The National Association of State Retirement Administrators has sent a letter to Moody’s Investor Service expressing “deep concern” about the methods used by the ratings agency to estimate the unfunded liabilities of the nation’s public funds.
“The report is not, as the title and description of the report imply, a depiction of the actual financial condition of state and local pension plans,” wrote Keith Brainard, the research director for the organization.
NASRA claims Moody’s recently published report did not account for the drag of low interest rates on fund performance and failed to use inflation-adjusted dollars to assess current liabilities.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
