The Washington Post, today(http://www.washingtonpost.com/wp-dyn/content/article/2011/01/05/AR2011010505798.html?hpid=topnews), echoed the alarm raised in Steve Kroft's 60 Minutes piece last month (http://www.cbsnews.com/stories/2010/12/19/60minutes/main7166220.shtml). Simply put, the pension that you are counting on for part of your retirement package is in dire trouble. In Virginia, revenue declined 28.4 percent, to $25.9 billion, between fiscal 2008 and 2009. This is the very revenue that funds teachers' pensions.
Think that this doesn't affect you because retirement is years and years away? Think again. ACPS teachers have seen their take home pay reduced, already, because of a mandatory contribution to the pension fund. This represents a pay cut to every ACPS employee. And the cuts are just beginning...
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