Andrew Biggs had another good article in the Wall Street Journal yesterday called “Why Public Pensions are so Rich”. The pay-wall is down so you can enjoy it.
It reminded me to tell you that the LCPR (pension commission) begins meeting again on Tuesday nights at 5:00 pm, January 31st and throughout the session. Here is the link in case you want to join us.
We’ll keep you posted on pension reform to address our massive unfunded liabilities (or the lack thereof) as the session progresses. We are looking for a move to a hybrid plan (combining a defined benefit and defined contribution) as well as changes in the assumed rate of return for pension investments (currently the highest in the nation at 8.5%). Stay tuned!