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How to save public pensions, no federal bailout needed

JULY 18, 2016 | by Ed Bachrach | THE WALL STREET JOURNAL

Op-ed by Ed Bachrach, includes "... Instead of bailing out these pensions, Congress should pass a law allowing states and local governments to reduce promised benefits—something that is now illegal under some states’ statutes or constitutions. Congress should stipulate that pension plans must be in very bad shape to qualify for relief, and the politicians in charge of them would have to voluntarily seek it. Most important, pensions should be required to uphold their original intent: to keep retirees who can no longer support themselves out of poverty..."

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