You probably wouldn’t take the summer off if your household’s finances were on the brink of insolvency. But that’s exactly what the Rhode Island General Assembly did, with a $9.4-billion pension crisis looming. It took the summer off, opting to gather in a special session in October.
Search Results for: pension
Sorry We Can’t Pay Your Pension
Public sector employees are at risk of hearing these words due to state government mismanagement and union irresponsibility. Blue states like Rhode Island are leading the way over the cliff. Rhode Island has a $14 billion unfunded pension and health-care benefits liability to state and municipal employees and retirees. To pay off the liability, it […]
Pension Crisis Update
During the first meeting of the 12-member pension advisory board, one member, Alicia Munnell, who is the director of the Center for Retirement Research at Boston College, predictably said: I don’t think the private sector is what we want to emulate. I strongly believe that because what you have seen in the private pension system […]
Unmasking the Pension Advisory Group
You may want to watch what’s going on in the Rhode Island pension battle. According to a 2011 Pew Center report on the states, the pension deficit between what states have promised and what they have saved, or the unfunded liability, is $660 billion. According to Pew’s 2010 report, 16 states were in good shape […]
What Everybody Ought To Know…About Their State Pension
A Not So Smooth Landing The unfunded liability facing states across the country is much larger than is being reported, not only because investment-return expectations are too high, but also because of a simple accounting technique, called “smoothing,” that all but three states use to account for market performance. Simply put, states account for stock […]
State Pension Disaster!
Rhode Island general treasurer Gina Raimondo told a room full of politicians and union heads Monday that the pension problem can’t be fixed without cutting benefits to longtime “vested” workers, and even retirees. Raimondo was talking about cutting benefits like the annual cost of living adjustments (COLAs) of 3%, which put current retirees on a […]
Protecting the Law
Standing against Mob Rule “We’re now well past the point where these protesters, student and non-student alike, think the rules or campus regulations don’t apply to them,” writes Jim Geraghty in NRO. “They believe criminal law doesn’t apply to them.” (April 2024) Notable & Quotable (From The WSJ) Father Ted Hesburgh (1917-2015), former president of the University […]
Breaking: New Rules on Trillions in IRAs and 401(k)s
Good news. New rules will govern trillions in IRAs where your interests are put first. Americans will get new protections for money moved out of their 401(k)s and into IRAs, under Labor Department regulations released yesterday. What does this mean to you? 401(k)s are governed by strict rules requiring any financial advice to be in […]
A Bad Hair Day in Texas
“The Team’s Gonna Miss You” In an abbreviated version of Jason L. Riley’s latest WSJ article, one reader sums it up: Family moves into town, enrolls child in school, signs contract which includes strict dress code. Student ignores code and is disciplined. Story should now end. Good story about keeping your word. Here from Jason […]
Your Survival Guy’s 2024 Super States: Time to Flee?
Your Survival Guy’s 2024 Super States is in, and I wonder: Is it time to flee? Because this is the beginning stages of a tectonic shift in America. You and I know the moving vans are gassed up and running. They’re ready to leave the big, blue-blob states on both coasts and elsewhere. No longer […]
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