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Compass
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Catching Up Hard When Pensions Are Underfunded
San Francisco Chronicle [Opinion] Aug. 3, 2011 We've already seen a glimpse of the consequences of past under-contributions based on [Alice-in-Wonderland assumptions]. So far this century, equity markets have provided less than 0.005 percent of the 23,988,000 points needed to meet pension fund expectations. To fund just a portion of the resulting pension deficiency, governments have laid off employees, raised college tuition and taxes, and diverted money from welfare and other services. The rest of the deficiency is being deferred to our kids. Because those deferrals accrue interest, it will be exponentially worse for them. |
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