🎶hello darkness my old friend🎶

...a few comments about the annual annuity increases, also referred to as the COLA

https://twitter.com/CrainsChicago/status/1167493337718427650

First, police and fire do NOT have a compounded 3% COLA--these two funds account for ~51% of Chicago's pension liabilities. Only municipal employees and laborers have had 3% COLA

This @NYTimes piece about pensions is interesting, but the framing bothers me. Headline’s about 1 person’s very high pension, which gives impression lavish pensions are the root of the problem. But what the average benefit is m, is never mentioned 1/ nyti.ms/2IVNY5E The author mentions the impact of the recession on pension systems, but leaves out how financial reporting and actuarial assumptions have changed over time. I’d like to see analysis of pensions using the same set of assumptions over a long period of time 2/