Pension Fund Default Alert by State – Is You’re State Fiscally Fit

Sept. 6, 2013 - PRLog -- By 2016, over 72 million baby boomers will have retired dependent living on a fixed income and needing benefits. About 40% will need their pension income (http://www.schwab.com/public/schwab/resource_center/expert_insight/retirement_strategies/planning/baby_boomer_reality_check.html) to living a healthy standard of living. Already, teacher unions across America are fighting for the benefits they had hoped to retire on after long careers in private and public schools. However, several state municipality pension funds for state and contract workers have lost trillions in value. Many are funded at levels below 70% with declining tax revenue and ballooning budget deficits.

Large cities like Detroit, MI; Chicago, IL; Stockton, CA; Hartford, CT and Jefferson County, AL are among the municipalities that are unable to fulfill their pension fund obligations.

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While many municipalities across America face pension fund bankruptcy issues; Tennessee is fully vested due to financially conservative economic policies. The balanced budget approach and culture of practical thinking in Tennessee make it a financially secure long-term. Bond ratings are high grade in cities like Nashville TN, Franklin and Mt Juliet, as a result of booming economies.