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Message: <blockquote data-quote="AllTheBellsAndWhistles123" data-source="post: 6172649" data-attributes="member: 112755">…which is why pensions should be abolished and replaced with 401k’s, funded by those same pension contributions…I recall before I started (1989) that our (NYSTPF) was 103% funded and that the trustees were given the choice of either sending a check to the Treasury or increasing benefits; they, of course, chose the latter which, in hindsight, may not have been the right move as our Fund was in critical status (40-45% funded) just prior to the $1.4B bailout.</blockquote>