Tag: pension finances
The New York Times recent article “A Sour Surprise for Public Pensions: Two Sets of Books” told the tale of the tiny six-employee Citrus Pest Control No.2 pension fund that thought it was overfunded but instead received a large bill when CalPERS calculated its termination liability. The article has already been criticized as “remarkably fact…
The brief’s key findings are: In 2015, the funded ratio of state and local pensions using traditional accounting rules, with smoothed asset values, rose from 73 percent to 74 percent. The funded ratio using new accounting rules, with market value, declined slightly. Required contributions continued to climb in 2015, but plans also stepped up their…
