This is a topic that I have been meaning to learn more about. I knew that public pensions had tons of red ink, but did not realize how bad things are. My favorite part of using IRA’s, 401(k)’s, and 403(b)’s for retirement saving is that when things go bad, I have no one to blame but myself. Despite recent performance, I trust the faceless mutual fund managers more than the faceless government fund managers that have to deal with both market and political forces. As Megan notes, these local governments need to balance all of this while “rarely able to pay top dollar for financial wizards”. Not good times.
Posted by: Bill | April 9, 2009