“We’re riding the first wave of a financial tsunami...We don’t know the financial devastation that’s going to come out of this.”
In addition to investment earnings, governments fund their pensions by making annual payments based on estimates of long-term investment performance and when pension recipients will likely die.
“We’re now in that phase of 'what are we going to do to balance our budgets?'” says Teryn Zmuda, chief economist for the Washington, D.C.-based National Association of Counties, a group that represents the interest of counties.
On average, state and local governments typically spent about 6% to 7% of their budget on pension contributions before the pandemic, though it varied up to about 20% in cash-strapped governments, Pew’s Mennis says. At least for now, “pension insolvency risk is low,” says Jim Van Horn, a bankruptcy attorney for Indianapolis-based Barnes & Thornburg. But “it stands to reason that states and cities will face difficult choices in terms of meeting their pension funding requirements without reducing resources for core government services.”
Shelton, the Michigan teacher, was appalled at the prospect of allowing states to file for bankruptcy to reduce their pension obligations.
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