A Dallas pension fund’s glass-skinned apartment tower may need costly changes after the Nasher Sculpture Center, home to works by Degas, Picasso and Rodin, complained of damaging light and heat reflected by the building.
The economic recovery is fragile enough. Should we force public pension funds to cut their investment return assumptions in half in order to comply with economic theory? The move may cost taxpayers $2.9 trillion.
State and local governments coping with years of underfunding and weak investment returns will be forced to clarify the extent of pension deficits under rules set today that will widen the gaps for some plans.
Bernie Sanders , the U.S. Senate’s only avowed socialist, may be the chamber’s fiercest advocate of taxing the rich to cut the federal deficit. That doesn’t mean he wants to reduce their Social Security and Medicare benefits.
Europeans have grown accustomed to seeing government workers shut down their countries when provoked. At this time of huge deficits from Washington to the smallest towns, government workers in the U.S. also face significant cutbacks.
U.S. public pensions are $4.6 trillion short of the amount of assets needed to cover projected liabilities, an advocacy group said. That’s more than twice what Moody’s Investors Service estimated this month.