Puff Driver that is true but not accurate. Let me see if I can put this in a context most people can understand. Most people (me included) operate our family finances in the “red zone.” What that means is if you add all your bills, house, car, credit cards, home equity loans, students loans, loans to the leg breakers, etc, you would not have enough money in checking and savings or your wallet to pay the debt if it was all called due immediately. Now, does that mean you are going broke? No, because you financed your debt over time. You, hopefully, will continue to work and earn a paycheck that will allow you to payoff the debt over time. Remember the song, “Time is on my side” by the rolling stone? It is true, most of us who have debt have time on our side. The pension fund is no different. And consider this, the pension fund's capital, the amount the fund has in savings, checking and its wallet, increased by $790 million dollars according to the funds quarterly statement. How do you claim you are going broke when your debt is reduced and you cash has increased??? Try explaining that to a bankruptcy judge. “Hay judge I have more cash now and less debt now than I did, but I'm in the red zone so I need to default on this debt to get me out of the red zone.”
Well put Homesick.
However, I've divided all CSPF financials by 100,000 to make the numbers more relatable to your analogy.
Less than 8 years ago 4 kids moved out of the house and gave you a parting gift of $61,000.
The value of everything you own is now $187,407.
You still have 4 mouths to feed.
You are $353,121 in debt.
The value of your home increased $7,900 last quarter.
You make $3,388/month.
Your household bills were $11,768/month last year.
Oh yeah and you also have quadruplets on the way, but one of your kids is helping out with the bills.
I think a BK judge might be sympathetic to your plight. ;)