SEPTA Workers Watch Your Pensions

During the SEPTA strike I sympathized with Transport Workers Union Local 234 chief Willie Brown’s late demand for a forensic audit of the organization’s pension fund — a demand which eventually disappeared from the table.

Well, the Commonwealth Foundation is reporting that SEPTA’s two largest pension fund (SAM and City Transit) were funded at 71% and 61% of accrued liabilities – underfunded even by government standards – as of June 2007, which is, of course, before the massive decline in the market which hit all pension plans hard.

So SEPTA workers fear for your retirements. Taxpayers fear for your wallets.

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