State Budget Solutions just released a new report analyzing the funding status of pension systems across the country. The news is far from good. The report, which incorporates data from more than 250 pension plans in all 50 states, estimates pension funding levels far more …
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There’s an old joke actuaries tell about themselves which sort of sums of the unglamorous nature of a lot of their work. It asks, what do two actuaries do on a date for fun? They sit around figuring out one another’s life expectancy.
Okay, that’s not exactly the stuff of the Improv. But these days it’s also untrue if you are an actuary dealing with public sector pensions these days. That’s a far more challenging and dynamic world than the one traditionally confronting the profession, which is why the American Academy of Actuaries devoted a big discussion at this year’s annual meeting to the provocative topic of whether it’s possible for cities and states to avoid ruin after having built up some $4 trillion in unfunded pension liabilities.