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Review Of Retirement Benefits For State And Local Government Employees
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Book Synopsis Review of Retirement Benefits for State and Local Government Employees by : Virginia. General Assembly. Joint Legislative Audit & Review Commission
Download or read book Review of Retirement Benefits for State and Local Government Employees written by Virginia. General Assembly. Joint Legislative Audit & Review Commission and published by . This book was released on 2011 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781976205835 Total Pages :32 pages Book Rating :4.2/5 (58 download)
Book Synopsis State and Local Government Retiree Benefits by : United States Government Accountability Office
Download or read book State and Local Government Retiree Benefits written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-09 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension and other retiree benefits for state and local government employees represent liabilities for state and local governments and ultimately a burden for state and local taxpayers. Since 1986, accounting standards have required state and local governments to report their unfunded pension liabilities. Recently, however, standards changed and now call for governments also to report retiree health liabilities. The extent of these liabilities nationwide is not yet known, but some predict they will be very large, possibly exceeding a trillion dollars in present value terms. The federal government has an interest in assuring that all Americans have a secure retirement, as reflected in the federal tax deferral for contributions to both public and private pension plans. Consequently, the GAO was asked to examine: 1) the key measures of the funded status of retiree benefits and 2) the current funded status of retiree benefits. GAO analyzed data on public pensions, reviewed current literature, and interviewed a range of experts on public retiree benefits, actuarial science, and accounting. Three key measures help to understand different aspects of the funded status of state and local government pension and other retiree benefits. First, governments' annual contributions indicate the extent to which governments are keeping up with the benefits as they are accumulating. Second, the funded ratio indicates the percentage of actuarially accrued benefit liabilities covered by the actuarial value of assets. Third, unfunded actuarial accrued liabilities indicate the excess, if any, of liabilities over assets in dollars. Governments have been reporting these three measures for pensions for years, but new accounting standards will also require governments to report the same for retiree health benefits. Because a variety of methods and actuarial assumptions are used to calculate the funded status, different plans cannot be easily compared. Currently, most state and local government pension plans have enough invested resources set aside to keep up with the benefits they are scheduled to pay over the next several decades, but governments offering retiree health benefits generally have large unfunded liabilities. Many experts consider a funded ratio of about 80 percent or better to be sound for government pensions. We found that 58 percent of 65 large pension plans were funded to that level in 2006, a decrease since 2000. Low funded ratios would eventually require the government employer to improve funding, for example, by reducing benefits or by increasing contributions. However, pension benefits are generally not at risk in the near term because current assets and new contributions may be sufficient to pay benefits for several years. Still, many governments have often contributed less than the amount needed to improve or maintain funded ratios. Low contributions raise concerns about the future funded status. For retiree health benefits, studies estimate that the total unfunded actuarial accrued liability for state and local governments lies between $600 billion and $1.6 trillion in present value terms. The unfunded liabilities are large because governments typically have not set aside any funds for the future payment of retiree health benefits as they have for pensions. Percentage of State and Local Pension Plans with Funded Ratios above or below 80 Percent Source: GAO analysis of PFS, PENDAT data.Percentage of plansFiscal yearFunded ratio 80 percent or moreFunded ratio less than 80 percent020406080100200620052004200320022001200019961994
Book Synopsis Retirement and Insurance Planning for State and Local Government Employees by : Kansas. Legislature. Legislative Council. Research Department
Download or read book Retirement and Insurance Planning for State and Local Government Employees written by Kansas. Legislature. Legislative Council. Research Department and published by . This book was released on 1950 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Employer-Employee Relations Publisher : ISBN 13 : Total Pages :100 pages Book Rating :4.F/5 ( download)
Book Synopsis Examining the Retirement Security of State and Local Government Employees by : United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Employer-Employee Relations
Download or read book Examining the Retirement Security of State and Local Government Employees written by United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Employer-Employee Relations and published by . This book was released on 2006 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Employee Pension Systems in State and Local Government by : Tax Foundation
