Underfunding of State and Local Pension Plans
DIANE Publishing, 2011 - 9 pages
The recent financial crisis and economic recession have left many states and localities with extraordinary budgetary difficulties for the next few years, but structural shortfalls in their pension plans pose a problem that is likely to endure for much longer. This report discusses alternative approaches to assessing the size of those shortfalls and their implications for funding decisions. Figure and table. This is a print on demand edition of an important, hard-to-find report.
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47 percent Accounting Standards Board actuarial Alicia H annual contributions appropriate discount rate available at www.census.gov/govs/qpr average based on Alicia billion bond’s expected Boston College cash flows Census Center for Retirement Congressional Budget Office cost-of-living adjustments current employees current workers Economic Employee Retirement Systems equities expected rate expected returns fair-value approach provides funded ratios future benefit payments future obligations future payments GASB and fair-value GASB approach GASB guidelines Government Accounting Standards higher returns interest rate Issue Brief jurisdictions Liabilities include pension local pension plans Measuring Pension Plans median municipal bond rate Munnell Novy-Marx and Joshua pension assets pension benefits already Pension Liabilities plan’s assets portfolio projected Public Fund Survey Public Pension Plan rate of return Rauh Research at Boston Retirement Research return on assets Risks of State-Sponsored risky assets Robert Novy-Marx sion plans South Dakota State-Sponsored Pension Plans System at 47 underfunding unfunded liabilities value of assets value of pension volatility