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Government Pensions And Muni Bonds

August 28, 2018

There have been a lot of reports the last few years detailing the level of underfunding in state and local government pension funds. Most of these focus on how much money taxpayers will need to come up with in the future to make up the shortfalls. But lately there’s been another focus. Some argue that […]

How Is Your State Pension Fund Doing?

June 1, 2018

This article discusses a study of the financial health of a few state employee pension funds. The study sought to estimate what would happen to these funds if there was another sharp downturn in the investment markets. It found that at least two funds, Kentucky and New Jersey, are in such bad shape that they […]

Teachers’ Retirement Plans

March 30, 2018

This article discusses a topic that needs more attention. It talks about the retirement plans offered to most teachers around the country. The plans often aren’t very good. There are a few companies that have established themselves in the industry and offer poor quality annuities with high costs. Along the way, he had set aside […]

The Pension Fund Dilemma of Low Interest Rates

November 15, 2016

While individual investors fret about zero interest rates around the globe, the low rates also are creating substantial problems for pension funds, life insurers, and an array of other entities that depend on investment returns. This article in The Wall Street Journal delves into detail how bad zero interest rates are making pension funding. (Subscription […]

Inside Kentucky’s Pension Plan

June 21, 2016

Though a number of states and localities have pension funds with funding troubles, the worst is Kentucky’s. The plan has assets equal to only 19% of its estimated liabilities. Even worse is that the administration of the pension fund is dysfunctional and possibly corrupt. There also is a lot of political maneuvering related to the […]

The Bankrupt U.S. Government Pension System

April 7, 2016

There have been many reports of the perilous financial state of state and local pension funds and of Social Security. Overlooked in all the analyses is the terrible condition of the retirement system the U.S. governments offers for its own employees. The system was reformed somewhat in the 1980s to a hybrid system. Long-time employees […]

Inside California’s Big Pension Plan

July 17, 2012

California has the country’s largest pension fund, the California Public Employee Retirement System (CALPERS). It’s had mediocre to poor returns for years and delivered again recently, reporting about a 1% total return for its fiscal year ending June 30. This is well below the fund’s target rate of return, which means its unfunded liability increases […]

How Bad Are Public Pension Liabilities

June 20, 2012

A few state and local governments have pension liabilities that are manageable and can be paid down if we enter a period of decent economic growth and normal investment returns. But a number of them have large debt burdens in their pensions. How big is that burden? JPMorgan Chase prepared a confidential report earlier this […]

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