Download or read book Employee Pension Systems in State and Local Government written by Tax Foundation and published by . This book was released on 1976 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Measuring the Adequacy of Public Employee Retirement Benefits by : Bernard Jump
Download or read book Measuring the Adequacy of Public Employee Retirement Benefits written by Bernard Jump and published by . This book was released on 1980 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Security for State and Local Government Employees by : Daniel Ryan
Download or read book Social Security for State and Local Government Employees written by Daniel Ryan and published by . This book was released on 2020-12-11 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Updated for 2021An estimated 6.5 million state and local government employees do not participate in Social Security. In some states, virtually no public employees are in Social Security. Nationwide, many school teachers and others at fire/police/EMS are excluded. In order to plan for the future, these public servants need to know how their total retirement benefits are impacted.In addition to being out of the Social Security system for as long as thirty years, the affected workers will have the Social Security benefits that they earned from private sector jobs calculated using modified formulas that take into account their public service careers. These special provisions are surrounded by confusion, suspicion, and in some cases, anger on the part of public employees.But it doesn't have to be that way. Be prepared to learn all you need to know about how this works. In the end, you will be your own expert on this vital subject."Social Security for State and Local Government Employees" examines why some workers are not covered by Social Security at their government or education jobs, covers the basics of Social Security, reviews two key federal rules that impact workers who earn pensions from work outside of Social Security coverage, reinforces the reader's knowledge through a discussion of commonplace rumors about the subject and concludes with a wrap-up Q&A.
Book Synopsis State and Local Pensions by : Alicia H. Munnell
Download or read book State and Local Pensions written by Alicia H. Munnell and published by Rowman & Littlefield. This book was released on 2012-08-27 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the financial crisis and Great Recession, the health of state and local pension plans has emerged as a front burner policy issue. Elected officials, academic experts, and the media alike have pointed to funding shortfalls with alarm, expressing concern that pension promises are unsustainable or will squeeze out other pressing government priorities. A few local governments have even filed for bankruptcy, with pensions cited as a major cause. Alicia H. Munnell draws on both her practical experience and her research to provide a broad perspective on the challenge of state and local pensions. She shows that the story is big and complicated and cannot be viewed through a narrow prism such as accounting methods or the role of unions. By examining the diversity of the public plan universe, Munnell debunks the notion that all plans are in trouble. In fact, she finds that while a few plans are basket cases, many are functioning reasonably well. Munnell's analysis concludes that the plans in serious trouble need a major overhaul. But even the relatively healthy plans face three challenges ahead: an excessive concentration of plan assets in equities; the risk that steep benefit cuts for new hires will harm workforce quality; and the constraints plans face in adjusting future benefits for current employees. Here, Munnell proposes solutions that preserve the main strengths of state and local pensions while promoting needed reforms.
Book Synopsis State and Local Government Retiree Benefits by : USA Government Accountability Office
Download or read book State and Local Government Retiree Benefits written by USA Government Accountability Office and published by Nova Science Publishers. This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past half-century, the number of state and local government workers has grown significantly. In 2006, this sector accounted for about 12 percent of the nation's workforce. Since 1996, accounting standards calling for state and local governments to report their liabilities for future pension costs have been in place, but standards calling for similar treatment of the future costs of retiree health benefits have only recently been issued. It is unclear as yet, what actions state and local governments may take once the future costs of these benefits are known. However, future decisions about the appropriate levels of benefits for retirees will likely occur in a broader context of persistent fiscal challenges that state and local governments will face in the next decade. Hence, concerns have been raised about the public sector's capacity to meet the rising cost of providing its retirees with promised pension and other post-employment benefits, such as retiree health care. State and local retiree benefits are not subject, for the most part, to federal laws governing private sector retiree benefits. Nevertheless, there is a federal interest in ensuring that all Americans have a secure retirement, an interest that is reflected in preferential tax treatment for contributions and investment earnings associated with qualified pension plans in both the public and the private sectors. This is an excerpted and indexed edition.
