In the past week, I have read two articles which present a concerning scenario. The first story came from Elyria, Ohio, population 56,000 located in Lorain County in Northern Ohio. The article discussed salaries, overtime, vacation pay, pensions, etc. for public workers of the city (police, public utility workers, firemen, etc). The numbers were interesting - check it out yourself. Google Elyria, Ohio pensions.
The second article was about Fort Worth, Texas. Some examples given were a 53-year-old policeman retired with an annual pension benefit of $90,312 for life, plus $256,000 in a lump sum payment. Not bad as a 30-year employee. Another example was a 54-year-old fireman leaving his job with a pension of $90,130 for life and a $178,000 payout.
You can read more about his at www.star-telegram.com, a Fort Worth newspaper. But regardless, if you just think about it, these types of scenarios are impossible to fund. The scenario is NOT unique to these two states, Wisconsin is in the same sinking boat. The unfunded liabilities will lead us to a cliff. The well will go dry.
