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Underfunding Of State And Local Pension Plans
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Book Synopsis Underfunding of State and Local Pension Plans by : Frank Russek
Download or read book Underfunding of State and Local Pension Plans written by Frank Russek and published by DIANE Publishing. This book was released on 2011-08 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Public Pensions by : U S Government Accountability Office (G
Download or read book Public Pensions written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pursuant to a congressional request, GAO reviewed the status of public pension plan funding, focusing on the basic pension plans of state and local governments. GAO found that: (1) states and localities with underfunded pension plans run the risk of reducing future pension benefits to taxpayers or raising revenues; (2) unfunded liabilities for all state and local pension plans totalled $200 billion in 1992; (3) contributions to pension funds in 1992 fell short of the actuarially required amounts by 60 percent; (4) 75 percent of state and local pension plans involved in a Public Pension Coordinating Council (PPCC) survey were underfunded; (5) more than half of the pension plan sponsors surveyed continued to make payments to pay off their unfunded liabilities; (6) between 1990 and 1992, 20 percent of the plans were both underfunded and not receiving required sponsor contributions; and (7) of 117 plans with complete data in 1990 and 1992, 90 were underfunded.
Author :United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight Publisher : ISBN 13 : Total Pages :128 pages Book Rating :4.:/5 (318 download)
Book Synopsis Transparency and Funding of State and Local Pension Plans by : United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight
Download or read book Transparency and Funding of State and Local Pension Plans written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight and published by . This book was released on 2011 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Funding of State and Local Government Pension Plans, a National Problem by : United States. General Accounting Office
Download or read book Funding of State and Local Government Pension Plans, a National Problem written by United States. General Accounting Office and published by . This book was released on 1979 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Funding of State and Local Government Pension Plans, a National Problem by : United States. General Accounting Office
Download or read book Funding of State and Local Government Pension Plans, a National Problem written by United States. General Accounting Office and published by . This book was released on 1979 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Funding of State and Local Government Pension Plans by : U S Government Accountability Office (G
Download or read book Funding of State and Local Government Pension Plans written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-07-01 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress is considering establishing federal standards for state and local government pension plans similar to those imposed on private plans by the Employee Retirement Income Security Act of 1974. The act generally provides that the minimum standard for pension funding by private employers be an annual contribution for normal costs plus the amount needed to amortize current unfunded liabilities in 40 equal annual installments. Public pensions are becoming a large financial burden on state and local governments, and that burden will increase in the future. Many jurisdictions do not systematically fund retirement benefits accruing to their employees. Adopting a pension plan funding standard similar to that required by the act would have serious initial impact on some jurisdictions. During the years the plans are on a pay-as-you-go basis, their unfunded liabilities will continue to grow. At the end of the amortization period of 40 years required for private plans, their unfunded liabilities will more than triple and yearly pay-as-you-go contributions will increase several fold. To protect the pension benefits earned by public employees and to avert fiscal disaster, state and local governments need to fund the normal or current cost of their pension plans on an annual basis and amortize the plans' unfunded liabilities. Although sponsoring governments are responsible for sound funding of state and local government plans, the federal government has substantial interest in these pension plans. Many jurisdictions have increasingly relied on federal grant funds and revenue sharing to help meet pension plan costs. These plans directly affect the continued well-being and security of millions of state and local government employees and their dependents.
Book Synopsis State and Local Pension Fund Management by : Jun Peng
Download or read book State and Local Pension Fund Management written by Jun Peng and published by CRC Press. This book was released on 2008-08-21 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intense media coverage of the public pension funding crisis continues to fuel heightened awareness in and debate over public pension benefits. With over $3 trillion in assets currently under management, the ramifications of poor oversight are severe. It is important that practitioners, researchers, and taxpayers be well-advised regarding any concer
Book Synopsis Funding and Administrative Efficiency of State and Local Government Pension Plans by : Ping Lung Hsin
Download or read book Funding and Administrative Efficiency of State and Local Government Pension Plans written by Ping Lung Hsin and published by . This book was released on 1994 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Funding Discipline for U.S. Public Pension Plans by : Natalya Shnitser
Download or read book Funding Discipline for U.S. Public Pension Plans written by Natalya Shnitser and published by . This book was released on 2015 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using newly collected data on over 100 state-administered pension plans, this Article shows that previously overlooked differences in institutional design are associated with the striking variation in funding discipline across U.S. public pension plans. As state and local governments grapple with unfunded pension obligations, this Article presents a timely examination of public plan governance across two key dimensions: the allocation of control over funding decisions and the transparency with respect to funding liabilities. It shows empirically that greater constraints on legislative control over funding decisions -- typically through the delegation of control to pension-system boards -- have been associated with better funding discipline. Conversely, liability-pooling arrangements that have shrouded individual employer responsibility for underfunding have been associated with worse funding discipline. These findings should inform current reform efforts to address the multi-trillion dollar shortfall in pension funding. To date, such state and local government efforts have focused primarily on scaling back benefits for public employees but have overlooked the role of institutions in explaining why some public employers have consistently contributed to the pension funds while others have failed to set adequate contribution rates or have withheld promised funds.
