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Girard Miller

Girard Miller

Contributor

Girard Miller retired in January 2026 as Governing’s finance columnist, having contribued some 200 biweekly columns after five years of monthly commentary for his “Benefits Beat” series. He expects to continue submitting occasional guest commentaries.

Miller was formerly an investment and public finance professional, and the author of numerous professional publications including the 2019 book “Enlightened Public Finance.” His professional career spanned 45 years of leadership in public finance and investments, which included the presidency of two national mutual funds. He has sponsored collegiate scholarships in his field for 25 years. Now residing in southern California, he can be contacted through LinkedIn.

Many Americans are at risk of outliving their retirement savings. State pension plans could have a new role: selling longevity insurance. It could even save states money in the long run.
An online resource now being built out has the potential to become an important intellectual hub for public-sector investment practitioners. They need to articulate what they most want to find there.
Private credit has gained a growing share of pension portfolios over the past decade. It’s time to take a second look under the hood.
Inflation rates are coming down, but state and local labor costs will be sticky, as will public-employee health-care expenses. Overall, though, it’s a better outlook for pension funding and astute government cash managers.
Attractive investment returns could accompany economic development if local public pension systems join forces with angel investors to capitalize on a marketplace void.
Most American households don’t save enough for retirement, so some states are pushing private employers to make it easier through state-sponsored payroll withholding plans. Getting the structure and strategy right is crucial.
A shortage of accountants and auditors has left dozens of municipalities without credit ratings, and new financial reporting requirements are likely to make things worse. There are ways to tackle this skill set supply chain problem.
Income tax and sales tax revenue projections are slipping. State and local policymakers need to avoid fiscal giveaways and gimmicks, and they need to beware of potential federal aid clawbacks.
State and local financiers now face interest rate markets that anticipate decelerating inflation and a weaker economy. Public treasurers and debt managers need fresh ideas, agility and prudent strategies.
Big-box retailers are using a controversial legal argument in their assessment appeals. As the courts sort it out and some legislatures step up, there’s a role for government associations to help strengthen the hands of local tax authorities.