Monday, March 15, 2010

Blame Bismark for Pension Mess?

That's a stretch, but I'm all for historical context..  Something called Metropolis, not the design magazine, but something labeled:  In Depth News, Analysis and Commentary for the Philadelphia region, has a special report on Pennsylvania's Pension Crisis

Don't know much about the source, but it lists Tom Ferrick, formerly with the Inky, as Senior Editor which is interesting unto itself. Some version of the 'new' media we talk about?  or citizen journalism?  or something else?  I dunno.  Is there something like that here?

Anyway... pensions.  The report points out something really important.  There are several large pension issues out there in Pennsylvania.  The smallest of which is the one for state employees (called SERS)... the worst off are collectively the pension plans for local governments.  Somewhere in between is the pension plan for teachers.  But as much as some will conflate the issues, the state of each of them are not the same by any means.  A topic for another day.  Note also the number thrown out there for the unfunded liability fo all local pension systems in the state.   $5 billion is the factoid.   at this point $1 billion of that is coming from the City of Pittsburgh alone.   So the city which has roughly 2.3% of the state's population (yes, that's it) has roughly 20% of the unfunded pension liability.  If you really work out the near term cash problem for pensions, the City of Pittsburgh's share of the problem is probably a much bigger percentage. 

Just for those who have not seen it. All the local pension data I can find I compile at iPension.


Anonymous Anonymous said...

...state bailout?

Monday, March 15, 2010 9:53:00 PM  

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