Thursday, September 18, 2008
Local and state government pensions could be in trouble, according to "Pension Tsunami"
Despite the relatively comforting facts about the intentions, at least of the Pension Benefit Guaranty Corporation (previous post), Jack Dean, of Pension Watch, lists a huge number of municipal and other government pension funds for public workers that may be in trouble, on a website called “Pension Tsunami”. Many of the problems are in California. Around the world there are problems. Lehman Brothers workers in the UK will lose pensions.
There is also a “Fundmastery Blog” that has a Sept 12 entry “The Pension Time Bomb” by Kurt Brouwer, link here (with a great picture of the San Francisco Golden Gate). Conservative Columnist George F. Will (incidentally a great baseball fan) has an op-ed by the same name in The Washington Post on Sept 11, 2008, where he starts his discussion with Vallejo CA, link here.