Not all pensions are created equal

So here is one of those factoids that may confuse those who read too much news.

So what do we know about the City of Pittsburgh’s pension system? Officially it was funded at around 56%, but that really is an old number. It also is a number that is more than double what it . . . → Read More: Not all pensions are created equal

Easy to confuse me

Sometimes more than others media coverage really befuddles me.  I mentioned this a couple weeks ago, and now the Philly Inquirer has now looked into it a little.  But the changes in public pension accounting just enacted are at least metaphysically a big deal…  and if local actuaries don’t follow them, then that is a . . . → Read More: Easy to confuse me

Bets, bets and more bets

So most skipped over the story of how Neil Bluhm may be buying out the remnant of the late Don Barden’s ownership group down at the Rivers Casino.

Don Barden had a diverse mix of equity ownership, but it was still highly leveraged and in the end the collapse of some Lehman Brothers financing . . . → Read More: Bets, bets and more bets

Nobody's on nobody's side

So I learn from Early Returns that the City of Pittsburgh’s euphemism as oversight board, otherwise known as the Intergovernmental Cooperation Authority (ICA),  is still around. Who knew?

They seem to be looking at the city’s debt. I need to update my graphic below which is my calculation of the long term trend . . . → Read More: Nobody’s on nobody’s side

Risk of depletion: the vacation from pension angst is over before it began

Yunz thought I forgot.  That or lost interest?  Boiler has been building up steam is all.  That and there seems to be quite a confluence of news in the nexus here: pensions, assessments, redistricting even migration. Damage Control teams being spread thin just trying to keep up. But let’s poke in on pensions for a minute.

. . . → Read More: Risk of depletion: the vacation from pension angst is over before it began

With or without the 'h'

or if I had seen this, I would have just used it today…..

Just out from Stateline.org: Pittsburgh and Harrisburg: A tale of two deep-in-debt cities

I still have not had a chance to update much of it with the 2011 data, but on that we will gratuitously relink my iPension page with all . . . → Read More: With or without the ‘h’

When Actuaries Failed

Things that confuse me. Well, there you have it. The go away and come back later answer on the City of Pittsburgh’s pension ‘solution’ of the day. (Trib, PG).  As a commenter here pointed out in the immediately previous post, the first payment from parking revenue into the pension fund is due a week . . . → Read More: When Actuaries Failed

Monday Monday

Reuters: Pennsylvania to rule on Pittsburgh pension takeover

My guess is that the city will be saved by the bell if only because the folks at PMRS will just kill the folks at PERC if they wind up being stuck with Pittsburgh’s pension system.  Accounting fictions or not, will there be a literal cash . . . → Read More: Monday Monday

A Random Walk in Pension Accounting

PBT Today: Pittsburgh Pension Loses Out on Millions.

Personally I am going to send each member of the pension board a copy of a book just about everyone who invests in the market should have anyway:

Beyond that… there is a companion story with that: Lamb seeks answers to pension plan delay. Something does . . . → Read More: A Random Walk in Pension Accounting

Discounting the Singularity

If you want to read the one news article that you didn’t see which covers the single most important development that will shape future of the City of Pittsburgh over the next couple of deades??  and as collateral damage a whole lot of other local public finance as well.   Then take a scan at least of this . . . → Read More: Discounting the Singularity