Posts Tagged ‘plans’

NO to ERISA for Public Plans

Roger Lowenstein, the author and financial journalist who has been in front on so many important issues including the public pension crisis, has an article in this weekend’s WSJ titled ‘The Long, Sorry Tale of Pension Promises‘ which ends with:

“if you want governments to come clean, go after their drug of choice—credit…..Before we get more Detroits, or more Studebakers, the federal government should enact an Erisa (with teeth) for public employers. More simply, it could announce that local governments that fail to make timely and adequate contributions to their pension plans would lose the right to sell bonds on a tax-free basis. That would get their attention.”

I thought so too, once, but with Mr. Lowenstein’s imprimatur making it more likely and upon reflection I now see two problems with an ERISA for public plans.

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Jig Is Up for Public Plan Actuaries

Today the New York Times noticed though they framed it as a dispute between two camps.  There is no dispute.  All you need is a working knowledge of annuities and government and the facts of the situation are indisputable.

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Detroit Ramblings

There is so much about the Detroit bankruptcy (even if it doesn’t hold up) that will impact all public benefit plans and government finance in general for decades yet there are several related issues (none worthy of a full blog post yet) that I have not seen addressed:

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