Washington Post Highlights Pension Crisis
The Washington Post ran an article Sunday on how market losses have put state and local government pension plans seriously in the red. The article makes mention of the Philadelphia pension crunch and “reform”. (HT to the Enterprise Blog, which notes that funding ratios – indicating most government pension plans are severely underfunded – are based on assumptions of 8%, or higher, annual returns).
There are still three more opportunities to find out more on how Pennsylvania’s pension problem will affect state and local taxes in the coming years, with Commonwealth Foundation events in York, Lancaster, and Harrisburg this week.