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...Joshua Rauh, a professor of finance at Stanford University, estimates that their total deficits, if liabilities were priced in the same way as corporate plans, would be about $3.4tn....
...Robert Howell, manager of the Alternative Solutions fund since it was launched in 2005, also left the company last year....
...Professors Robert Novy-Marx at the University of Rochester and Joshua Rauh from the Stanford Graduate School of Business, in a paper last year, estimated that without changes to benefit structures, contributions...
...The new standards “will better reflect the economic reality,” said Robert Attmore, chairman of the Governmental Accounting Standards Board (GASB)....
...Professors Robert Novy-Marx of the University of Chicago and Joshua Rauh of Northwestern examined the magnitude of these understatements....
...“This $4tn figure is a lower bound,” argues Robert Merton, economics professor at MIT....
...Contributions from state and local governments, including to the federal Social Security programme, currently account for 5.7 per cent of states total revenues, according to the study by Mr Rauh and Robert...
...“The pension expense is going generally to be higher than under the current approach,” says Robert Attmore, Gasb’s chairman....
...In a recent paper written with Robert Novy-Marx, associate professor at the University of Rochester, Prof Rauh estimates that state pension plan liabilities alone, valued at treasury bond rates, came to...
...Robert Megna, New York’s budget director, said his state had had to make “tough choices” to keep funding its pensions despite budget shortfalls over the past few years....
...Another 30 states will have run out of money to pay pensions by 2030, Prof Rauh calculates....
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