Book Synopsis State and Local Government Pension Plans by : Government Accountability Office
Download or read book State and Local Government Pension Plans written by Government Accountability Office and published by CreateSpace. This book was released on 2013-08-28 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are over 3,400 state and local pension systems in the United States, according to the most recent Census Bureau Survey of State and Local Public-Employee Retirement Systems. Most large plans are state plans, and more state and local employees are covered by state-administered plans than by locally-administered plans (about 24 million members and beneficiaries compared with about 3 million). However, there are more local government employees than state government employees (about 14 million compared with about 5 million), and while local governments sometimes participate in plans administered by states, the local governments generally retain responsibility for contributing the employer's share of funding to the plans for their employees. As a result, local governments contribute more to pension plans each state fiscal year, overall, than do state governments.
Book Synopsis Funding Public Pension Plans by : Jonathan Barry Forman
Download or read book Funding Public Pension Plans written by Jonathan Barry Forman and published by . This book was released on 2010 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most state and local government employees are covered by traditional final-average-pay pension plans. State and local government employers typically fund those pension plans through a combination of employer and employee contributions, with help from investment returns on already-accumulated assets. Unlike private sector pension plans, however, public pension plans are not subject to strict minimum funding standards like those in the Employee Retirement Income Security Act of 1974 (ERISA). Public pensions also face more flexible accounting standards than private sector pensions. To be sure, many public pensions are nevertheless fairly well funded. Unfortunately, however, the recent meltdown of financial markets, the decline in the stock market, and the recession are putting tremendous pressure on both public pensions and the state and local governments that fund them; and public employers will need to respond.At the outset, this article reviews the operation and funding status of state and local government pension plans. Next, this article discusses the major financial, accounting, and legal issues that relate to the funding of state and local government pension plans. Finally, this article considers how to ensure that public employees will have adequate retirement benefits now and in the future.
Book Synopsis A History of Public Sector Pensions in the United States by : Robert Louis Clark
Download or read book A History of Public Sector Pensions in the United States written by Robert Louis Clark and published by University of Pennsylvania Press. This book was released on 2003-05-12 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Wharton School, offering a comprehensive assessment of the political and financial dimensions of public-sector pensions from the colonial period until the emergence of modern retirement plans in the twentieth century.
Book Synopsis Personnel Management in State and Local Governments by : United States Civil Service Commission. Library
Download or read book Personnel Management in State and Local Governments written by United States Civil Service Commission. Library and published by . This book was released on 1981 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Day After Tomorrow by : D. Roderick Kiewiet
Download or read book The Day After Tomorrow written by D. Roderick Kiewiet and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pew Center estimates that as of July 2008, state and local governments in the United States had promised current and future retirees $3.34 trillion in benefits but had only $2.35 trillion of projected assets to pay for them. The investment losses that public employee pension funds experienced during the market downturn of 2008-09 made the trillion dollar gap much larger. In this paper I discuss how the pension funding gap has developed, compare the situation in California with that of other states, and discuss the ways in which the state government and local governments in California are responding to the increasing strains pension obligations place on their finances. I recommend that the constitution of California be amended to forbid the state and all local governments from ever again issuing pension obligation bonds, and to forbid the state of California, as well as all local governments within the state, from ever again offering their employees defined benefit pension plans.
Book Synopsis Retirement Systems for State and Local Government Employees by : United States. Bureau of the Census
Download or read book Retirement Systems for State and Local Government Employees written by United States. Bureau of the Census and published by . This book was released on 1943 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Retirement of Public Employees by : Kansas. Legislature. Legislative Council. Research Department
Download or read book Retirement of Public Employees written by Kansas. Legislature. Legislative Council. Research Department and published by . This book was released on 1949 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis OECD Reviews of Pension Systems: Portugal by : OECD
Download or read book OECD Reviews of Pension Systems: Portugal written by OECD and published by OECD Publishing. This book was released on 2019-03-20 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review builds on the OECD’s best practices in pension design and provides policy recommendations on how to improve the Portuguese pension system, detailing the Portuguese pension system and its strengths and weaknesses based on cross-country comparisons. The Portuguese pension system ...
