States and localities both save for unseen emergencies and hard times. But when it comes to using the funds, their approach couldn't be more different.
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?
For most states, the new government accountability rules eliminate the main substantive barrier to moving toward less costly defined-contribution plans.
We’re trying to use financial risk-management tools to solve political problems. That’s putting the people who manage public money in a tenuous position.
Fraud is on the rise. There is evidence that fraud has permeated virtually every government-based benefit program at the state, local and federal level. The federal government estimates that three to five percent of public assistance dollars are lost each year to fraud, and tax related identity fraud has grown 650% since 2008.
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