Kauai acts to spike pension spiking

September 6, 2022 | Grassroots Institute of Hawaii

"Some advice for all our policymakers out there struggling with public pension liabilities:

The first step is admitting you have a problem. The next step is getting real data on how bad that problem is. Only then can you begin working out how to address it."

Should Social Security be eliminated as a federal entitlement program? Or would that ‘end the program as you know it’?

August 16, 2022 | Market Watch

"Social Security and Medicare are two of the government’s mandatory spending programs — and popular ones at that — but one senator has suggested changing that label, making them vulnerable to annual budget cuts every year."

‘We Have a Financial Crisis Here’: Mendocino Board of Supervisors Concede the County’s Books are Unreliable

August 9, 2022 | MendoFever

"A Mendocino County Board of Supervisors discussion about cost overruns for the new jail construction project veered into a cry for help from the state, as county leadership admitted that it does not have a clear idea of what its financial situation is."

 

California is a great place…to go broke; Golden State second-most broke US state

August 2, 2022 | KTLA Los Angeles

"If you’re trying to fill that piggy bank, it might be best to stay out of the Golden State. California is No. 2 in the United States for going broke living on savings alone, according to Consumer Affairs.

The consumer platform reports that it would take 64.4 days for an average Californian to go broke living on only savings. This number was arrived at by taking the average amount of money Americans have in savings ($9,647) and calculating how quickly it’d deplete while paying a mortgage or rent, utilities, gas and food, based on survey data."

What is the State of Pensions in 2022?

July 26, 2022 | Equable

"State retirement systems in America are still Fragile. 

This an annual report on the financial status of state and local public pension systems, put into a historic context. State and local governments face a wide range of challenges in general – and some of the largest are growing and unpredictable pension costs. The scale and effects of these challenges are best understood by considering the multi-decade financial trends and funding policy decisions that have brought public sector retirement systems to this moment."

 

Stock market selloff causes pension assets to plunge in value

July 26, 2022 | Axios

"State and local pension assets have plummeted in value during the broader market selloff, thrusting many government pension plans back into a precarious financial position, according to a new report.

Why it matters: The health of pension plans affects their ability to pay off promises they've made to retirees and affects the budgets of cities, counties, school districts and states that are on the hook to make pension contributions."

 

States’ Unfunded Pension Liabilities Persist as Major Long-Term Challenge

July 19, 2022 | Pew

"For most states, unfunded pension liabilities are the largest of three major long-term obligations weighing on their future finances, ahead of unfunded retiree health care benefits for public employees and outstanding debt. Although still sizable, the gap between what states collectively have set aside and what they owe in public pension benefits narrowed after financial markets surged in fiscal year 2021, according to Pew projections."

Oxnard looks at possible bond to address $323M debt for city pensions

July 19, 2022 | VC Star

"The city of Oxnard is taking steps to issue a bond that would help pay down $323 million it owes in pension debt but taxpayer advocates say the risky decision should go before the voters.

The Ventura County Superior Court is in a validation period to determine whether or not the city can move forward with the bonding."

Report: California's unfunded pension debt could swell to $285 billion

July 19, 2022 | KPVI Channel 6

"(The Center Square) – California's unfunded pension liabilities could swell to more than $285 billion in 2022, depending on investment returns, a new report from the Reason Foundation estimates.

The forecast, produced by the Reason Foundation's Pension Integrity Project, estimates that unfunded pension liabilities could grow to $232.98 billion if California's major pension plans report -6% returns in 2022 and $285.57 billion if plans report -12% returns. That would represent a dramatic shift for the state, which had $131.57 billion in unfunded pension liabilities in 2021, according to the Reason Foundation."

 

Report: Unfunded state public pension liabilities projected to increase to $1.3 trillion for FY22

July 19, 2022 | The Center Square

(The Center Square) – Unfunded state public pension liabilities are expected to increase to $1.3 trillion in fiscal 2022 if investment returns in the stock market are 0% or less, according to a new report published by Reason Foundation’s Pension Integrity Project.

When fiscal 2022 pension financial reports are made public, the unfunded liabilities of 118 state public pension plans are expected to exceed $1 trillion in 2022, the analysis projects. The fiscal year ended June 30.

 

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