Pro-Government Worker Groups: Pensions Doing Fine, Federal Reforms Unnecessary

The Bond Buyer reports:

On the eve of congressional hearings examining whether unfunded pension liabilities could trigger severe fiscal stress for state and local governments, a coalition of 10 groups representing state and ­local entities said public pensions are not in crisis and are not ­seeking federal assistance.

The National Conference of State Legislatures, the Government Finance Officers Association, the National Association of State Retirement Administrators, and other groups issued a fact sheet Tuesday, seeking to counter a mounting chorus on Capitol Hill calling for pension reform.

“One-size-fits-all federal regulation is neither needed nor warranted and would only inhibit recovery efforts already underway at the state and local level,” they said.

According to the groups, public pensions are not beset by crisis for several reasons. State and local pensions are not paid out of general operating revenue, but rather out of funds reserved in trust from contributions by actively employed public employees.

Everything is just fine!!