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The electoral map, the demographics behind President Barack Obama’s re-election and the high-end tax increases that were just wrung from the Republicans give Democrats reason to believe that long-term political trends are on their side in budget negotiations. This view, however, ignores what is happening at the state level.
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Last week, Atlanta’s City Council voted unanimously to address a $1.5 billion public-pension liability by increasing worker contributions and reducing benefits. Florida also increased public-worker contributions.
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Joe Dear is giving a pep talk to more than two dozen colleagues at the California Public Employees’ Retirement System. As Dear paces before his people on this July afternoon in Sacramento, he implores them to shake off the funk of the pension fund’s recent troubles.
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After the largest U.S. pension fund lost $70 billion and got embroiled in an influence- peddling scandal, new investment chief Joe Dear says the only way out of this mess is to take more risk.
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Mention pensions and until recently most people pictured a secure income in old age, leisurely trips and visits from grandchildren. That assumes they were lucky enough to have a pension.
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A court order forcing Florida to forgo $1 billion it planned to take from state workers to shore up its budget is the latest sign of the difficulty of reducing government-backed retirement benefits.
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Cities from New York to San Jose, California, facing almost $400 billion in unfunded pension liabilities, will be watching what San Diego Mayor Jerry Sanders calls his “ radical idea ” to cut costs.
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U.S. state pensions such as Illinois, Kansas and New Jersey are in a “death spiral,” with assets at many insufficient to cover benefits, payouts consuming a growing portion of resources and costs rising twice as fast as investment gains.
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New Jersey Governor Chris Christie said he doesn’t mind breaking promises to pensioners to close a $10.5 billion budget deficit -- even if they sue.
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After working for almost two decades as a money manager, Britt Harris at age 45 was what most people would consider a success. Bridgewater Associates LP’s Ray Dalio and Bob Prince had just tapped him to be chief executive officer of the world’s largest hedge fund.
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