Yes! Some city or state is going to go bankrupt because of this, and the people affected are going to sue. It will take at least a decade to work up to the Supreme Court, who will find (no matter WHAT the liberal/conservative makeup at the time) that, surprise, surprise, the government is NOT legally obligated to pay out the benefits they said they would. Various governments will try to implement various forms of austerity to make it work, and former employees are just going to have to suck it up.
Don't worry though. This exact same thing is also happening to Social Security, which will crash around the same time, or shortly after, so everyone working now will get the shaft.
Of course, the latest date I've seen (2038) is almost exactly when I should have been eligible to start drawing on it.
Don't worry though. This exact same thing is also happening to Social Security, which will crash around the same time, or shortly after, so everyone working now will get the shaft.
Of course, the latest date I've seen (2038) is almost exactly when I should have been eligible to start drawing on it.