JUNE 5 -DAVID GRAVITZ the inexorable math behind pension costs - why they keep rising
Newspapers around the county, state and nation have written from time to time about how many towns, cities, counties and school districts have had frequent increases in real estate and school taxes as a result of their having to pay for their share of pension costs, as mandated by the states.
Why do these costs keep going up when interest rates are so low and other costs stay the same or go down?
David Gravitz, a Dorry's regular and a retired consulting actuary, has been a pension actuary throughout his working career.
The founder of the company David worked for established the NY City and NY State retirement plans almost 100 years ago, as well as many other municipal pension plans.
will explain, in relatively simple terms, the inexorable math that drives the funding of pension plans and results in many counter-intuitive truths regarding them.
will explain why many private employers have switched their defined benefit pension plans to 401(k) plans.
will also discuss Social Security and why he
thinks Social Security will be able to meet its commitments in our lifetimes.
Pray for Sis Vic and Dave
and their daughter Angelina.