, Columnist
Public Pensions Are Being Overly Optimistic
A more realistic assessment of their investment returns would show they're in even worse shape.
A bill in the hand is worth (unknown) in the pension fund.
Photographer: Joe Raedle/NewsmakersThis article is for subscribers only.
This column often tackles controversial issues: race, gender, crime, the tragedy of people who order steak in restaurants. Today, however, we’re going to have some real fireworks. We’re going to talk about the appropriate discount rate for public-sector defined-benefit pension plans.
Do I really dare to go there? Oh, yes, my friends, I dare. But first a little background.