Top Tweets for #NFMA18
Lump sum pension payments can be dangerous, says Moody's Blake (hi Illinois). If you start to take money out, it can hurt the liquidity of the plan (saw extreme version of this w/ Dallas police DROP program). In private sector, if funded below 80%, can't do lump sums. #NFMA18.
No clear tipping point for when pensions/fixed costs begin to tank a budget. In Illinois, fixed costs = 30% of budget, that's when you have to start thinking of changes, reamoratize, smoothing, reform, etc, says Moody's Blake. But plenty of locals are over 30%, he says. #NFMA18
on pensions: asset risk a big deal, we're all focused on unfunded liability & ARC but funded portion has lots of risk, says Moody's Tim Blake. To get returns of 6.5-7.5% "you have to take sig volatility risk; we look at the probability of large loss relative to a budget" #NFMA18
Last panel of the conference: #Pension Funding - New disclosures, new metrics with James Lyman, JP Aubry @RetirementRsrch, Tim Blake @MoodysUSPubFin, Les Richmond @BAMutual at #NFMA18 #NFMA annual conference #SanDiego #muniland
Next breakout session is important panel about #techchange in #muniland: Credit & Trading Systems- Data, Algorithms, AI on the Horizon...& Good Old Quantitative Analysis and Human Interaction with Patty Healy, Cyndi Pinto, Marty Mannion, Ksenia Koban @SPWinterstein #NFMA #NFMA18
AI panel: Ksema Koban of Payden & Rygel emphasizes continued importance of credit analysis despite growth of AI information #NFMA18
Great discussion about international buyers of #municipalbonds in the Garden room at the #NFMA #NFMA18 #SanDiego conference #muniland @muni_analysts
BondLink is excited to be in attendance at the #NFMA18 Annual Conference. Mintz Levin attorney William Kannel espoused the importance of “special revenues” during a panel on securitization. @muni_analysts #muniland
Moody's Hoffmann: if you carve out revenue, you leave a weaker credit behind, though might not be enough to move the rating. If general revenues are being carved out and magically turned into special revenues and ringfenced, you've left a weaker credit behind #NFMA18
@tomkozlik @Caitlindevitt @muni_analysts Tom, we're glad you enjoyed Caitlin's insight at the #NFMA18 panel on "Politics in America: A Reporter's Viewpoint." Thank you!
We're attending the second day of the National Federation of Municipal Analysts 35th Annual Conference. Follow our team online for conference updates: @greavespg, @EyeOnPuertoRico, @Caitlindevitt and @parfait67 #NFMA18 #muniland
It's usually a liquidity event that forces Chp 9 filing, but often should have occurred earlier, says Lemke. Cities are overlaying rational decisions with political decisions, and nobody wants to be the mayor/city council that takes the city into bankruptcy. #NFMA18.
Detroit BK reinforced ruling that that pensions may be modified, Lemke says. "That came as a surprise and disappointment to some of the pensioners and unions who didn't think they could be" due to protections in the Michigan Constitution. #NFMA18
Primary reasons for filing Chapter 9: legacy liabilities such as pensions and healthcare, dwindling tax base, corruption, incompetence, excessive debt, says Lemke. #NFMA18
Gen Z v different from any other students; they love to multi task, v entrepreneurial, prefer digital info, impact is their driving force, they are post literate (prefer visuals) so higher ed needs to adjust its style, says Erica Muhl dean at USC School of art and design #nfma18
No indication that Congress wants to reopen PROMESA - Cate Long - #NFMA18
Very in depth political analysis about #Illinois #Chicago by @Caitlindevitt at #NFMA18 #NFMA #SanDiego @muni_analysts
Informative Politics in America panel at #NFMA18 #NFMA conference with David Moore, @Caitlindevitt @marywalshnyt @cate_long
Influx of private equity into apartment development and long, low interest rates means a lot of risk we don't see, says Vitner. "I am worried about collapse, we could see some big losses in large metro areas but it's not reflective of the nation as a whole, not systemic" #NFMA18
fed tax reform and SALT provision 'great political move, stupid economic move' says Ricchiuto, "This economy is stuck, we can't get into the fast lane, 2017 is best year we're going to get in this cycle, 18 will disappoint," and real estate boom will lead to a collapse. #NFMA18
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