Kentucky, New Jersey, Hawaii discussed on Rich Dad Radio Show
I heard just recently that New Jersey because their pension is so depleted. They're now going to charge a rain tax on New Jersey's resident to my haven't heard that. But I do know that jersey has been terribly managed for decades. And I believe is is is one of the worst pensions Kentucky is I think is on the verge of bankruptcy. But New Jersey's certainly. New Jersey and Hillen away are certainly poster child for how not to run attention. And since I'm from Hawaii Hawaii doing I haven't checked on Hawaii lately there. There was an investigation. I was proposing to do in Hawaii about in that was she's fifteen years ago. You're you know, the first the first public pension to fail was five ten. So I was out giving a speech in Guam and site pan and Sipe pan attempted to go bankrupt to to not paid employee. And it's right. So Hawaii I'm not sure of where they're at today. I do know that there was an investigation. I tried to do something I was aware up there. But nobody wanted the investigation done. What is wrong with Kentucky while Kentucky? I'd say is the worst because they are only at this point. I think twelve percent funded. Jeez. So you can look up Zach number. But the point is they have twelve cents for every dollar. They promised workers. And when you get to that low level, you are basically spending. All the money. You have the money in your your basically more money going out, and the end is his within view within a few years away. So so the investment program in Kentucky is been has been terribly managed for decades and the pensions about to run out of money. There is a lawsuit being brought against the board. Or at least I think it's against all the Wall Street firms the hedge funds that that mismanage the pension. But it is of course, let's not forget Puerto Rico another public pension US tension that has run out of money. So there are. Rico's example of what happens when pensions expire side pan is an example, Kentucky's example, and then Illinois, and you jersey, many other states are Connecticut are are cases where the the amount of money pension os is just astronomically greater than the amount of money is actually in the pension. Some of the final question, then is if I'm living in Kentucky or Sipe pan or Puerto Rico, Illinois or California working for county on CalPERS. What can a person do? Let's say sixty years old you're sent to retire in a few years and your pensions about the go bus. You have any suggestions for them. What what you can do is you can because it public pensions. You can request documents get information you can attend if you can attend meeting. You can go to the website. And what I encourage people to do to do have an investigation done of the pension of your own. I crowd funded investigation of on behalf of workers in Rhode Island. We raise they raise thirty thousand dollars to have me investigate. What was going on the pension? And so now a days a in that can be you know, as little as one hundred dollars per person for last fifty dollars. In california. The pension is Celtic has so many participants that to have an independent professional expert review does would really cost. The workers less than in evening out for. So I was death. It is the crowdfunding the internet offers that possibility because as you say, they can get the documents. But unless you're an expert in the field, you're not gonna know what to make of it. Correct. I wouldn't courage people to be a thorn in the side of the system less. The people running these systems. No, people are members are concerned and are active and are going to be watching ten, you know. Thank you very much. She had more time let you come back on this program. But thank you for doing what you're doing. And especially to, you know, be a whistle. Board would be a great informat teacher on a very important crisis facing America today..