Pensions assume an average rate of return of 7.5%. That’s not the future we’re going to be living in, especially with a diversified portfolio. Read what Mr. Kim has to say at the end of this article and you can see how clueless leadership is about the problem. Having a front row seat to the […]
Search Results for: pension
Connecticut’s Pension Ranks #48
You read that right. Connecticut’s funding of its pension obligations ranks #48 in the country only to be outdone by Kentucky and Illinois. Connecticut, with a pathetic 51.9% of assets to pay future obligations isn’t even close to dealing with its unfunded pension obligations. Like so many other states in similar predicaments, i.e.: Rhode Island, […]
Beware Pension Liabilities
What happens when cities do not reform pensions? Or when government unions, refusing to compromise on pensions and retiree health care, insist that the wealthy pick up the tab? Welcome to Chicago, with its $33 billion in unfunded pension liabilities. Chicago Mayor Rahm Emanuel is now proposing gigantic tax increases in a city already heavily […]
Pensions Headed for Trouble
Pensions are headed for trouble with their still-unrealistic expectations. More than two-thirds of state retirement systems have trimmed assumptions since 2008 as the financial crisis and an uneven U.S. recovery knocked many below their long-term goals, according to an analysis of 126 plans provided by the National Association of State Retirement Administrators. The average target […]
Pensions Underfunded
Chances are your state and local pension systems are underfunded. Pension shortfalls have become a common theme across the country and public-sector employees are pushing back hard. The Wall Street Journal explains that even with record setting returns in the markets, pensions systems are still unable to cope with the shortfalls created by the recession. Look no further […]
Pension Cuts in California
This is what happens when pension promises can’t be met–government files for bankruptcy and cuts them. What are Californians thinking? Politicians can’t be trusted with money. It’s not helping that investors supply piles of money buying municipal bonds to escape California’s taxes. When the music stops judges, who are on the dole too, won’t have […]
The Future of Pension Reform
Rhode Island General Treasurer Gina Raimondo’s public pension reforms were a template for other states around the country. Now the changes are being derailed in court. The Wall Street Journal examines Raimondo’s current situation here . In February, Ms. Raimondo and Governor Lincoln Chafee announced a deal with labor leaders to avert a trial. The […]
Public Pension Madness
Alternative investments or hedge funds line the pockets of the well connected, not the public sector retirees that invest in them. Politicians like alt investments because they connect them with the monied class. I like the idea of investing public sector pension money in risk free Treasuries. But the Federal Reserve’s zero percent interest rate […]
Big-City Pension Cookers
The pressure on big cities continues to build thanks to overzealous promises by politicians in places like Springfield, IL. The Wall Street Journal continues its in depth review of the ugly mess here. It pays for veteran firefighters and police officers here to retire around the anniversary of their hiring date—but it’s costly for this […]
Pension Reform?
Mayor Jim Gray of Lexington, Kentucky is taking a victory lap for pension reform. But at the end of the day Lexington, KY is still in the pension business. A true victory for taxpayers would be a complete exit from pensions. The private sector, where most taxpayers work, has already shifted to a defined contribution […]
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