Thursday, October 14, 2010
State Municipal Pensions Czar comes to Pittsburgh [SHORT UPDATE]
Starting at 10:00 AM, drink every time Secretary James Allen starts to say, "The most critical thing to do is inject a truly significant sum of cash into the fund quickly, such as through your..." and someone like Councilman Dowd goes, "DEAD DEAD DEAD LA LA LA I CAN'T HEAR YOUUUUU..."
*-SHORT UPDATE: The Secretary was very careful (having received an education to some extent on the current drama in 'Burgh politics) not to allow any of the Council members to maneuver him into lending much support to their own pension recovery alternatives. His focus was, "Not only are you severely underfunded, but more importantly your cash flow is $30 million in the negative -- and that tells me you need a plan pronto. I can assure you that PMRS is a non-political fund management device with a long and stable record in conservatism when it comes to risk and responsibility -- which should not be confused with "the State" much less "the Legislature". Details tomorrow. There was also this.