Interview with Steven J. Church, President, Piscataqua Research, Inc. on The Real Funding Crisis with GM and State Pensions
Economic Warrior is delighted to interview Steve Church in regards to the true funding liabilities of the pension plans of General Motors, including that of the states. We both feel that GM pension liabilities are much greater than portrayed by the company, and the U.S. government, which is now a major shareholder in the auto maker. We both question the ongoing viability of the company as a going economic concern. In addition, recent studies done by Pew Research estimate that the pension shortfall for state pensions is $1 trillion, Steve figures that a more realistic figure is double or between $2 and $3 trillion dollars. With this post, we will not only share the audio, but a PDF of Steve’s research in regards to this major problem, which has only recently appeared in the national press.
Steve is uniquely qualified for this interview, for 30 years he has been an actuary and investment consultant. He owns and operates Piscataqua Research Inc. founded in 1992 and located in Portsmouth, New Hampshire. Previously Steve was a consulting actuary with William M. Mercer in Boston, Massachusetts and prior to that he was with Wilshire Associates of Santa Monica, California as senior investment consultant for large national and public pension funds. He currently represents pension sponsors and wealthy individuals on investment strategy, and offers unique economic consulting services.