Book Synopsis The Underfunding of State and Local Pension Plans by : Frank S. Russek
Download or read book The Underfunding of State and Local Pension Plans written by Frank S. Russek and published by . This book was released on 2011 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Funding of State and Local Government Pension Plans and Need for Congress to Closely Monitor Such Plans by : United States Accounting Office (GAO)
Download or read book Funding of State and Local Government Pension Plans and Need for Congress to Closely Monitor Such Plans written by United States Accounting Office (GAO) and published by Createspace Independent Publishing Platform. This book was released on 2018-06-15 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Funding of State and Local Government Pension Plans and Need for Congress To Closely Monitor Such Plans
Book Synopsis Funding of State and Local Government Pension Plans by : United States Accounting Office (GAO)
Download or read book Funding of State and Local Government Pension Plans written by United States Accounting Office (GAO) and published by Createspace Independent Publishing Platform. This book was released on 2018-06-21 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Funding of State and Local Government Pension Plans: A National Problem
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 Fiscal Constitutions and the Law and Politics of Public Pensions by : Amy Monahan
Download or read book State Fiscal Constitutions and the Law and Politics of Public Pensions written by Amy Monahan and published by . This book was released on 2014 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension plans for state and local employees are, as a whole, significantly underfunded. This underfunding creates intense fiscal pressure on governments and often either crowds out other desired governmental spending or results in employees and retirees losing earned benefits. Political theorists often explain that underfunded public pension plans are all but inevitable given the political realities that affect funding decisions. Politicians who desire to be reelected should rationally prefer to spend money on current constituents, rather than commit scarce funds to a pension plan to pay benefits due to workers decades in the future. These dynamics are exacerbated by existing state fiscal constitutions that require balanced budgets and often restrict the ability to raise taxes. Paying a pension plan less than the amount due provides an easy way to free up money in the state budget by creating a form of debt that is not reflected on the state's balance sheet. This article presents original analysis of the effect that state fiscal constitutions - even those that contain explicit requirements to fund public pension plans - impact public pension funding dynamics. It finds that even where explicit constitutional funding requirements are in place, plans often continue to be underfunded both because of political and financial pressures, and also because of the distinct lack of an enforcement mechanism. The article concludes by suggesting that these weakness in pension funding requirements can be addressed through the creation of clear and objective funding standards and, most importantly, through the creation of enforcement mechanisms that can, where appropriate, override legislative decisions to underfund public pension plans.
Book Synopsis Underfunding of State and Local Pension Plans in the United States by : Yijing Cheng
Download or read book Underfunding of State and Local Pension Plans in the United States written by Yijing Cheng and published by . This book was released on 2011 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States Congress Publisher :Createspace Independent Publishing Platform ISBN 13 :9781978050853 Total Pages :128 pages Book Rating :4.0/5 (58 download)
Book Synopsis Transparency and Funding of State and Local Pension Plans by : United States Congress
Download or read book Transparency and Funding of State and Local Pension Plans written by United States Congress and published by Createspace Independent Publishing Platform. This book was released on 2017-10-09 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: Transparency and funding of state and local pension plans: hearing before the Subcommittee on Oversight of the Committee on Ways and Means, U.S. House of Representatives, One Hundred Twelfth Congress, first session, May 5, 2011.
Book Synopsis Comments on Funding of State and Local Government Pension Plans by : United States Accounting Office (GAO)
Download or read book Comments on Funding of State and Local Government Pension Plans written by United States Accounting Office (GAO) and published by Createspace Independent Publishing Platform. This book was released on 2018-06-13 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comments on Funding of State and Local Government Pension Plans: A National Problem
