World News Insights
1-3 Minute Gist
Search, personalize, or simply browse. Follow the world around you from gist and context to insights.
Who we are | Our Credo | Ways of using Lyrarc | FAQ | Send Feedback | First Letter From the Editor
Sign up. It's free and easy to use
Create an account
to personalize your feed of articles and topics.
All Topics Article
New rules expose bigger funding gaps for public pensions - The Washington Post
Keywords:
Tags:
New rules by the Government Accounting Standards Board (GASB) and Moody's would show U.S. public pension funds as about 57% funded instead of 75% funded under earlier rules. This will open up an even wider gap in how much they have in the funds and their promises to retirees to about an estimated $2.2 trillion. This puts pressure on state and local governments to either reduce benefits for new hires, have workers increase contributions, or set aside more money from the budget. Local governments face the risk of credit downgrades and higher borrowing costs if no action is taken and finances are worsening. An example is Illinois retired teachers who earn annual pensions of about $46,000 on average, and do not participate in Social Security under state opt-out. Even under old accounting rules this pension fund had $37 billion of assets and $81 in future liabilities. Under the new rules the unfunded liabilities could jump to 83% by one estimate, from over 50%.
Accounting rules and U.S. public pension plans
01/05/2011
Grouped Articles
Illinois Pension Fix Faces Political Test
Wall Street Journal 12/01/2013
Illinois Supreme Court Rejects Lawmakers’ Pension Overhaul
New York Times 05/08/2015
Public Pension Funds Roll Back Return Targets
Wall Street Journal 09/05/2015
Rules Aim to Increase Pensions' Transparency
Wall Street Journal 07/08/2011
New York Times 04/27/2012
New rules expose bigger funding gaps for public pensions - The Washington Post
Washington Post 08/17/2012
Grossly underfunded state pension funds in the U.S.
08/27/2010
Grouped Articles
Pension Pinch Busts City Budgets
Wall Street Journal 10/30/2013
Illinois Pension Fix Faces Political Test
Wall Street Journal 12/01/2013
Illinois Legislature Approves Retiree Benefit Cuts in Troubled Pension System
New York Times 12/03/2013
Public Pensions and Our Fiscal Future
Wall Street Journal 08/27/2010
Illinois Supreme Court Rejects Lawmakers’ Pension Overhaul
New York Times 05/08/2015
Public Pension Funds Roll Back Return Targets
Wall Street Journal 09/05/2015
Rising pension and health care costs for U.S. cities in 2011-12
01/31/2008
Grouped Articles
Wall Street Journal 10/30/2013
Pension Pinch Busts City Budgets
Wall Street Journal 10/30/2013
Illinois Pension Fix Faces Political Test
Wall Street Journal 12/01/2013
Public Pensions and Our Fiscal Future
Wall Street Journal 08/27/2010
Wall Street Journal 12/24/2010
Pension Issues Spice Dinner Debates
Wall Street Journal 02/18/2011
The U.S. Pension Benefits Guaranty Corporation (PGBC)
04/22/2012
Grouped Articles
Wall Street Journal 04/22/2012
New rules expose bigger funding gaps for public pensions - The Washington Post
Washington Post 08/17/2012
Pension Crisis Looms Despite Cuts
Wall Street Journal 09/21/2012
Public sector unions and state budget deficits in the U.S.
01/04/2009
Public-worker unions are preparing to fend off cuts in benefits by newly elected Republican governors in the U.S..
Grouped Articles
Concessions Foreshadow a Tough Year for Unions
Wall Street Journal 01/04/2009
The public sector unions: The battle ahead
Economist 01/08/2011
Public-sector workers: (Government) workers of the world unite!
Economist 01/08/2011
Wisconsin May Take an Ax to State Workersâ Benefits and Their Unions
New York Times 02/11/2011
Public-Worker Unions Steel for Budget Fights
Wall Street Journal 02/14/2011
Public Workers in Wisconsin Protest Plan to Cut Benefits
New York Times 02/16/2011
Cuts in state budgets in the U.S. after Republicans take over governorships and legislatures in many states.
