Blood on the Table, Money in the Bank; Public-sector Pensions  

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[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 400 no. 8741 (Jul. 2011), page 32-33.
Topik: Pension Plans; Liability; Cities; Economic Policy; Pension Fund Management; Municipal Government; Budgeting

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.67 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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AIN HIS inaugural address last year Kasim Reed, Atlanta's mayor, promised to fix "a pension system that is strangling our city." Around one in every five of Atlanta's general-fund dollars goes towards pension costs, which have grown from $55m in 2001 to $110m in the current fiscal year and were forecast to reach $160m by 2015. The unfunded part of the city's pension liability has grown from $321m in 2001 to $1.5 billion today. And a bearish market could drive the sum to $4.5 billion by 2020 - a large figure by any reckoning, particularly for a city that has just approved a budget for next fiscal year of $547m. Itlanta's problem is severe, but hardly unusual. New York's unfunded pension liability tops $120 billion. Chicago's is nearly $45 billion. Baltimore's is $3.7 billion; if its pension plan returns 8% a year it will be insolvent by 2022. But Atlanta got a deal done; elsewhere unions and cities are still battling.

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