Another cry of Unfunded Pension Liability. This time from right up the road in Titusville. A really good read if you keep this particular point in mind:
“The city can get out of the problem by paying 100 percent of its annual required contribution for about 30 years…
The City of Titusville, like most Cities that have Pension Plans, has not been contributing what their share into their own pension plans. They have been withholding monies from the system because the Market was doing so well they could get away with it. Which is fine, and legal too. But it has set up a situation where nothing is set aside for the ‘rainy day,’ and now it is raining.
And, being politicians, are trying to pass the blame to the workers.
Don’t let them treat us like an ATM Machine.