Policy Analyst, Reason Foundation
Raheem Williams is a policy analyst with Reason Foundation's Pension Integrity Project.
Previously, Williams worked as an economic research specialist with The Center for the Study of Public Choice and Private Enterprise at North Dakota State University.
He completed his undergraduate degree in economics at Florida International University in Miami, FL, and his Master’s in Financial Economics at the University of Detroit Mercy.
The retirement benefits ultimately received by members of both plans within FRS will come at an ever-increasing cost to taxpayers and other public services if needed technical adjustments to both plans go neglected.
KPERS may be substantially overestimating the value of its assets and underestimating its current pension debt.
Fitch Ratings downgraded Birmingham's issuer default rating and general obligation bond ratings to A+ from AA-.
Gov. Kelly’s plan could also further exacerbate the fiscal impact of the system's overly optimistic investement assumptions.
"Please understand, if we do not take definitive action now, the city will face widespread financial problems. The city’s credit rating will likely be lowered, creating an even greater challenge in fully funding the pension."
IPERS’ unfunded accrued liability grew from $441 million in fiscal year 2001 to $6.97 billion in fiscal year 2017.