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Recession, Weak Economy Behind Revision of Social Security's Projected Shortfall to 2033
According to the latest Social Security Trustees' report released today, the projected shortfall in the financing of Social Security over the 75-year planning period is 2.67 percent of taxable earnings, compared with 2.22 percent in last year's report. By far the largest factor in this change is the Trustees' assumptions regarding the current and future economy, which accounted for nearly half of the total change. In particular, the Trustees revised down their projections of average hours worked. Last year, the intermediate assumption was that average hours would not change over time, while this year they are assumed to fall 0.05 percent per year. Over the 75-year planning period, this implies an eventual fall in hours by about 4 percent. As a result, growth in average annual earnings was similarly revised downward. . . . more
English Mandatory
Welcome to the global community in 2012! English has increasingly become the international language of business. Within more and more nations, businesses are demanding their executives become fluent in English. Some ignore such a requirement at their own peril. . . . more
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 Social Security's Financial Outlook: The 2012 Update in Perspective
The 2012 Trustees Report shows a significant increase in the program’s 75-year deficit from 2.22 percent to 2.67 percent of taxable payroll and an advance in the date of trust fund exhaustion from 2036 to 2033. These changes reflect the slow recovery from the recession and rising disability rolls, among other factors. While the deficit is larger and the date of exhaustion nearer, the story remains the same. The program faces a manageable financing shortfall over the next 75 years, which should be addressed soon to restore confidence in the nation’s major retirement program and to give people time to adjust to needed changes. . . . more
The Funding of State and Local Pensions: 2011-2015
REPORT: This brief looks at the effects of the 2008-2009 stock market decline on state and local pensions and what may improve their funded status in the future. . . . more
 Dana Small Cap Equity Update
Dana’s Small Cap Equity Strategy continued its strong run in the 1st quarter of 2012, beating the index for the 9th consecutive quarter. Throughout this period, the Dana Small Cap Equity Strategy has captured all of the upside in the market while protecting on the downside. . . . more
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 LifeStages: Monthly Economic Update
The Dow gained 0.01% in April – a month in which the impressive bull run of the first quarter moderated and more pessimism crept onto Wall Street. Some domestic indicators were tepid – but others did provide nice surprises. Signals out of Europe flashed hints (or confirmations) of recession. Some key overseas indices suffered notable April losses. Our Q1 GDP was unimpressive, but U.S. consumer spending improved for March. Oil futures rose while gasoline and crop futures retreated. Analysts wondered (again) if the real estate market had at last bottomed out. . . . more
Public Pensions: Focus on Institutions
In Antoine de Saint-Exupery’s timeless classic The Little Prince, the protagonist travels among different planets, encountering their inhabitants who live in dramatically different self-constructed worlds. Each separate world is a product of the mindset and beliefs of its inhabitants who are suspicious of other worlds governed by completely different sets of laws and assumptions. . . . more
Louisiana Public Pension Legislative Initiative Failed to Provide Needed Protection
In 2004, the Legislature of Louisiana voted to enact a new law aimed at providing greater protections to public pension systems within the state. R.S. 11:269 required pension consultants and money managers to provide public pensions with full disclosure of any conflicts of interest, including payments these advisers received from money managers they recommended to pensions. . . . more
Quinn asks business leaders to back pension, Medicaid reform
Gov. Pat Quinn urged an influential group of business leaders in Chicago Monday to add their weight to his push for reforms to Illinois’ public pension and debt-laden Medicaid systems. . . . more
Pensions face new accounting rules
The Sisyphean task of funding U.S. state and local-government retirement plans, a hidden risk for municipal-bond investors, will get even more daunting under proposed new accounting rules. . . . more
Gov. Christie's pension issue: N.J. probe looks at running mate, double-dipping
New Jersey Gov. Chris Christie — a rising star in the national Republican Party — called an overhaul of the state pension system his "biggest governmental victory." He now faces embarrassment from flaws his reforms failed to fix. . . . more
N.Y. pension chiefs sing praises of DB plans
The leaders of New York city and state pension funds came out swinging last week against those who oppose defined benefit plans for public workers. . . . more
The Funding of State and Local Pensions: 2011-2015
A new issue brief from the Center for State and Local Government Excellence, The Funding of State and Local Pensions: 2011-2015, looks at the effects of the 2008-2009 stock market decline on state and local pensions and what may improve their funded status in the future. . . . more
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