The average taxpayer would have to brush up on college statistics and accounting coursework to understand the business of actuaries.
But taxpayers surely understand the bottom line--when the actuary numbers don't go their way, either taxes rise or budgets are slashed. And by 2010, it looks like some pension funds in every municipality will be impacted by losses in the markets as of Dec. 31, 2008.
Those could be the breaks in South Hills municipal governments, given the projections for fund deficits in 2010. Depending on the municipality, the police, fire and administrative employees could all have separate pension funds. If the fire department is volunteer, however, there is no pension. Only municipally-paid firefighters receive pensions.
Link: www.thealmanac.net/ALM/Story/05-06-SH-pension-issues-B
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Thursday, May 07, 2009
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And these municipal funding shortfalls and catch-up realities are small compared to the situation in the public school system ...annual tax funding requirements in the defined benefit plan for teachers, now grossly underfunded, will quadruple beginning in fiscal year 2011 - 2012 !
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