13 04, 2017

The last word in reform efforts?

2017-04-13T16:56:39-07:00April 13th, 2017|Categories: Pension Reform|Tags: , |

More than 20 times in the last 15 years, political leaders looking to control California’s fast-growing public pension costs have tried to put reform initiatives before the voters. None of the proposals has made it onto the ballot. Often, advocates could not raise enough money for signature gathering, advertising and other costs. Some of the efforts, however, ran into a different kind of obstacle: an official summary, written by the state attorney general, that described the initiative in terms [...]

29 09, 2015

How Public Pensions Are Getting Smart About Infrastructure

2015-09-29T17:54:32-07:00September 29th, 2015|Categories: Defined Benefit Plans|Tags: , , |

By cutting out the middlemen, our pension funds are harnessing the power of their capital. While American politicians talk about changing public policy to increase investment in U.S. infrastructure, America’s public pension funds are investing their money in infrastructure overseas. The largest U.S. public pension fund, the California Public Employees’ Retirement System (CalPERS), recently announced a $1 billion deal with Queensland Investment Corp. (QIC), an Australian pension fund, to invest in Australian and Asian Pacific infrastructure. […]

27 01, 2014

Gov’t Urged: ‘Get Serious’ On Public Pensions Reforms

2014-01-28T22:48:57-07:00January 27th, 2014|Categories: Pension Reform|Tags: , |

A top accountant yesterday urged the Government “to get serious” on making changes to civil service pensions, warning that ever-increasing unfunded liabilities threatened to create “huge deficits” regardless of fiscal reform. Raymond Winder, the Deloitte & Touche (Bahamas) managing partner, told Tribune Business that the Central Bank’s efforts to restructure its “unsustainable” defined benefit had brought the Government’s own pension issues into ‘sharp relief’. Public sector pensions do not even have a formal structure, effectively operating as a ‘pay-as-you-go’ [...]

23 01, 2014

Public Pension Liabilities Exceed $300 Billion

2014-01-28T22:49:08-07:00January 23rd, 2014|Categories: Pension Reform|Tags: , , |

Canada Post’s recent disclosure of a $6.5 billion pension fund shortfall left the federal government with no practical choice but to support the crown corporation’s plan to provide less service at higher rates. Pouring in public funds to bail out a gold-plated pension beyond the wildest dreams of the vast majority of taxpayers would have been politically toxic. Canada Post’s inflation-indexed, defined benefits plan guarantees up to 70 percent of employment earnings starting as early as age 55, but [...]