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CSPP RELEASES "PENSION ROULETTE PART 2
DO YOU FEEL LUCKY"
Citizens for Sustainable Pension Plans has released a new report that demonstrates the dire financial condition of Special Districts in Marin
County as well as the Golden Gate Bridge District.
The report, which studied the following Special Districts concludes that the pension
plans and retiree benefits they offer are exorbitant and dangerously underfunded.
- Marin Municipal Water District (MMWD)
- North Marin Water District (NMWD)
- Novato Fire Protection District (NFPD)
- Marinwood Community Services District (MCSD)
- Golden Gate Bridge Highway & Transportation District (GGB)
Summaries of Pension Roulette 1 and 2
OCTOBER 6, 2013
MARIN CIVIL GRAND JURY REPORT
Left Leaning Brookings Institute asks:
"Are Public Pensions Keeping Up With the Times?" Believes 5% is a more reasonable return assumption. Underfunding is $2.7 trillion not $900 million.
Retirement plans for public employees in the United States face serious challenges: By their own calculations, states and localities are $900 billion short of the funds they need to set aside to pay for benefits they have already promised their employees, write the Urban Institute’s Richard W. Johnson and the Brookings Institution’s Matthew M. Chingos and Grover J. Whitehurst. But the problem is far more serious than currently imagined. What states accountants won’t admit, Chingos, Whitehurst and Johnson argue, is that the funding problem is much worse than states’ calculations show.
Read the Entire Article.
Right Leaning American Enterprise Institute Asks:
"Public Sector Pensions: How well funded are they, really?" Underfunding is $4.6 trillion not $885 million.
Public sector pensions, as of mid-2011, were underfunded by around $885 billion, based on accounting rules established by the Governmental Accounting Standards Board applied to a large sample of plans from the Public Plans Database.3
However, reports from academic economists and nonpartisan government agencies strongly suggest that the true state of public sector pension funding is far worse than suggested by official plan disclosures.
Read the Entire Article.