01/05/2011
Grouped Articles
Recession-bruised states' revenue sank 30 percent in 2009, Census Bureau reports
Washington Post 01/05/2011
New York Times 01/06/2011
Florida Governor Hits Road to Sell His Budget Overhaul
Wall Street Journal 02/03/2011
Wall Street Journal 02/07/2011
New York Times 02/07/2011
In Muni-Bond Ills, Danger and Hope
Wall Street Journal 02/09/2011
Fixing the budget deficit in the U.S. state of Wisconsin- 2011-2012
02/11/2011
Wisconsin elected Republicans to the Governor's office and to both houses of the legislature. Governor Walker has a sweeping plan to fix the state's $137 million deficit. He is planning cuts to the public employees benefits unilaterally without negotiating with the unions.
Grouped Articles
Wisconsin May Take an Ax to State Workersâ Benefits and Their Unions
New York Times 02/11/2011
Public-Worker Unions Steel for Budget Fights
Wall Street Journal 02/14/2011
Public Workers in Wisconsin Protest Plan to Cut Benefits
New York Times 02/16/2011
Wisconsin Senate Fails to Vote on Union Law
Wall Street Journal 02/18/2011
Michigan Gov. Says He Won't 'Pick Fights' With Unions
Wall Street Journal 02/18/2011
In Wisconsin and Washington, budget battles reshape political landscape
Washington Post 02/19/2011
U.S. Regional economies- Mississippi budget crisis
11/22/2010
Grouped Articles
Jobless Rate Up in Most States
Wall Street Journal 08/20/2013
Mississippi’s Recovery After Katrina Holds Lessons for Policy Makers
New York Times 08/28/2015
State Tests Limits of Spending Cuts
Wall Street Journal 11/22/2010
Recession-bruised states' revenue sank 30 percent in 2009, Census Bureau reports
Washington Post 01/05/2011
Wall Street Journal 02/02/2012
New rules expose bigger funding gaps for public pensions - The Washington Post
Washington Post 08/17/2012
Funding the budget and pension deficit in the U.S state of Illinois
10/16/2010
Grouped Articles
Pension Pinch Busts City Budgets
Wall Street Journal 10/30/2013
Illinois Pension Fix Faces Political Test
Wall Street Journal 12/01/2013
Illinois Legislature Approves Retiree Benefit Cuts in Troubled Pension System
New York Times 12/03/2013
American states' pension funds: A gold-plated burden
Economist 10/16/2010
Chicago Mayor Seeks Alterations to Repair Badly Underfunded Pension Plan
New York Times 04/01/2014
For Some Bond Investors, Chicago Isn’t Their Kind of Town
Wall Street Journal 04/02/2015
Municipal bond issuance by local governments and states in the US- 2010-2012
11/18/2010
Grouped Articles
California Bond Woe Bodes Ill for States
Wall Street Journal 11/18/2010
The Weak Get Weaker as Muni Bonds Are Sold Off
Wall Street Journal 12/19/2010
Pained Muni Investors Cry Uncle
Wall Street Journal 12/22/2010
Recession-bruised states' revenue sank 30 percent in 2009, Census Bureau reports
Washington Post 01/05/2011
Bond Buyers' Eyes Are on Illinois
Wall Street Journal 01/07/2011
Illinois Deficit Leads to Talk of Big Tax Increase
New York Times 01/09/2011
The financing of local and regional governments in the U.S.- 2010-2011
08/28/2010
The impact on state and local governments as investors demand higher yields from some states and regional governments. The impact on state budgets of higher financing costs.
Grouped Articles
U.S. Cities Grapple With Finances
Wall Street Journal 10/30/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
The Weak Get Weaker as Muni Bonds Are Sold Off
Wall Street Journal 12/19/2010
Banks Look to Profit on Muni-Bond Fears
Wall Street Journal 12/21/2010
Pained Muni Investors Cry Uncle
Wall Street Journal 12/22/2010
Wall Street Journal 12/24/2010
Solutions and reforms for financial problems of U.S. states.
10/16/2010
Public worker's pay is skewed largely towards pensions, health insurance and benefits.
