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In this episode of the Heartland Institute’s weekly Budget & Tax News podcast, managing editor and research fellow Jesse Hathaway talks with Nelson J. Rockefeller Institute of Government director of fiscal studies Don Boyd about a new study examining how the assumptions and gimmicks public pension boards use to fund pensions are affected by investment risks, and how those risks affect taxpayers and government employees.
Assuming current government pension planning trends continue, one out of every six government pension plans will fail, even if lawmakers do everything right. As time goes on, Boyd says, the risks of defined-benefit pension plan failure increases, leaving taxpayers with the bill.
Lawmakers’ current funding policies are inadequate, Boyd says, and, unless big changes are made, the danger of taxpayer-funded pension bailouts is greater than many taxpayers may understand, and greater than lawmakers wish to acknowledge.