Archive for the ‘Public Pensions – General’ Category

Least Well-Funded State

https://files.taxfoundation.org/20210602144601/2021-State-Pension-Funding-Gap-and-State-Pension-Plan-State-Public-Pension-Funding-Finances.png

A chart taken from a Tax Foundation article that referenced a Truth In Accounting database which has this state as the worst-funded public pension system.

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American Oligarchy (1) – Pension Stuff

A book on the permanent political class naming names has some pension related excerpts.

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Buffett On Public Pensions

Berkshire Hathaway held their annual shareholder meeting today and Warren Buffet was asked about public pensions where he noted the obvious (to everybody but the politicians currently running New Jersey):

Full Q & A:

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The sustainability of state and local government pensions

Last week the Brookings Institution looked into that question for which they came up with a research paper and concluded that:

while achieving fiscal stability will require adjustments, our results suggest there is no imminent ‘crisis’ for most public pension plans.

Some interesting charts interspersed with convenient naiveté that allows them to arrive at their predetermined terminus (do nothing) follow.

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Error or Craft?

For me, this is the interesting part of the story:

The calculation — 6.38% growth over the nine years ending last June 30 — was slightly above a 6.36% growth threshold, thus protecting retirement system members from seeing a higher risk-sharing contribution rate kick in next July 1.

This error has stoked righteous anger but not much light as to details so I will take a stab at it here.

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State and Local Pensions:The Case for Fundamental Reforms

That is the title of a working paper released by the Department of Labor last month and posted on BenefitsLink.com after the original  disappeared from the DOL website the day after it was released.

In addition to some handy charts comparing funded ratios by state here are pertinent excerpts:

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The Impact of the COVID-19 Pandemic on Public Pension Plans

The American Academy of Actuaries put out an issue brief on the subject which basically concluded that there are a lot unknowns. My takeaways starting with cheery news for plans like those in New Jersey.

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Who Stole My Pension? (2)

Though focused on one author’s forensic business and the other’s investment advice there were more things in the book worth noting.

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Who Stole My Pension? (1)

Though focused on one author’s back and the other’s Vietnam experience there were things in the book worth noting.

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Biden Time

After a wild ride it looks firm now so here are my reflections and predictions.

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