The Pension Integrity Project at @ReasonFdn works with stakeholders to design and implement pension reforms that improve plan solvency and retirement security.
Joined September 2019
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Pension Integrity Project retweeted
A balanced budget doesn’t mean balanced finances.
Reason’s new report finds $685 billion in unfunded state pension liabilities, roughly $2,100 per resident.
Today’s budgets can leave yesterday’s promises for tomorrow’s taxpayers.
reason.org/transparency-proj…
Pension Integrity Project retweeted
"The $5 trillion of long-term debt of state and local government consists of bonds, loans, and notes (42%), unfunded pension liabilities (32%), unfunded retiree health care (19%), accrued leave payouts/compensated absences (2%), and other (5%)."
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New data out from @ReasonFdn on state and local government finances.
About half of state and local long-term debt is unfunded liabilities for retirement benefits for government workers.
Pension Integrity Project retweeted
See all of the report’s key findings here! reason.org/transparency-proj… via @ReasonFdn
Pension Integrity Project retweeted
Connecticut ($25,381 per capita) and New Jersey ($22,933) have state debt over $20,000 per capita. Hawaii ($19,553), Illinois ($17,859), Massachusetts ($17,536), and Delaware ($17,445) follow, ranking third through sixth in per-capita state debt.
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Pension Integrity Project retweeted
New York ($37,006 per capita), New Jersey ($35,100), Connecticut ($33,189), Illinois ($31,582) and Hawaii ($30,759) have the highest total state and local debt, which includes debt at the state, county, city and school district levels within each state.
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With the California Public Employees’ Retirement System still $179 billion short of fully funding pension promises already made to workers and retirees, the governor’s veto keeps PEPRA’s guardrails in place.
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Increasing public pension benefits would undermine California’s successful pension reforms and impose high costs on taxpayers and local governments, writes @PensionZachary.
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Gov. Newsom’s vetoes preserved California’s pension reforms and spared taxpayers billions in new costs. With the state still $257 billion short of funding its public pension promises, lawmakers must stay the course and resist pressure to increase benefits.
reason.org/commentary/califo…
Gov. Gavin Newsom wisely vetoed AB 1383, which would've increased pension benefits for police and firefighters at a high cost to taxpayers.
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Well-designed flexible benefit structures, like those in South Dakota and Wisconsin, can stabilize contributions and support healthy pension funding.
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Traditional public pensions promise retirement payments even when investments fall short, leaving taxpayers to cover the gap.
South Dakota and Wisconsin are two examples of how adjusting future benefit increases can stabilize costs and keep pension plans near full funding. buff.ly/sqlbd8U
South Dakota and Wisconsin show how flexible pension benefits can stabilize contributions and keep pension plans at or near full funding.
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California lawmakers are moving to weaken hard-won, cost-saving pension reforms. The latest public pension newsletter also examines pension debt in Texas and Pennsylvania, and how to protect public pensions from political pressure. 🔽
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California lawmakers sent a bill to Gov. Gavin Newsom’s desk that would partially roll back the state’s 2012 pension reforms and increase police and firefighter pension costs by an estimated $11.8 billion over 30 years.
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A bill on Gov. Gavin Newsom’s desk would reduce the retirement age for police and firefighters and increase the salary caps used to calculate pension benefits. The changes could add $11.8 billion in costs for public employers and taxpayers.
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California lawmakers are prioritizing public-sector unions over financial responsibility and California taxpayers.
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Pension Integrity Project retweeted
California undermines pension reforms with benefit boost for first responders reason.org/commentary/califo… Taxpayers to cover billions more in retirement benefits, mostly for the highest paid employees, not rank and file. Via @ReasonFdn @PensionZachary @longspring2711
Legislatures and policymakers should not let politics drive unsound public pension benefit design and funding, and must establish structural guardrails to protect taxpayers from financial risk.
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A California bill, if signed by Gov. Gavin Newsom, will increase pension benefits and could add another $11 billion in public pension costs for taxpayers.
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