First Brown University’s Taubman Center put out this push poll on pensions, then it stacked its panel discussion on the subject with some of the most conservative voices on pension politics available.
On Thursday afternoon the Center will host a discussion called Pensions in Peril: How Municipalities Are Defusing This Fiscal Time Bomb. Slated to speak are Eileen Norcross, Joshua Rauh and Robert Clark; all are very well-known for taking a very hard line on the dangers posed by public sector pension plans.
One local pension expert said the Center could have fostered a more balanced conversation had it invited the likes of Dean Baker, of the Center for Economic and Policy Research, or Diane Oakley, of the National Institute on Retirement Security, instead of just the three pension skeptics.
Norcross works for the Mercatus Center, a right-wing think tank at George Mason University financed by the Koch Brothers and big oil, among others.
Here’s what she had to say to Fox News about Central Falls’ pension problems:
The second panel discussion has a more balanced panel, including mayors Scott Avedesian of Warwick and Don Grebien of Pawtucket. Other panelists are: Gayle Corrigan, Chief of Staff, City of Central Falls; Dennis Hoyle, Auditor General of Rhode Island; and Susanne Greschner, Chief, Municipal Finance Department, State of Rhode Island.
Fair and Balance..oh wait, that slogan is taken already.
With Warwick Mayor Scott Avedisian on the one panel that negates your argument. He has been misleading Warwick citizens and the media for years on the problems associated with pension and OPEB liabilities and the effect on the city and school budgets. Liabilities are now close to $1 BILLION DOLLARS.
Most Recent Actuarial Valuation Reported Data
Benefit Plan
Actuarial Accrued Liability
Asset Valuation
Unfunded Actuarial Accrued Liability
Fund ratio
Police/Fire I Pension
$311,707,868
$69,580,218
$242,127,650
22.3%
Police II Pension
$162,563,786
$140,644,601
$21,919,185
86.5%
Fire II Pension
$31,782,763
$24,781,826
$7,000,937
78.0%
Municipal Pension
$122,721,770
$87,060,569
$35,661,201
70.9%
Pension Liability
$628,776,187
$322,067,214
$306,708,973
51.2%
OPEB (Healthcare)
$283,220,644
$0
$283,220,644
0%
Total
$911,996,831
$322,067,214
$589,929,617
35.3%
Over the last eight years 45 percent of new revenue in the city budget has been allocated to employee pension and OPEB costs. School spending is below 2008 levels. City spending is at an all time high.
Less than 8 cents of every new tax dollar is spent on all other city programs and services.
With liabilities increasing, property taxes will also increase just to maintain pension and OPEB annual required contributions.
How much longer is this sustainable?