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.
Friday 9-21 afternoon weather
Father arrested for using toddler to steal prizes from claw machine
Get ready: The Ascesnion Hot Air Balloon Festival has returned
LSU's historic Long Fieldhouse gets money for renovation work
Environmentalists and West Baton Rouge Parish residents fill parish council chamber against...