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Was it constitutional for Proposition 124 to replace PSPRS' permanent benefit increases with a capped 2% COLA?

In this blog I and multiple commenters have broached the subject of the suspect constitutionality of PSPRS' replacement of the old perma...

Friday, August 31, 2012

Labor Day reality check for PSPRS members

The Arizona Republic has done the best reporting on Arizona's distressed public pensions.  This June 23, 2012 article by Craig Harris (Pension funds in Arizona facing bleak future) is such an example.  It gives an honest view of the scope and intractability of the problem.

CalPERS, California's massive public employee pension system, earned a miniscule 1% on its investment portfolio for the fiscal year ended June 30, 2012.   Mr. Harris' article indicates that PSPRS will likely show disappointing returns also.  While PSPRS' consolidated annual financial report (CAFR) will not be released until later this year,  PSPRS Administrator Jim Hacking says that for PSPRS, "The picture is not good," and that he believes its funding ratio will drop below 60%.

If you have Labor Day weekend plans, wait until Tuesday to read the article.

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