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What will the rate of return need to be to reach 100% fundability? Do you know what ERISA is? Do you have any idea of the cost involved to challenge an existing pension? Are the questions that come to my mind when this topic is raised.
To point out that the City of Warwick’s pension funds are underfunded should be a surprise to know one this has been an issue in this country for over 50 year’s both public and private sector thus all the laws protecting pensions passed since the 1970’s.
To me the things that should be questioned are how is the rate of return going to be increased to meet the obligation? What is going to be done with new hires IE the law California passed in 2013 to change the type of pension fund meaning switching to a DC plan or the newer version PRPP plan….
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