Grouped Articles
Pension Pinch Busts City Budgets
Wall Street Journal 10/30/2013
Illinois Pension Fix Faces Political Test
Wall Street Journal 12/01/2013
Illinois Legislature Approves Retiree Benefit Cuts in Troubled Pension System
New York Times 12/03/2013
American states' pension funds: A gold-plated burden
Economist 10/16/2010
Illinois Supreme Court Rejects Lawmakers’ Pension Overhaul
New York Times 05/08/2015
Public Pension Funds Roll Back Return Targets
Wall Street Journal 09/05/2015
How U.S. states overstate the extent to which pensions are funded.
10/16/2010
Using a discount rate of 4% (for government borrowing costs) would correctly show the extent to which pensions are funded in Illinois, than the rate currently used rate of 8%. Using Illinois methods Dutch plans would be 200% funded says an expert in Holland. With lower savings of American workers as they approach retirement adequately funded pension systems are critical to the safety net.
Grouped Articles
Pension Pinch Busts City Budgets
Wall Street Journal 10/30/2013
Illinois Pension Fix Faces Political Test
Wall Street Journal 12/01/2013
Illinois Legislature Approves Retiree Benefit Cuts in Troubled Pension System
New York Times 12/03/2013
American states' pension funds: A gold-plated burden
Economist 10/16/2010
Wall Street Journal 03/05/2012
Chicago Mayor Seeks Alterations to Repair Badly Underfunded Pension Plan
New York Times 04/01/2014
The Pension and Benefits Debate in American society
08/27/2010
With 12.5% of U.S. workers being state and local government workers, there is someone, a neighbor, a friend, who works for state and local government. The lunch or dinner conversations often wander into the issues about benefits and pensions in the private and government workplaces.
Grouped Articles
Public Pensions and Our Fiscal Future
Wall Street Journal 08/27/2010
American states' pension funds: A gold-plated burden
Economist 10/16/2010
Pension Issues Spice Dinner Debates
Wall Street Journal 02/18/2011
Wall Street Journal 06/16/2011
Beware the Registered Investment Adviser
BusinessWeek 10/27/2011
Wall Street Journal 04/22/2012
Cuts in U.S. education and teacher funding- 2010-2012
10/30/2008
Fixing budget deficits of states and local government in the U.S. in 2011-2012 is resulting in sharp cuts for schools. A class size of 60 in Detroit schools is one of the results of these cuts. One teacher calls it not educating children but supervising these children.
Grouped Articles
U.S. Schools Chief Arne Duncan Labors to Straddle Political Divide
Wall Street Journal 07/22/2013
Wall Street Journal 07/30/2013
The Great Stagnation in American Education
New York Times 09/07/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
New York Times 01/18/2014
Arne Duncan: Better education starts with honesty about achievement gaps - The Washington Post
Washington Post 01/24/2014
Budget cuts in local government and services in the U.S. - 2011-2013
12/14/2009
Cuts for schools and the MTA local transport in New York state and New York city.
Grouped Articles
Wall Street Journal 07/30/2013
Cities' Revival Curbed By Red-Ink Budgets
Wall Street Journal 11/02/2013
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
Paterson Trims Aid to Schools and Localities
New York Times 12/14/2009
Drastic Cuts Are Expected as M.T.A. Unveils Budget
New York Times 12/14/2009
States Scramble to Close New Budget Gaps
Wall Street Journal 12/18/2009
Efforts to fix the budget deficits in U.S. states: 2010-2012
01/05/2011
Some of the worst budget deficits are in Illinois, California and New Jersey, with other states not far behind.
Grouped Articles
California’s New Problem: Too Much Money
New York Times 05/25/2013
Brown Set for Victory in California Budget Fight
Wall Street Journal 06/12/2013
Illinois Deficit Leads to Talk of Big Tax Increase
New York Times 01/09/2011
How to Revive the California Dream
Wall Street Journal 01/10/2011
Chris Christie: The conservative crush
Economist 01/08/2011
Illinois Braces for Tax Increases
Wall Street Journal 01/13/2011
Spending cuts in the U.S. state of Ohio to reduce the budget deficit- 2011-2012
03/16/2011
Grouped Articles
Ohio Governor Poses Steep Cuts to Trim Deficit
Wall Street Journal 03/16/2011
Higher Taxes Yield to Budget Cuts in States
Wall Street Journal 07/07/2011
Wall Street Journal 07/07/2011
Voters Shy Away From Dramatic Overhauls
Wall Street Journal 11/10/2011
States face bleak economic forecast, report says - The Washington Post
Washington Post 11/29/2011
Falling home values mean budget crunches for cities - The Washington Post
Washington Post 12/26/2011
State budget cuts in the U.S. for 2009 and beyond.
