Posts Tagged ‘restructuring’

To Our Valued Fund Members:

Public pensions as constituted in most states are unsustainable for a variety of reasons previously laid out in this blog and a very few other places.  The combination of generous benefits, willful underfunding, and the failure of the actuarial profession to tell the truth will bring bankruptcy to these plans (though they apparently will call it ‘restructuring’) and public pension participants may one day get a letter that begins:.

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