Union pension $3trillion short fall
Labor groups will be invited to the U.S. Chamber of Commerce to talk about an alarming shortfall in state employee pension plans that some believe could lead to a new government bailout.
Randy Johnson, the Chamber’s senior vice president for Labor, Immigration and Employee Benefits, told The Hill the total shortfall for state pension funds could run as high as $3 trillion.
A Chamber spokesperson said the event is in the early stages of development and that it is unclear which unions would be invited to participate or when the session would be held.
While the faltering economy has kept the dire state of pensions from grabbing many headlines, several experts agree that absent drastic measures these funds could be the next financial calamity that receives a government bailout
An August report by the Kellogg Graduate School of Management at Northwestern University found government pension programs in as many as 31 states are headed for financial disaster by 2030 and that taxpayers will likely wind up paying for unfunded liabilities.