Mayor Bloomberg put it quite well when he stated, "[T]he actuary is supposedly going to lower the assumed reinvestment rate from an absolutely hysterical, laughable 8 percent to a totally indefensible 7 or 7.5 percent." Given yesterday's front-page story in The New York Times on public pension funds' "painful reckoning," PublicSectorInc and NYTorch contributor E.J. McMahon's recent interview on YNN's "Capital Tonight" could not be more timely. E.J. discusses the lowering of the assumed rate of return for New York's public pension funds in this short, poignant segment.
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