Free Republic

ALBANY, N.Y. – As a lobbyist in New York's statehouse, Stephen Acquario is doing pretty well. He pulls down $204,000 a year, more than the governor makes, gets a Ford Explorer as his company car and is afforded another special perk: Even though he's not a government employee, he is entitled to a full state pension. He's among hundreds of lobbyists in at least 20 states who get public pensions because they represent associations of counties, cities and school boards, an Associated Press review found. Legislatures granted them access decades ago on the premise that they serve governments and the...

Federal bankruptcy judge Meredith Jury is expected to rule Wednesday on the city of San Bernardino's eligibility for bankruptcy protection after it ceased payments to the California Public Employees' Retirement System (Calpers) last year. The outcome of San Bernadino's case could have a huge ripple effect on cities declaring bankruptcy, most notably Detroit.

U.S. state and local governments will need to raise taxes by $1,398 per household every year for the next 30 years if they are to fully fund their pension systems, a study released on Wednesday said. The study, co-authored by Joshua Rauh of Northwestern University and Robert Novy-Marx of the University of Rochester, both of whom are finance professors, argues that states will have to cut services or raise taxes to make up funding gaps if promises made to municipal employees are to be honored. Pension funding in U.S. cities and states has deteriorated in the wake of the 2007-2009...