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A Federal Plan to Avert the State and Local Government Pension Crisis
The New York Times; subscription may be required Link to more items from this source
[Opinion]
Aug. 5, 2013
"[T]he program would essentially serve as an insurance agency.... [C]ities, and perhaps states, would be permitted to sell bonds to cover their pension liabilities, with the federal government guaranteeing repayment. Participants would pay fees -- a kind of insurance premium -- to finance the program, so there would be no net cost to Washington.... [In] exchange for what would amount to federal bond insurance, the cities would have to agree to certain reforms of their pension and health care programs for current and former workers. At a minimum, those reforms should include a single national standard for projecting returns on pension investments -- remarkably, there isn't one -- and negotiated reductions in current benefits."

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