By Mary Pat Campbell, includes “… Oh dear Lord, not this bullshit again. ‘We don’t have to pay it all at once!’ No, you don’t. And the measurement takes that into account. What does eventually happen is that required contributions get larger and larger, until the sponsor can no longer cover them. … I had a whole series on public pensions getting into trouble by investing in ‘alternative’ asset classes. … Texas ERS is an extreme case….but it’s far from the most extreme.”
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