12/18/2009
Grouped Articles
States Scramble to Close New Budget Gaps
Wall Street Journal 12/18/2009
Utility Shutoffs Climb by 5% Despite Doubling of U.S. Aid
Wall Street Journal 12/18/2009
State, Local Tax Revenues Decline 7%
Wall Street Journal 12/30/2009
Public Pensions and Our Fiscal Future
Wall Street Journal 08/27/2010
Wall Street Journal 02/07/2011
Pennsylvania Budget Cuts Hit Education
Wall Street Journal 03/09/2011
Cutbacks at the state and local level and tax increases to offset much of the Stimulus impact in the USA.
07/28/2008
Much of the Stimulus impact may be eroded by the cutbacks at state and local levels.
Grouped Articles
Funds for Highways Plummet As Drivers Cut Gasoline Use
Wall Street Journal 07/28/2008
Facing Deficits, States Get Out Sharper Knives
New York Times 11/17/2008
Gov. Paterson to Propose $4 Billion in Taxes and Fees to Close Deficit
New York Times 12/15/2008
States Squeeze Cities, Spreading the Economic Pain
Wall Street Journal 12/18/2008
Jon S. Corzine - A Bold Stimulus Package -- $1 Trillion Bold -- Is Needed
Washington Post 12/24/2008
Budget Woes Hit Mass Transit as Tax Revenue Falls
Wall Street Journal 03/20/2009
The role of state and local government layoffs on unemployment in the US in 2010-2011.
10/08/2010
Grouped Articles
Wall Street Journal 07/30/2013
Job Losses Rise as Private Hiring Slows and Public Payroll Shrinks
New York Times 10/08/2010
Recession-bruised states' revenue sank 30 percent in 2009, Census Bureau reports
Washington Post 01/05/2011
Cuomo Weighs More Than 10,000 Layoffs
Wall Street Journal 01/20/2011
Local Governments Keep on Paring Payrolls
Wall Street Journal 03/05/2011
Unrelenting Downturn Is Redrawing Americaâs Economic Map
New York Times 09/26/2011
The financial crisis facing state and local governments in the U.S. in 2010-2011
08/28/2010
Grouped Articles
To Add Jobs, Revive Revenue Sharing
New York Times 08/28/2010
Mangano Lowers Taxes but Leaves Nassau County in a Fiscal Crisis
New York Times 12/10/2010
The Weak Get Weaker as Muni Bonds Are Sold Off
Wall Street Journal 12/19/2010
Recession-bruised states' revenue sank 30 percent in 2009, Census Bureau reports
Washington Post 01/05/2011
New York Times 01/06/2011
Bond Buyers' Eyes Are on Illinois
Wall Street Journal 01/07/2011
New GASB, Moody's rules show a widening gap in the funding of public pensions in the U.S.
07/18/2012
The Volcker- Ravitch State Budget Crisis Task Force identified the problems facing U.S. states and cities which have poorly funded public pension funds. The problems are large and real as seen through the GASB rules, and the findings of the Volcker-Ravitch Task Force.
Linked Articles
New rules expose bigger funding gaps for public pensions - The Washington Post
Washington Post 08/17/2012
Report Details Threats to States' Fiscal Health
Wall Street Journal 07/18/2012
We took a different way to help millions around the world build educated informed mindsets that affects and shapes their lives. For a future that is open, global and digital, with everyone having access to high quality information. We believe in the renewal of America, renewal of Europe, the renewal of India, the rest of Asia, Latin America and Africa. The renewal of our supply chains, health, education, infrastructure, as we rebuild our countries after the pandemic. Literacy and knowledge we believe cannot thrive and grow in a world of web bots, web crawlers, or AI. This requires human curiosity, human learning, and human imagination. We take as inspiration the saying- “One has to be free, and as broad as sky. One has to have a mind that is crystal clear, only then can truth shine in it.” Every contribution whether big or small is precious- in this crisis and ahead.
Support Lyrarc from as small as $1
Terms and Conditions | Copyright Policy | Privacy Policy | Contact Us