Wednesday, January 26, 2011

A Simple Cheap Way to Help Solve the Public Pension Problem

Here's an excellent suggestion from the Washington Examiner on how to start holding public pensions to the same ethical standards as corporate pensions:
"The true total of unfunded liabilities is not clear because many public pension systems -- including that of Illinois -- are not held to basic standards of transparency. To solve this problem, Rep. Devin Nunes, R-Calif., along with House Oversight Chairman Darrell Issa, R-Calif., and House Budget Chairman Paul Ryan, R-Wis., have reintroduced a novel solution first reported in these pages a month ago. The Public Pension Transparency Act would require states and municipalities to hand over complete information about their pension funds to the U.S. Treasury Department as a condition of receiving federal tax exemptions for the bonds they issue. Treasury will then make the information public, so that taxpayers and investors can see what's really going on with state and local government public pension systems."

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