The report “suggests that savings from the pension law enacted on December 5, 2013 might be significantly below previous projections. Supporters had estimated that the plan would reduce State contributions in FY2016 by about $1.2 billion. The new projection shows FY2016 savings of approximately $673 million.”

And note the shift in emphasis to the effect of the pension bill on near term contributions only. That’s the default focus of politicians who run pensions. Meanwhile, the can gets kicked and the unfunded liability remains huge.

Notice how we are gradually slipping to analysis based on how much the near term contribution gets reduced. That’s how “reform” always ends up. The unfunded liability remains huge and the can gets kicked.
Notice how we are gradually slipping to analysis based on how much the near term contribution gets reduced. That’s how “reform” always ends up. The unfunded liability remains huge and the can gets kicked.

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