By Lawrence J. McQuillan | Tuesday June 21, 2016 at 11:02 AM PST | Comments Off on Gov. Jerry Brown Proves Me Right on Public Pensions
As part of a year-long national campaign promoting my book California Dreaming: Lessons on How to Resolve America’s Public Pension Crisis, I’ve been saying that it’s impossible to have both public governance of defined-benefit public pension plans and responsible management of these plans. Politicians face strong perverse incentives to mismanage the plans for their...
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Tags: 401(k), defined-benefit pensions, defined-benefit public pensions, Jerry Brown, pension debt, pension reform, PEPRA, public pension reform, public pensions, unfunded pension liabilities
By Lawrence J. McQuillan | Thursday October 8, 2015 at 5:57 PM PST | Comments Off on Actuary Hands Gift to Pension Reformers
The actuarial firm Cheiron recently projected the future yearly pension costs for San Jose’s police and firefighter pension plan. Cheiron wrote: In the worst scenarios, the City’s aggregate contribution rate can exceed 110 percent of payroll. In the best scenarios, the City’s Tier 1 rate can drop to 0 percent, leaving a relatively small...
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Tags: 401(k), actuarial, actuary, Cheiron, firefighters, government pensions, pension contributions, pension reform, Pensions, Police, public pension reform, public pensions, San Jose