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