Gubernatorial Candidates On Pensions

P&I did a lengthy story* on states where public pensions are an issue in the election for governor. Here is a condensed summary of that story with relevant video where available:

Oregon

  • Incumbent Democratic Gov. Kate Brown: Borrow, sell assets, task force, study due September 30, 2019.
  • Republican state Rep. Knute Buehler: Freeze and protect accruals with everyone going into a 401(k)-type plan with an unspecified “reasonable match”

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Colorado

  • Democratic U.S. Rep. Jared Polis: would “reject efforts to reform PERA on the backs of our teaching professionals and state or local employees in the future.”
  • Republican Treasurer Walker Stapleton: proposing allowing all employees to choose a 401(k)-style plan, raising the retirement age and reducing funding rate to 5% from 7.25%.

New Mexico

  • Democrat U.S. Rep. Michelle Lujan Grisham
  • Republican U.S. Rep. Steve Pearce: “Employees many years away from retirement are going to have to see significant changes.”

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Massachusetts

  • Democrat Jay Gonzalez: plan to tax endowments
  • Popular incumbent Republican Gov. Charles D. Baker

Rhode Island

  • Democrat incumbent Gov. Gina Raimondo
  • Independent Joseph Trillo: campaigning on the promise of giving back part of the 3% COLA cut to retirees, and threatening to appoint a special counsel to investigate what he calls “high-risk” alternative investments made by the pension fund during Ms. Raimondo’s tenure as treasurer.

Illinois

  • Democrat J.B. Pritzker: has not released a detailed plan to tackle the state’s pension issue, is leading Mr. Rauner in the polls.
  • Incumbent Republican Gov. Bruce Rauner
  • Libertarian Grayson “Kash” Jackson
  • third-party candidate State Sen. Sam McCann


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Connecticut

  • Democrat Ned Lamont
  • Republican Bob Stefanowski


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Iowa

  • Democrat Fred Hubbell
  • Republican incumbent Kim Reynolds


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Pennsylvania

  • Democratic Gov. Tom Wolf
  • Republican, fellow York County millionaire Scott Wagner

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Though there will be gubernatorial elections in 36 states and I spent tens of hours on youtube these are the only clips I found. I suspect there may be more and if anyone out there knows of any other states where pensions were debated I will see if I can RVC it.

It was interesting how these candidates instinctively disagreed on practically everything. So I will end with a clip on an unrelated issue from the debate in Vermont that brought the candidates together:
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*

7 responses to this post.

  1. Pennsylvania @3:00

    Scott Wagner “we “accepted” a return of 1.29 percent, when the when the benchmark goal was 7.5%.”

    Seriously? Pennsylvania SERS returns

    year % return
    2008 ………… -28.7
    2009 ………….. 9.1
    2010 ……………11.9
    2011 …………… 2.7
    2012 ………….. 12.0
    2013 …………… 13.6
    2014 ……………. 6.4
    2015 …………… 0.4
    2016 …………… 6.5

    We also “accepted” returns of 13.6 percent in 2013, along with just about every other pension system. The very definition of “gratuitous” statement.

    Reply

  2. Posted by geo8rge on November 3, 2018 at 7:34 pm

    “Democrat Jay Gonzalez: plan to tax endowments”

    Gonzalez’s plan would levy a 1.6 percent tax on endowments of any private, nonprofit college or university with a fund of more than $1 billion. The tax would be applied to the average value of the endowment over the previous five years to balance out big market fluctuations,

    Detroit and Providence RI did that during their bankruptcies. Harvard is said to be $37B so 1.6% proposed tax would be $592M. Guessing that could be $1B a year from all endowments. But why stop at Universities, there must be all sorts of money in trusts of one sort or another. Why stop at trusts? Why not a 1.6% wealth tax?

    Reply

    • Posted by Tough Love on November 3, 2018 at 8:13 pm

      Florida had a tax on wealth about 10 years ago ………….. not sure if they still do.

      Reply

      • Posted by geo8rge on November 4, 2018 at 12:09 pm

        Florida has had substantial population growth during that period, so perhaps they don’t need a wealth tax anymore. Endowments are interesting as they are often very large and don’t have anyone who is the owner. Endowments are a sort of commons.

        https://en.wikipedia.org/wiki/Tragedy_of_the_commons

        What’s to stop The Harvard Endowment from moving to Dublin Ireland for tax purposes, like many US companies, while keeping their North American Educational operating unit, aka Harvard University, in place?

        Reply

  3. Posted by Eric on November 4, 2018 at 8:40 am

    Tough Love:
    Florida’s wealth tax was repealed in 2007. It does, however, impose a 5.5% corporate income tax.
    Eric

    Reply

  4. Posted by Tough Love on November 7, 2018 at 2:43 am

    Democrats take over the House of Representatives !.

    That’s WONDERFUL. Just what I wanted, a Split Congress (BOTH Parties are filled with self-interested/taxpayer-betraying A-holes).

    Trump is going to get even WORSE (yea, it’s hard to believe that’s even possible) when he just won’t be able to “get-his-way”. It’s COMPROMISE (you win-a-few, and you lose-a-few), or nothing gets done. This is going to get “interesting”.

    Reply

  5. […] « Gubernatorial Candidates On Pensions […]

    Reply

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