A new rule currently being considered by the Actuarial Standards Board would finally require public pensions to meaningfully account for risk. In a commentary for the Voice of San Diego, I explain how […]
US public pension plans’ accounting gimmicks exposed
I’ve written previously on the staggering consensus of experts who reject the accounting methods utilized by U.S. state and local public pensions plans to understate the true size of their debt. It’s worth […]
Unfunded liabilities as quicksand: Why it is so difficult to return to funded status
PensionTsunami.com brings us these remarkably insightful remarks from David Crane that explain why – when already carrying an unfunded liability – a pension system needs to outperform, not merely hit, their investment target in order […]
Nobel Laureate: Public Pensions are a “Disaster” and Rely on “Idiotic” Accounting
Nobel laureate William F. Sharpe spoke to the Financial Analysts Journal on how public pension plans use inappropriately high discount rates to understate their true liability: Are public pensions a problem? You bet. […]
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