Recent articles by Penelope Lemov from governing.com http://www.governing.com/authors/rss/rss/?a=87483672 Penelope Lemov is a GOVERNING correspondent. She was GOVERNING's health columnist and was senior editor for several award-winning features. A Third Way for Public Pensions: Adjustable Pension Plans http://www.governing.com/columns/public-finance/col-public-pension-plans-third-way.html Defined-benefit plans put all the risk on states and localities; defined-contribution plans put it all on employees. Now there's a new approach to risk sharing. Gun Debate Revives the Pension-Investment Dispute http://www.governing.com/columns/public-money/col-gun-debate-revives-pension-investment-dispute.html When there’s public outcry over something -- whether it’s gun control or apartheid -- states and cities reevaluate what their pension plans invest in. But should they be social investing at all? Do Tax Breaks for Senior Citizens Pay for Themselves? http://www.governing.com/columns/public-finance/col-targeting-senior-citizens-tax-exemptions-tax-breaks.html Cash-strapped states are questioning the tax exemptions they offer the elderly. What's Wrong with Kansas' Tax Reform? http://www.governing.com/columns/public-finance/col-whats-wrong-kansas-tax-reform-measure.html According to finance experts from the left and right, it's the worst reform measure passed by a state in the last two years. Should States, Cities Invest in Gun Manufacturers? http://www.governing.com/columns/public-finance/col-states-cities-disinvest-gun-manufacturers.html It might make sense financially, but some argue it isn't ethical. What's the Medicaid Expansion Worth to a State? http://www.governing.com/columns/public-finance/col-medicaid-expansion-benefits-states.html The fiscal facts on what a state gains or loses by broadening its Medicaid roles. Revisiting and Replenishing Rainy Day Funds http://www.governing.com/columns/public-finance/col-revisiting-replenishing-rainy-day-funds.html Rainy day funds were nearly washed away by the recession. What should states be doing about them now? Gun Taxes and State Revenues http://www.governing.com/columns/public-finance/col-guns-money-states-localities-taxes.html A handful of states and localities are considering gun and ammunition taxes. Is there any state and local revenue in this approach? The Muni Bond Market in 2013 http://www.governing.com/columns/public-finance/col-municipal-bond-market-forecast-2013.html Issuers may be enjoying low-interest rates when they come to market, but that doesn't mean these are the best of times. What to Do About the Gas Tax? http://www.governing.com/columns/public-finance/col-gas-tax-virginia-oregon.html Two states, two different approaches for fixing how we pay for roads. The State of State and Local Finances http://www.governing.com/columns/public-finance/col-state-state-local-government-finances.html New studies afford a state-by-state or city-by-city analysis of fiscal well being. States, Estate Taxes and the Fiscal Cliff http://www.governing.com/columns/public-finance/col-states-estate-taxes-fiscal-cliff.html What is the future of the 'death tax'? Cities, Bankruptcy Law and Pension Payments http://www.governing.com/columns/public-finance/col-cities-bankruptcy-law-pension-payments.html As cities face extreme fiscal pressure, can Chapter 9 ease their pension obligations? Looking Past Libor http://www.governing.com/columns/public-finance/col-looking-past-libor-states-local-government.html The Municipal Securities Rulemaking Board is hoping to help arm issuers with more information before they borrow money. States and the Federal Fiscal Cliff http://www.governing.com/columns/public-finance/col-states-federal-fiscal-cliff.html The effect of higher federal taxes and sequestration cuts on state budgets and revenue.