The managers might achieve better results by, say, competitively bidding out concession contracts for publicly owned stadiums and arenas not producing the kinds of returns typical for privately owned facilities.
Though no exact model for this exists yet, several cases show how governments can use property to help reduce pension debt.
As part of the bankruptcy-recovery plan for Detroit, several financial institutions contributed hundreds of millions of dollars into the city's pension system in exchange for property along the city's waterfront and downtown.
The state of Queensland, Australia, in 2011 contributed its toll road to its underfunded pension system, then hired professional managers to improve the road's operation-and eventually sold the road for $7 billion, to benefit the pension fund.
In 2014, Philadelphia's city council killed an effort by then-mayor Michael Nutter to sell the city-owned local gas works to a private enterprise for $1.86 billion to help support the city's underfunded pension system.
Even if Connecticut succeeds in creating the trust, it won't be enough to solve a $100 billion pension deficit.
In July, he and the state's public-sector unions agreed on a deal to reduce annual state contributions into the pension system by between $130 million and $140 million over the next several years by backloading payments.
https://www.city-journal.org/privatization-pension-debt
Though no exact model for this exists yet, several cases show how governments can use property to help reduce pension debt.
As part of the bankruptcy-recovery plan for Detroit, several financial institutions contributed hundreds of millions of dollars into the city's pension system in exchange for property along the city's waterfront and downtown.
The state of Queensland, Australia, in 2011 contributed its toll road to its underfunded pension system, then hired professional managers to improve the road's operation-and eventually sold the road for $7 billion, to benefit the pension fund.
In 2014, Philadelphia's city council killed an effort by then-mayor Michael Nutter to sell the city-owned local gas works to a private enterprise for $1.86 billion to help support the city's underfunded pension system.
Even if Connecticut succeeds in creating the trust, it won't be enough to solve a $100 billion pension deficit.
In July, he and the state's public-sector unions agreed on a deal to reduce annual state contributions into the pension system by between $130 million and $140 million over the next several years by backloading payments.
https://www.city-journal.org/privatization-pension-debt
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