The city’s pension funds posted strong investment returns this year heading into some major methodology changes next fiscal cycle, according to a recent presentation by the city’s actuarial advisor.
“This is a real good year to be an actuary in the public sector,” said Ed Koebel of Cavanaugh Macdonald Consulting. “A lot of the plans have finally been able to realize all the losses that occurred in the market back in 2008-2009.”
The values of city’s pension trust funds – one for general employees and the other for public safety, who have a different retirement criteria – are dependent on both the city’s contributions to them, as well as the investment return the funds generate.
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That's poor financial leadership, by the firm. The money should have been recovered by late 2010, if they were really looking out for their clients, and not just skimmed their commission.
ReplyDeleteI wouldn't call making it back up to 2008 here in 2014 a "Strong Year", lol. Besides, it's all just printed inflationary money tossed through the stock market. And when the bubble bursts yet again, as it has to, the value will plummet yet again.
ReplyDeleteSmoke and mirrors, boys and girls!