Robert North, the Chief Actuary of New York City, likes to joke about the response to the idea of market-based pensions valuation. "We better hang that actuary guy," he quips. "He's completely out of his mind." With a strike by City transit workers - partly due to pensions issues - still fresh in the mind, such sang froid is understandable.
But North is deadly serious about his quiet campaign to modernise US public sector pensions valuation, which he acknowledges is several years behind the