Kathianne
01-02-2011, 09:11 AM
People need to know what exactly is going on with public pensions at all levels of government:
http://thehill.com/blogs/blog-briefing-room/news/135575-house-republican-touts-bill-banning-public-pension-bailouts
California Republican touts legislation banning public pension bailouts
By Mike Lillis - 01/01/11 12:31 PM ET
The country's public pension system is grossly underfunded and needs an overhaul, Rep. Devin Nunes said this week.
The California Republican is promoting legislation designed to gauge the extent of the problem, while also establishing a ban on federal bailouts of public pension programs.
"Part of the problem that we have today … is we don't know what the truly unfunded liabilities are," Nunes told Fox News on Friday. "We need to know exactly what the number is. We can't make decisions at any level of government if we don't know what the true undisclosed benefit is or liability is for these benefits." ...
....Nationwide, the country's pension programs for public employees had roughly $1.9 trillion set aside in 2008 to pay promised retirement benefits, according to Nunes, citing unnamed independent studies. Yet those same programs have liabilities totaling $5.2 trillion — a gap of more than $3.2 trillion.
Introduced earlier this month, Nunes' Public Pension Transparency Act would force state and local pension programs to report their liabilities to the federal government using a uniform accounting standard. It would also create a federal ban on any future public pension bailouts by Washington...
http://thehill.com/blogs/blog-briefing-room/news/135575-house-republican-touts-bill-banning-public-pension-bailouts
California Republican touts legislation banning public pension bailouts
By Mike Lillis - 01/01/11 12:31 PM ET
The country's public pension system is grossly underfunded and needs an overhaul, Rep. Devin Nunes said this week.
The California Republican is promoting legislation designed to gauge the extent of the problem, while also establishing a ban on federal bailouts of public pension programs.
"Part of the problem that we have today … is we don't know what the truly unfunded liabilities are," Nunes told Fox News on Friday. "We need to know exactly what the number is. We can't make decisions at any level of government if we don't know what the true undisclosed benefit is or liability is for these benefits." ...
....Nationwide, the country's pension programs for public employees had roughly $1.9 trillion set aside in 2008 to pay promised retirement benefits, according to Nunes, citing unnamed independent studies. Yet those same programs have liabilities totaling $5.2 trillion — a gap of more than $3.2 trillion.
Introduced earlier this month, Nunes' Public Pension Transparency Act would force state and local pension programs to report their liabilities to the federal government using a uniform accounting standard. It would also create a federal ban on any future public pension bailouts by Washington...