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Now public pension funds across the country are facing a painful reckoning. But lowering their investment assumptions, even slightly, means turning for more cash to local taxpayers — who pay part of the cost of public pensions through property and other taxes. Bloomberg said during a trip to Albany in late February. Eventually we all have to face the math, meaning cuts to benefits, and increased contributions—in pensions and elsewhere.

Having wealth stored for future needs requires forgoing present consumption and profits in order to save more for later— that is just the way it works. See: Public pensions faulted for bets on rosy returns. Skip to main content. This article offers a good update: While Americans are typically earning less than 1 percent interest on their savings accounts and watching their k balances yo-yo along with the stock market, most public pension funds are still betting they will earn annual returns of 7 to 8 percent over the long haul, a practice that Mayor Michael R.

The typical public pension plan assumes its investments will earn average annual returns of 8 percent over the long term, according to the Center for Retirement Research at Boston College. Actual experience since has been much less, 5. New York State announced last week that it had earned 5. Worse, many economists say, is that states and cities have special accounting rules that have been criticized for greatly understating pension costs.

Governments do not just use their investment assumptions to project future asset growth. As a result, companies now use an average interest rate of 4. The trustees have the power to make the change; their decision must also be approved by the State Legislature. Vermont has lowered its rate by 2 percentage points, but for only one year.

The state recently adopted an unusual new approach calling for a sharp initial reduction in its investment assumptions, followed by gradual yearly increases. Vermont has also required public workers to pay more into the pension system. Union leaders see hidden agendas behind the rising calls for lower pension assumptions. Lowering the rate to 7. Lawmakers were convinced that the state could not afford that, and instead reduced public pension benefits, including the yearly cost-of-living adjustments that retirees now receive.

State officials expect the unions to sue over the benefits cuts. When the mayor of San Jose, Calif. They told the regulators that San Jose had not included such warnings in its bond prospectus, and asked the regulators to look into whether the omission amounted to securities fraud. A spokesman for the mayor said the complaint was without merit. Last year, the trustees rejected Mr. This time, one trustee, Dan Dunmoyer , asked the actuary if he had calculated the probability that the pension fund could even hit those targets.

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Actual experience since has been much less, 5. New York State announced last week that it had earned 5. Worse, many economists say, is that states and cities have special accounting rules that have been criticized for greatly understating pension costs. Governments do not just use their investment assumptions to project future asset growth.

As a result, companies now use an average interest rate of 4. The trustees have the power to make the change; their decision must also be approved by the State Legislature. The state recently adopted an unusual new approach calling for a sharp initial reduction in its investment assumptions, followed by gradual yearly increases.

Vermont has also required public workers to pay more into the pension system. Union leaders see hidden agendas behind the rising calls for lower pension assumptions. Lawmakers were convinced that the state could not afford that, and instead reduced public pension benefits, including the yearly cost-of-living adjustments that retirees now receive.

State officials expect the unions to sue over the benefits cuts. When the mayor of San Jose, Calif. They told the regulators that San Jose had not included such warnings in its bond prospectus, and asked the regulators to look into whether the omission amounted to securities fraud. A spokesman for the mayor said the complaint was without merit.

Last year, the trustees rejected Mr. This time, one trustee, Dan Dunmoyer, asked the actuary if he had calculated the probability that the pension fund could even hit those targets. Yes, Mr. Milligan said: There was a chance of getting 7. The odds of hitting a 7. Dunmoyer, who represents the insurance industry on the board, sounded shocked. Dunmoyer, lowering the rate to 7. Start posting your company's news. You are Guest on WEB6.

Consent Preferences. The state recently adopted an unusual new approach calling for a sharp initial reduction in its investment assumptions, followed by gradual yearly increases. Vermont has also required public workers to pay more into the pension system. Union leaders see hidden agendas behind the rising calls for lower pension assumptions. Lowering the rate to 7.

Lawmakers were convinced that the state could not afford that, and instead reduced public pension benefits, including the yearly cost-of-living adjustments that retirees now receive. State officials expect the unions to sue over the benefits cuts. When the mayor of San Jose, Calif. They told the regulators that San Jose had not included such warnings in its bond prospectus, and asked the regulators to look into whether the omission amounted to securities fraud.

A spokesman for the mayor said the complaint was without merit. Last year, the trustees rejected Mr. This time, one trustee, Dan Dunmoyer, asked the actuary if he had calculated the probability that the pension fund could even hit those targets. Yes, Mr. Milligan said: There was a chance of getting 7. The odds of hitting a 7. Dunmoyer, who represents the insurance industry on the board, sounded shocked.

In the end, a majority decided it was worth the risk, and voted against Mr. Dunmoyer, lowering the rate to 7. Your email address will not be published. This site uses Akismet to reduce spam. Learn how your comment data is processed. Leave a Reply Want to join the discussion? Feel free to contribute!