When actuaries at pension fund consultant Cavanaugh MacDonald gave the state of Kentucky bad news on plan assumptions, the state’s budget director decided to call for a recount. As pension systems across the nation are being stretched as never before, state political leaders are scrambling to address the problem of rising commitments against falling returns assumptions. Some turn to taxpayers to pay more, others turn to beneficiaries to reduce this liability while others prefer financial engineering to play with the numbers until they get the answer they want. In Kentucky, the consultant’s numbers are coming under attack.
[klarman]
Kentucky plan doesn't get a passing grade
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