Will Pensions Run Out of Money and Collapse? Podcast with Ted Siedle
Workers and retirees need to vigilantly watch over their pensions for the rest of their lives.
During today’s conversation with WTFinance, the producer and I spoke about the current pension system, why pensions have underperformed the market, whether they could collapse and how this could impact the markets. I hope you enjoy!
0:00 - Introduction
0:15 - What is currently happening in the pension system?
3:13 - How do pensions work and why would company not want to pay pension?
8:00 - Why have pensions underperformed?
11:25 - No incentive for pension managers to change
14:40 - Why has the pension system not changed?
17:15 - Could pension funds collapse?
21:00 - Issues with illiquid investments
24:00 - Pension red flags
28:00 - Will pensions run out of money?
31:50 - How will pension crisis impact markets?
33:40 - One message to take away from conversation?
My forensic investigation of the Ohio STRS commissioned by the Ohio Retired Teachers Association led the State Auditor to investigate. My findings included that the Ohio Retirement Study Council had failed to perform statutorily mandated fiduciary audits for 16 years! I'll be posting my entire 100-page Ohio STRS investigation on Pension Warriors soon. Look for it!
Question how are the legislatures allowing this. Ohio has five public retirement systems. Which receives oversight from a study council. The auditor of Ohio has found disturbing findings of audits not being performed properly by statute .