Pension funding turns to general revenue

[brooklynite]

Defeat of bond proposal means money will come from budget

As debate continues nationally over the future of underfunded retirement programs for public employees, West Virginians have decided not to bank on the stock market to cure their state’s pension problems.

A Saturday special election saw voters reject, by 54 percent to 46 percent, a plan to provide ailing pension funds for teachers, judges and troopers with up to $5.5 billion from the sale of bonds.

The election, which sought to amend the state’s constitutional ban on taking on debt, is not expected to deter other state and local governments as they examine whether to shore up pension plans by issuing bonds.

http://www.wvgazette.com/section/News/200506271
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Now, why wouldn't the people of WV want to trust their pension plan to the stock market? Surely the President's been able to sell them on the merits...