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By November 8, 2016 Read More →

Shocking News About Local Gov Pension Funds

Photo: Flickr

Photo: Flickr

Ed. Note:  In 10 years, pension liabilities for 50 large cities are up 192%, which is a crisis to be sure. Let us know what the track record is in your city, town, state, or county. Whatever the reason is for this catastrophic news, pension fund managers need to get on top of this situation and stop the bleeding. From Pension & Investments’ email newsletter:

Adjusted net pension liabilities for the 50 largest local governments totaled $367 billion in fiscal year 2015, up 192% from 2005, said a report Friday from Moody’s Investors Service.

Of the 50 municipal entities reviewed, 32 had greater adjusted net pension liabilities than net direct debt in 2015, up from 14 in 2005, Moody’s estimated.

The median adjusted net pension liability compared to all governmental revenues across the 50 entities was 147% in 2015, up from 70% 10 years earlier.

Those with the highest adjusted net pension liabilities as a percentage of 2015 operating revenue were Chicago at 719%, followed by Dallas at 549%, Phoenix at 434%, Houston at 414% and Los Angeles at 407%. Local governments reporting the lowest adjusted net pension liabilities as a percentage of operating were Wake County, N.C., at 22%; Mecklenburg County, N.C., 25%; Washington, D.C., 38%; Cypress-Fairbanks Independent School District, Houston, 52%; and North East Independent School District, San Antonio, 56%.

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1 Comment on "Shocking News About Local Gov Pension Funds"

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  1. Phillip O.Norton says:
    November 9, 2016 at 3:23 am

    Please recall my comments re: the pension struggle in San Jose , Ca. Over a five year period. Tonight proposition F to restore pension stability is on the ballot. Hopefully the voters will pass this proposition. If they do,SJPD can rebuild to its former status. If not the Police Dept. will sink to less than 600 Officer’s for a City of over one million population. Perhaps a phone call to Paul Kelly,current SJPOA President would help you to publish the details of a five year battle and over one million in attorney’s fees to reach the setting of proposition before the voters.
    Phillip O. Norton, Lt. Ret. SJPD,Past President of SJPOA.