Archive for the ‘Public Pensions – General’ Category

ALEC Has It At $8.2 Trillion*

The American Legislative Exchange Council (ALEC) came out with a report today based on reviewing the latest available actuarial valuations of more than 290 state-administered pension plans and adjusting the discount rate from what was an average of about 7.71% last year to a ‘riskless’ rate that might be 1.13%.

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The Labor Guide to Retirement Plans (II)

A book to educate labor people to argue for keeping their underfunded defined benefit plans with Social Security as the gold standard. Throughout my reading/skimming I often wanted to challenge the author on some points* including this one about cash balance/401(k) combo plans in the private sector:

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The Labor Guide to Retirement Plans (I)

A book to educate labor people to argue for keeping their underfunded defined benefit plans with sprinklings of propaganda.

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Tap Into Taxpayer Apathy

As is the case in many large organizations, the staff provide direction to the board, rather than vice versa.

Jeffrey C. Hooke – The Myth of Private Equity (pages 10-11)

The quote refers to public pension boards, specifically in Maryland, but applies equally to government boards like the Union County Board of Commissioners who define the art of rubber stamping. This time a media outlet, Tapinto Westifield, noticed possibly on account the massive size of the raises the honchos employed at Union County are giving themselves (throwing in a little something for the board members as well).

For example, at this rate of salary increase, you may be interested to know what year County Manager Ed Oatman will be making over a million dollars in annual salary.

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State of Pensions 2021

The Equable Institute released a report on the “current status of statewide public pension systems, put into a historic context” focusing “on the largest statewide retirement systems (measured as those with at least $1 billion in promised benefits)” which has some interesting charts but suffers from the failings most of these think tank summaries have in that they take CAFR numbers seriously.

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Pew Ranks – 2019

Yesterday the Pew Charitable Trusts released their annual funding gap study based on data from the CAFRs of over 230 public pension plans.  Of interest:

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Teacher Retirement Systems: A Ranking of the States

Bellwether Education Partners is a “national nonprofit focused on dramatically changing education and life outcomes for underserved children. [They] do this by helping education organizations accelerate their impact and by working to improve policy and practice.” And making good money* doing whatever that means.

Apparently this think tank got some interns to go through official teacher pension data reported by the 50 states and the District of Columbia to come up with rankings. New Jersey was not last overall (probably on account of the ARP money that went into the pension this year) but Medium-term and Long-term New Jersey did come in last…..and by a lot.

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KBudget(1)-PFRS Bills

So starts this six-blog series on the 2021 Kenilworth budget with my question on pension bills. If you want to follow ahead the full Q&A (and slander) during the hearing is at the bottom of this blog.

Whereas in Union County this was the answer:

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Cuomo’s Pension

Does anyone know whether Governor Andrew Cuomo is at risk of forfeiting his New York State pension?

The question was posed on benefitslink and here is how the lead author of Governmental Plans Answer Book responded:

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Least Well-Funded State

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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