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To: stan_hughes who wrote (199366)	10/22/2002 4:44:41 PM
From: yard_man	Read Replies (2) \| Respond to of 436258

think I won't get squat, eh? Shoulda taken the lump sum while there still was one, eh? Now all I get is lumps and no sum, eh? well whose fault is that, big boy?!!

To: stan_hughes who wrote (199366)	10/22/2002 7:06:10 PM
From: James F. Hopkins	Read Replies (6) \| Respond to of 436258

Stan; A good find..I saved it.. A portion of the Summery is sure worth posting here it is ---------- < My notes in brackets > August 12, 2002 Summary of Findings State pension assets grew only 1% from 2000 to 2001, to $1.74 trillion, while liabilities grew 10% to $1.62 trillion. <The direction and RATE that is moving is alarming > ------------- 51% of state retirement systems are underfunded; the average underfunded plan has a ratio of assets-to-liabilities equal to 83%. < Remember this was last June 2001 it's at least 75% by now > The fiscal health of retirement plans varies widely. West Virginia has the lowest funding level at 45%, and Florida has the highest at 140%. Illinois has the largest dollar unfunded liability, $20.8 billion, equal to 85% of its state < WHAT 85% of the state buget would have to be used to bring this up !!! >> Four states Nevada, West Virginia, Oklahoma, and Oregon have unfunded liabilities that exceed state budgets Because state pension plans report with a significant time lag, the funding ratios given in this study do not fully reflect the current bear market in stocks and, consequently, unfunded liabilities will increase markedly when June 30, 2002 reports become available. ---------- Wilshire forecasts a significant 10 to 15% decline in funding ratios at the next reporting cycle. The likely result is that the percentage of underfunded state retirement systems will grow from 51% to 75% of State pension It's very likely worse than the 10 to 15% decline that was project; also Those who were ahead last year seem to have had the more risky portfolios and have likely dropped harder than the rest To get the full 30 page report back up to Stan's post and hit the link Jim PS keep in mind agencies reporting these figures have every motive to dress them up in the best light, some of the projections such as anticipating 8% interest returns was way out in left field.