The American pension plan is in flux, but not for the first time in U.S. history. In this episode of Critical Point, Milliman consulting actuaries Kelly Coffing and Becky Sielman discuss why it’s a turbulent time for retirement security in America, and what the next generation of pension plans could—and should—look like given emerging technology and the changing nature of the U.S. workforce.
To listen to the entire podcast, click here. Also, to hear past Critical Point episodes, click here.
As reported in Reuters, Milliman’s first ever Public Pension Funding Study shows that the largest 100 public pension funds have $1.2 trillion of unfunded liabilities—about $300 billion above self-reported results provided by these pensions.
Here is an excerpt:
Rebecca Sielman, the report’s author, said results should reassure the public that America’s public pensions in general are accurately reporting their funding shortfalls.
The difference between what public pensions across the United States have reported and what Milliman found wasn’t significant, Sielman said. She noted that a relatively small change in the way the figures are calculated could lead to seemingly outsized results because the funds are so large.
“The numbers really didn’t change that much,” she said. “It really didn’t move the needle.”
The complete Public Pension Funding Study can be read here.
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