Spencer Jakab

speaker

981 appearances 14 recordings 1 series first heard Jul 2017 last heard Jun 2021

Spencer Jakab’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · U.S. Public Pensions: Victims of Rosy Future Predictions? · 29 Jul 2019 podcast

So there are a lot of people who have – not a lot of people anymore. voice-verified

There used to be a lot of people who had pensions through companies where a pension basically means that you know what you're going to get. voice-verified

You have a specific promise of what you're going to get. voice-verified

Most Americans have the reverse. voice-verified

You know what you contribute today. voice-verified

You might not contribute anything or not very much or not enough. voice-verified

And you count on that growing to some amount in the future that you can live on. voice-verified

If you're a public employee, there's some amount that might be taken out of your paycheck or might be nothing. voice-verified

Your employer contributes. voice-verified

And that's supposed to grow. voice-verified

And they show you an account every year of how well-funded it is. voice-verified

On average, it's 75%. voice-verified

But that's based on how well they think it's going to do. voice-verified

They apply a discount rate to the future. voice-verified

And those discount rates are basically provided by a bunch of consultants that they hire. voice-verified

The column that I wrote today points out how incredibly rosy those assumptions are. voice-verified

That's right. voice-verified

And you see that more and more where they are saying, oh, we'd like to invest more in private equity. voice-verified

We'd like to invest more in hedge funds and things like that. voice-verified

Well, over the last 10 years, private equities had a really nice run. voice-verified

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