MORE ON THOSE UNDERFUNDED PUBLIC PENSIONS:

The state contributed 6 percent for the last 10 years and the TRS has not seen an increase in contributions by the state.

“The state underfunded the TRS pension plan for the last 10 years,” Caruso said.

Six percent is the lowest amount the state can contribute. On a scale of 6 to 10 percent, with 10 percent being the highest contributable amount, the “state has chosen the low end for the last 10 years,” Caruso said, adding that the choice has resulted in underfunding the pension trust fund whereas strong investments have been able to keep it funded.

“Seventy percent of funding from investments means that you have to have very sound practices and procedures in place to turn a profit that large,” Caruso said, adding that investments are hinged on the economy and since the economy is not in the best state right now, that makes it really hard for anyone to figure out how to make the most money from your investments.

In turn, a pension increase has not been granted to retirees since 2001.

Look for more of this kind of thing, and worse.