Broke Public Pension Funds And Exotic Boondoggles
That state and local government pension funds are going broke isn’t a new problem. That it’s much worse than reported by those pension funds isn’t a new problem either. Last June, when Moody’s Investors Services proposed four fund accounting adjustments, it determined that the already dizzying unfunded pension liabilities were actually three times higher than reported. But now there is a new problem: how trustees across the country blow money that their squeezed pension funds don’t have on an exotic boondoggle.
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