Posted: Oct 20, 2010 7:44 AM by Bea Karnes, News First 5
Updated: Oct 20, 2010 2:24 PM
I popped open Yahoo first thing Tuesday morning to check my email and was greeted with a photo of Colorado's beautiful capitol building, positioned at number one in its news wheel. Beneath it was the headline: 11 State Pension Funds that May Run Out of Money.
Bad day for the Chamber of Commerce.
According to Yahoo, one out of every two online news users see its site each day. Worldwide. Really bad day for the Chamber of Commerce.
The truly stunning information was still ahead. Clicking on the story, (Colorado's photo was replaced by Illinois) I learned that Colorado ranks number eight on the list of states to run out of money, based on when the shortfall will hit. We're projected to exhaust the state pension fund in 2022. If taxpayers were to pay pensions out of state coffers the following year, it would eat up 54% of the state budget--tops of the eleven states listed. Fifty-four percent!