US Public Pensions
Huge Returns, Opportunity to Lower Risk
Exceptional fiscal 2021 pension investment returns will provide cost relief to governments, but liabilities remain stubbornly high and volatility risks loom.
Recently strong investment performance will drive pension funding improvements and provide governments with pension cost relief. But low interest rates and potential investment volatility mean that pension risks will remain stubbornly elevated for many state and local governments.
- Fiscal year 2021 investment performance and its affect on pension funding levels, government contributions and retirement system cash flow.
- The significance of retirement liabilities in the current state and local government credit environment.
- Why volatility risks faced by governments via their pension systems are at historically high levels.
- Retiree healthcare, other post-employment benefits (OPEB), liabilities remain significant for a segment of municipal issuers.
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SpeakersTimothy Blake Managing Director, Public Finance Group Moody's Ratings
Thomas Aaron Vice President - Senior Credit Officer Moody's Investors Service
Marcia Van Wagner Vice President – Senior Credit Officer Moody's Investors Service
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Tim Blake is a Managing Director in Moody’s Public Finance Group responsible for US state ratings as well as local government ratings in the Eastern region. He also oversees ratings for US transit systems and a specialist team on government pension analysis. Tim has thirty years of experience in the municipal market.
Prior to joining Moody’s, Tim was a credit risk manager and ratings advisor at Goldman Sachs, and a credit and liquidity facility specialist at NatWest Markets.
He is a graduate of the State University of New York at Albany.
Tom is the dedicated public pension specialist for Moody’s Investors Service US Public Finance Group. He has held this role since 2013, in which he authors pension-related research and facilitates pension risk assessments across the group’s ratings. Tom originally joined Moody’s as a ratings analyst in 2011, where he covered local government credits throughout the Midwest. Prior to joining Moody’s, he served as Deputy Chief of Staff to a member of the San Diego City Council. Tom holds a Master of Science degree in Applied Mathematics (Actuarial Science) from DePaul University in Chicago and a Master of Arts in Economics from San Diego State University.
Marcia is a Vice President – Senior Credit Officer for the States and High Profile Ratings Team covering credits for the states of Connecticut, Iowa, Louisiana, Maryland, New York, Rhode Island, Utah and Tennessee. Marcia has worked extensively on the development and implementation of analytical enhancements to Moody’s assessment of the credit implications of state and local government pension finance.
Prior to joining Moody’s in late 2010, Marcia held positions in government and the non-profit sector focused on public sector budgetary oversight and research. These positions included Deputy Comptroller for Budget for the New York City Comptroller’s Office, Deputy Research Director and Chief Economist at the Citizens Budget Commission, a nonprofit, nonpartisan organization, and Chief Economist and Director of Fiscal and Economic Analysis at the Office of the State Deputy Comptroller of the New York State Comptroller’s Office. Previously, Marcia worked for the New York City Economic Development Corporation and was Assistant Professor of Economics at Vassar College.
Marcia received a BA in economics from the State University of New York College at Purchase and a Ph.D. in economics from the University of Texas at Austin.