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Teacher pension nightmare.

Much like Social Security and Medicare, the money paid into teacher pension funds have been looted to pay for other things.

From Forbes…

Pension and retirement plans all over America have lost value. Plans covering public school teachers, by their own admission, are underfunded by $332 billion. However, the plans’ real funding gap is far worse than their financial statements show, at nearly a trillion dollars–and you and I will bear the burden of covering their shortfall.

The story of how this happened is familiar: States expanded their promises to retirees when times were good. Then, the economy tanked, pension assets fell in value and states skirted their obligations to deposit cash in pension funds–all causing a funding gap. But because benefits are contractually guaranteed, the obligation to cover any funding shortfall lies with taxpayers.