The AFM Pension Crisis

A view from the membership

Scott Ballantyne, Local 802 Tom Calderaro, Local 47

August 8, 2017
Praise for “The AFM Pension Crisis”

“May I congratulate you on an extremely well-written and well-presented discussion of basic pension plan valuation mathematics, in the excerpt you sent me. I don’t think I could have written it so cogently myself; you have absolutely captured the essence of the issues.”
M. Barton Waring, Author of Pension Finance, Financial Economist, Lawyer. CIO Emeritus Barclays Global Investors/Black Rock. Winner of CFA Institute’s Graham and Dodd Award: 2015, 2006.

“Your paper is quite correct…Congratulations on your accurate insights.” Ronald J. Ryan, CEO & Founder, Ryan ALM. Author of The U.S. Pension Crisis., Winner, Money Management Letter Life Time Achievement Award, 2005 and Sharpe Index Life Time Achievement Award, 2006

Praise for “The AFM Pension Crisis”
List of Tables
List of Tables
List of Figures
List of Figures
1 How Pension Funds Work
 1.1 Pension Basics
 1.2 Why Pensions are Underfunded
 1.3 The First Wave of Decision Making
 1.4 The Second Wave of Decision Making
2 Investments
 2.1 The 60-Second Guide to Monitoring Investments
 2.2 Can Active Management Beat Index Funds?
 2.3 Index Funds Are Not a Panacea
3 The Fund’s Diminishing Capital
4 Financial Solutions to the Fund’s Problems
5 Some Good News and Some Recommendations
6 Acknowledgments
7 Appendix: Charts of Trend Analysis/Example Projections