"The conflicts-of-interest within the public employee plan structure and the longevity liability have, in some states, created very obvious looming crises.... Given the hard-to-avoid temptation to turn public employee pensions in a pay-to-play re-election bonanza, does it make sense to ban them? ... We already have working models on how to handle the conflict-of-interest problem. Implementing these requires no contract negotiations and, in some cases, executive rather than legislative action.... Worse than incompetence, however, is the proven record of fiduciary failure. Politicians just cannot avoid the temptation of conflicts-of-interest"

MORE >>