For many years, public service employees—including teachers, police officers, and firefighters—were covered by defined benefit pensions, secure in the knowledge that money in retirement would compensate for the less than great salaries they earned while working. However, in recent decades, pensions have been replaced by 401K plans and funding shortfalls have been worsened by investment bubbles and the 2007-09 stock market meltdown. Martin Smith hosts this PBS-aired Frontline documentary on America’s pension crisis, focusing on Kentucky, which has one of the worst-funded plans in the country. Smith examines the role of state pension boards and Wall Street as contributing factors in the crisis. Perhaps lured by complacency and crippled by a lack of financial skills in local government, public employees have slowly become aware that their money may not be there when they retire. Much was invested in risky hedge funds, marked by high fees and little transparency. Belatedly, teachers and others have reacted with political protests and rallies, pointing to promises made, but politicians and public officials cite other state financial obligations and the need to maintain low taxes. Using horse racing as a metaphor, angry state workers claim they have been "betrayed by the state," and politicians play a desperate catch-up race and blame game. Some 350,000 Kentucky employees are affected, and with $3 trillion dollars invested nationwide in pension funds, this situation will potentially affect many more. Featuring interviews with state officials, employees, union representatives, and Wall Street investors, this is recommended. Aud: C, P. (S. Rees)
The Pension Gamble
(2018) 60 min. DVD: $24.99 ($54.99 w/PPR). PBS Video. SDH captioned. ISBN: 978-1-5317-0883-2. Volume 34, Issue 3
The Pension Gamble
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