Assuring Public Worker Retirement Security Amid COVID-19 Fiscal Stress

With Congressional inaction on COVID-19 relief aid since the passage of the CARES Act in March 2020, panelists in this episode focus on how states and localities are addressing trillions of dollars in public employee retirement obligations as governments attempt to balance budgets amid the COVID-19 pandemic and recession.
This special briefing features a panel of experts, including Donald J. Boyd, co-director, State and Local Government Finance Project, Center for Policy Research, Rockefeller College of Public Affairs & Policy, University at Albany; David G. Lenze, economist, Regional Accounts, US Bureau of Economic Analysis; Timothy Little, director and lead analyst, US States, S&P Global Ratings US Public Finance; Stephanie A. Miner, former Mayor of Syracuse, NY, and Volcker Alliance Board Member; Herman B. Santos, Chairman, Board of Retirement, and Vice Chair, Board of Investments, Los Angeles County Employees Retirement System.
Notable Quotes:
“In the past, liabilities have been growing faster than state economies, but over the last five years they have been growing slightly slower.” - David Lenze
“When interest rates are this low, you have to have relatively risky assets to high-risk assets, or else you have to reduce your return assumptions.” - Donald Boyd
“So, while we are in good financial position at this point, my fear is that unless the federal government steps in and helps the local agencies we will be in serious trouble.” - Herman Santos
“Unhappy pension funds are unhappy each in their own way.” - Stephanie Miner
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Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.