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- Title
GOVERNMENT PENSION OBLIGATIONS THE NEXT FISCAL CRISIS?
- Authors
Cheney, Glenn Alan
- Abstract
This article focuses on the issue of chronic, endemic underfunding of government pension plans in the U.S. The estimated shortfall for state and local government employee retirement funds as of the end of 2008 was one trillion U.S. dollars, according to the Pew Center on the States. Particular focus is given to the increase in the cost of pensions for state employees in California, along with the pension underfunding issue facing New Jersey. The Pew report argues that a lack of political will and wisdom is the essence of the problem. Keith Brainard of the National Association of State Retired Administrators attribute the pension gap to declining tax revenues and a drop in the market.
- Subjects
UNITED States; PENSION trusts; CIVIL service pensions; PENSION costs; GOVERNMENT revenue; PEW Center on the States (Organization); BRAINARD, Keith
- Publication
Financial Executive, 2010, Vol 26, Issue 10, p30
- ISSN
0895-4186
- Publication type
Article