Heather Gillers
speaker
548 appearances
11 recordings
1 series
first heard Nov 2018
last heard Oct 2021
Heather Gillers’s voice in public audio — every appearance, attributed to the second.
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Appearances
So I don't see any reason for pension beneficiaries
You know, to think that their their checks are going to stop arriving, you know, as we as we make our way through this pandemic, that doesn't really seem likely.
But it is a potential strain on the governments that would have to contribute more money if retirement fund managers change.
you know, determine we're not going to be able to continue to hit seven or seven and a half percent over the long term.
And it can also be a strain on current employees who have to contribute some of their paychecks toward shoring up pension funds in many places.
So the city or state or county has promised these retirement benefits to workers, be they police or firefighters or teachers.
And that promise is pretty ironclad, which means that if the pension managers no longer expect that they could earn the investment return,
their money that they thought they could when they made these promises, they now have to get the money from somewhere else.
And practically what that means is somewhere else in the government budget.
So the government could take it from the paychecks of existing workers, it could increase their pension contributions, it could raise taxes and get the money from taxpayers, or it
It could take it from some other service that the government is currently providing and, you know, spend less on that and more on pensions.
And this is a especially fraught time for governments to be facing those issues because as a result of the pandemic, they have dramatically lowered sales tax revenues, dramatically lowered income tax revenues.
It increased strain in terms of services.
And so government budgets are already really crunched right now.
Sure.
Thanks for having me.
WSJ Your Money Briefing · Pensions Got a Market-Rally Boost, But Still Struggle · 5 Aug 2020
podcast
Right now, there's close to $9 billion in pension benefits owed by state and local governments, but there's only about $4 billion on hand to cover those promised future benefits.
When we had these record losses in the first quarter, you saw prices drop really significantly on a lot of stocks, including a lot of stocks that had been like previously pretty coveted types of investments and some.
pension managers were able to swoop in and scoop up those stocks.
And they then saw those stocks rebound in the second quarter.
Showing 101–120 of 548 · page 6 of 28
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