State and Local Pension Problem

From Andrew Biggs at AEI:

As I show over at Forbes, if state and local governments had to fund their plans using the stricter standards required for private sector pensions, more than one-fifth of total state and local government budgets would go just toward government employee pensions. But the fact that governments aren’t paying their bills doesn’t make the costs go away.

biggs 04042016

I wish the state would at least require local government and school districts to fund more of their anticipated pension costs, or at the very least, calculate them and project them out.  Responsible local governments and school districts, of course, could certainly do this on their own.

 

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