Pensions in the Public Sector

Autorentext

Olivia S. Mitchell is Executive Director of the Pension Research Council and International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management at The Wharton School of the University of Pennsylvania. Edwin C. Hustead is Senior Vice President at The Hay Group, Washington, D.C.

Klappentext

Pensions in the Public Sector
Edited by Olivia S. Mitchell and Edwin C. Hustead

"An essential reference tool for actuaries and others involved in government retirement systems. It also will provide insight to the general public regarding the ways tax dollars are being spent in this important arena."--The Actuarial Digest

Some 13 million public-sector workers in the United States--including teachers, police and firefighters, state and municipal employees, judges, and legislators--and another six million federal and military employees participate in government pension plans. These pension systems are extraordinarily diverse in design, investment policy, and governance, and they face substantial challenges as the government-sector workforce ages and governments are asked to take on new and different tasks.

Public employee pensions are in deep trouble in many countries, undermining economic policy and threatening retiree well being. What can be done to help these programs perform more efficiently and enhance old-age security? From the Pension Research Council of the Wharton School, this volume takes stock of public pension developments in the US and Canada, highlighting challenges these financial institutions face in coming decades. The first Pension Research Council study of public pensions in a quarter of a century tackles these topics with an impressive team of international actuarial, legal, and economic experts.

Olivia S. Mitchell is Executive Director of the Pension Research Council and International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management at The Wharton School of the University of Pennsylvania.

Edwin C. Hustead is Senior Vice President at The Hay Group, Washington, D.C.

Pension Research Council Publications
2000 | 408 pages | 6 1/8 x 9 1/4 | 71 tables
ISBN 978-0-8122-3578-4 | Cloth | $89.95s | £58.50
World Rights | Economics, Public Policy

Short copy:

From the Pension Research Council of the Wharton School, this book explores the diversity of governmental pension plans and investigates how these financial institutions must change in years to come.

Zusammenfassung
From the Pension Research Council of the Wharton School, this book explores the diversity of governmental pension plans and investigates how these financial institutions must change in years to come.

Inhalt

Preface
Introduction
-Olivia S. Mitchell and Edwin Hustead
I. THE STRUCTURE AND FUNCTION OF PUBLIC PENSION SYSTEMS
Developments in State and Local Pension Plans
-Olivia S. Mitchell, David McCarthy, Stanley C. Wisniewski, and Paul Zorn
State Employee Pension Plans
-Karen Steffen
Federal Civilian and Military Retirement Systems
-Edwin Hustead and Toni Hustead
Canadian Public Sector Employee Pension Plans
-Silvana Pozzebon
II. INVESTMENT POLICIES, REGULATION, AND REPORTING
Asset-Liability Management in the Public Sector
-Michael Peskin
Investment Practices of State and Local Pension Funds: Implications for Social Security Reform
-Alicia H. Munnell and Annika Sundin
The Life and Times of a Public-Sector Pension Plan Before Social Security: The U.S. Navy Pension Plan in the Nineteenth Century
-Robert L. Clark, Lee A. Craig, and Jack W. Wilson
Governance and Investments of Public Pensions
-Michael Useem and David Hess
Regulation and Taxation of Public Plans: A History of Increasing Federal Influence
-Roderick B. Crane
Determining the Cost of Public Pension Plans
-Edwin C. Hustead
III. CHALLENGES TO PUBLIC PENSIONS
Going Private in the Public Sector: The Transition from Defined Benefit to Defined Contribution Pension Plans
-Douglas Fore
Pension Governance in the Pennsylvania State Employees' Retirement System
-John Brosius
The New Jersey Pension System
-Tom Bryan
Public Pensions in Washington, DC
-Edwin Hustead
Opting Out: The Galveston Plan and Social Security
-Theresa M. Wilson
The Outlook for Public-Sector Retirement Plan Design
-Cathie Eitelberg

About the Contributors-
John Brosius is the Executive Director of the Pennsylvania State Employees' Retirement System (SERS), with the responsibility of managing the operations of a $23B retirement fund serving 85,000 retirees and 109,000 active members employed by 110 different employer agencies. Previously Mr. Brosius was Director of the SERS Office of Financial Management; he also taught college level accounting courses and worked at Main LaFrentz & Co. He received the bachelor's degree from Bloomsburg University of Pennsylvania, and the MBA from Bucknell University. He is a Certified Public Accountant.
Tom Bryan is Deputy Director, New Jersey Division of Pensions and Benefits. He advises on legal, legislative, policy, and actuarial matters for the New Jersey state retirement systems and health benefits program. He also manages the Legislative and Legal Affairs section of the Director's office, and serves as liaison with the Treasurer's office, the Governor's office, the Legislature, and other state agencies. Previously he served in the New Jersey Office of Legislative Services. Mr. Bryan earned the JD degree from Seton Hall University and the BA and MA in Political Science from Rutgers University.
Robert Clark is Professor of Economics and Business Management at North Carolina State University. He has published widely on retirement and pension policy, employee benefit policy, the economic well-being of the elderly, and international pensions. Professor Clark serves as Senior Fellow at the Center for the Study of Aging and Human Development at Duke University and as Senior Research Fellow at the Center for Demographic Studies at Duke University. Previous academic positions include a faculty appointment at the Fuqua School of Business, Duke University, and service as Interim Dean of the College of Management at North Carolina State. Dr. Clark earned the bachelor's degree from Millsaps College and the Ph.D. degree in economics from Duke University.
Lee Craig is an Associate Professor of economics at North Carolina State University, where he teaches economic and business history. His research focuses on the history of pensions, productivity growth, and international economic integration. Dr. Craig is a research economist at the National Bureau of Economic Research, and he has previously held appointments at Duke University and Universitat Munchen. He received the bachelor's and master's degree from Ball State University and the MA and PhD from Indiana University.
Rod Crane is a Director of the National Government Compliance practice of The Segal Company, and a company Vice President. His interests include the design and administration of public sector retirement and saving plans, including 401(k) and 403(b) plans. Previously he was counsel to the North Dakota Legislative Council's Committee on Public Employee Retirement Programs. Mr. Crane received his bachelor's degree in economics from the University of North Dakota, and his JD from the University of North Dakota School of Law.
Cathie Eitelberg is the Director of Government Practice for The Segal Company where she coordinates and participates in the firm's consulting, compliance, and actuarial services provided to the public sector. Her special interests include public employee benefits, industry trends, and federal policy as it affects benefits. Concurrently Ms. Eitelberg serves as an adviser to the Government Finance Officers A…