Posts Tagged ‘institute’

Not the Path but the Driver

Yet politicians’ current approach to evading such opposition—that of adopting incremental reforms while repeatedly deferring liabilities—is no longer viable.

The structural defects of defined-benefit plans, as well as their implication in a system of decision making impaired by political considerations, necessitate a wholesale shift from defined-benefit to defined-contribution plans.

Fixing the Public Sector Pension Problem: The (True) Path to Long-Term Reform

The quotes come from a well-reasoned paper by Richard C. Dreyfuss setting out the problem, debunking faux solutions, and offering a five-point plan for comprehensive reform that I too advocate as obvious. The problem is not with the proposed reforms, which are viable, but with those who would be charged with implementing them, like this guy:

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New Jersey Localities Falling Through the GAAP

One major difference between Harrisburg, Pa and Union County, NJ is that Harrisburg and the Authority running their incinerator follow Generally Accepted Accounting Principles.  Union County, and most other New Jersey local governing bodies, do not as I learned from Richard Raphael, Executive Managing Director, Fitch Ratings Agency at the Hall Institute’s Forum on the Public Pension Crisis.
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This would have been the guy who gave Union County an AAA bond rating admitting that the finances he was studying were ‘very non-transparent’*.  I asked about that.

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