Stock market tumble could keep pension funds behind
WASHINTON D.C.- The slide on Wall Street could damage public employee pension funds around the country. And the burden could end up falling on taxpayers.
Stocks have been tumbling in the first weeks of 2016, with the Dow Jones industrial average and the S&P 500 down nearly 9 percent since the start of the year.
If there's a quick rebound, the slump won't make much difference. If the tumble continues, it could be bad news for pensions.
Somewhere down the line, states may have to either cut benefits - which can be legally or politically difficult - or pump more tax dollars into their pension funds to make sure retirees get what they were promised.
As it is, many government pension funds are struggling to bring in enough money to cover future payouts.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Flood victim burglarized multiple times since August flood
EBR Mayor-President takes blame for bad CAO hire
Central residents say new subdivision could cause more drainage issues
Gov. Edwards' business tax gets its first hearing
INVESTIGATIVE UNIT: EBR COA Board Chairman in violation of state law