More (scandalous) facts emerge:

The pension system’s board assumes a 7.75 percent return on the millions it has invested. For many years, it met and even exceeded that rate of return. But the 2008 stock market crash ended up reducing the pension system’s returns in fiscal year 2009 by 18.7 percent and 11.1 [...]

Regardless of how the economy is treating us and regardless of what we imagine the future holds, there’s an objective reality of unsoundness regarding public pension funding and the stability of public pensions.  While you may think the overall crisis is partly — or largely — a matter of perceptions, feelings, that is absolutely not [...]

a mile off!

Today’s Bangor Daily News carries a Mal Leary story, right side, above the fold, “Retirement system faces big shortfall.” Link when available here.

In the meantime, you can probably write most of the story yourself.  Use these words: reeling, doubling, stunning, enormous, surprised.

Update: Link added above.

In their presentation to the Appropriations Committee last [...]

Catastrophe: it’s a word thrown around a lot of late.  We’d prefer to tone it down a bit, with words like “crisis”, or, even better “problem.” But “catastrophe” might be the right word, in the case of pensions.

There are getting to be serious problems with pension funds.

Investors who once considered their retirements safely protected wake [...]