“The bankruptcy of public pension funds is an issue worldwide.”

Comment: But in Illinois, the epicenter of the crisis, the majority political establishment remains in denial. “Nothing a little tax increase wouldn’t solve” remains its mantra.

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J.A. Herzrent
4 years ago

Hong Kong and Singapore have “defined contribution” systems (known as mandatory provident funds) so their “success” primarily relates to system design rather than to being astute sponsors of systems with unsustainable features.