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PublicPensions & Politics
Reforming an Unsustainable System and
Managing “Generational Theft” 
Richard C. Dreyfuss
Business Consultant and Actuary Senior Fellow -The Commonwealth Foundation Pennsylvania Business Council Education Foundation Pennsylvania Competitiveness Council Public Policy Seminar May 3, 2011 
– 
Camp Hill, PA
 
Managing Pension Liabilities
2
The Public Pension Crisis
 August 18, 2006;PageA14
 “… the fundamental problem is that publicpensions are inherently political institutions.”  “… the current public pension system simplyisn't sustainable in the long run.” 
 
Three Factors Drive the PoliticalInstitution of Public Pensions
1.Poor Benchmarking2.Poor Risk Management Practices3.Politics
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