History of IDEA
Jeannie Oakes, Founder and Former Director
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Analysis: Pension funds for teachers are short billions
- 04-14-2010
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By Greg Toppo/USA TODAY
The multibillion-dollar pension funds that promise to pay lifetime benefits to millions of the USA's retired teachers are more than $900 billion in the red, a new analysis shows. The shortfall could put taxpayers on the hook for nearly three times as much as the funds say they need to balance the books. The analysis, released Tuesday from the Manhattan Institute for Policy Research and the Foundation for Educational Choice, finds that all 59 funds that cover most teachers face shortfalls. Collectively, the researchers say, the funding gap equals more than $932.5 billion, or about $600 billion more than the funds themselves claim in financial statements. The researchers attribute only $116 billion of the discrepancy to turmoil in the stock market. (more...)
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