Racial Transfers of Wealth Via Under-Funded Municipal Pensions

Pueblo Lands

Frridayopd940 (32) OPD “mug shots” displayed during a department reunion held in Reno, Nevada in 2005. Many of the shots are of officers employed in the 1970s and 1980s, hired before the PFRS pension system was closed to new members. OPD’s cops from that era were mostly white men.

I’ve been working on an article over the last two weeks about Oakland’s much talked about, but little understood Police and Fire Retirement System (PFRS).

Fiscal conservatives constantly cry that the sky is falling, that the PFRS obligation to Oakland’s retired public safety employees will bankrupt the city, especially because of the massive issuance of pension obligation bonds used by Oakland to finance legally required contributions since 1997. These conservative commentators are mistaken, I think. The underfunding of the PFRS is certainly a problem, but not for the reasons they say.

I’m interested in re-framing the discussion about PFRS, away from the…

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