Pensions & Investments has an interesting piece today commenting on the Public Employee Pension Transparency Act that would force state plans to disclose their liabilities. Since the federal government doesn't have jurisdiction over state pension plans the article suggests instead that an ERISA-type law be established to clean up the accounting practices used in state and local government pensions. What federal legislators can do, the article notes, is to adopt another provision of the bill and send a clear signal that no bailout of pensions will be forthcoming. At the very least that would put to rest any notion on the part of state and local policymakers that the bill for unfunded liabilities can be shoved upward.
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Copyright © 2013 Manhattan Institute for Policy Research, Inc. All rights reserved.
52 Vanderbilt Avenue, New York, N.Y. 10017
phone (212) 599-7000 / fax (212) 599-3494
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