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Pensions are of critical importance to many American workers.Yet, as municipal, state and federal governments grapple with budget issues, pensions become a costly expenditure. The prevalence of public pensions has resulted in a recent wave of pension reform issues in several cities and states nationwide. The first US public pension fund filed for bankruptcy in early 2012. A pension is a fixed sum payment, received after retirement. Many workers count on their expected pension when making retirement plans, which makes changing any pension scheme complicated. Yet, an aging population and credit crunch make keeping pension programs solvent a big challenge.
In a state that has almost become a byword for corruption, Illinois Governor Pat Quinn, a Democrat, delivered his annual State of the State Address on Wednesday. Facing election for a second full term next year…
Three months ago, legislators in California passed public pension rollbacks. Public employees in the state have heavily denounced the legislation, claiming that they would bring the issue before voters, or.
Most seniors had a stable plan for retirement, be it a pension plan, 401(k), or for the more savvy, savings in a CD or other bonds. With the 2008 credit crash, obviously some of those assets dwindled to near non-existence, or disappeared altogether.
The US is undoubtedly affected by the situation across the Atlantic, and the sentiment about European financial markets plays out on Wall Street. Even indirect effects of the Euro crisis would be severe for American markets and consumers.