The link is here.

One thing of local note is this:

Actuarial assumptions of the pension plans need to be brought closer to their real-world investment experience, advises John C. Walsh of the Lane Powell Spears & Lubersky law firm in Portland. The implication: Reality, not guesses or empty hopes, should determine the level of yearly funding companies must pay to fulfill their pension promises.

Robert Landauer Surveys The Hell Of Assumptions For Pensions – It Is A Good Baby Step Toward Genuine Analysis

No . .. you don't say. What then ever happened to The Oregonian’s claim in September 2003 that Measure 29 made good sense. We would save money. In the long run, by borrowing 2 BILLION dollars at 5.5 percent and then invest it at higher rates. These higher rates are the business of assumptions offered by pension actuary experts and the stuff of the bond rating freaks that say that local government’s financial condition is made more healthy by borrowing to invest in the stock market.

Our wonderful State Treasurer claimed that Measure 29 bonding, coupled with rosy investment assumptions, would net a ONE BILLION dollar savings. Ha. The power of assumptions lead to led to the stupid borrowing.

By the way . . . the Portland Public Schools board were set to consider an auditor’s report for the 2003-2004 school year at last night’s meeting. There is no mention of the forward risk, pension-wise, of all the pension games that everyone seems to be playing.

Robert, I am glad you seem to have had a chat with the good folks at Lane Powell, and that they appear to have given you a straight answer.

I do wonder if The Oregonian will rethink their apparent support for borrowing, based on rosy assumptions, for the Portland police and fireman. Their rights are more sound WITHOUT the borrowing. I have comments to submit to the PERB on the recent notice to modify the rules so as to force Portland to join PERS, in their own best interest, of course. Who’s best interest? Why it must be the interest of the Oregon State Treasurer that wants even more monopoly money to throw around in his Social Investing frenzy.