Download or read book Retiree Health Plans in the Public Sector written by Robert L. Clark and published by Edward Elgar Publishing. This book was released on 2010-01-01 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: While retiree health plans are a dying benefit in the private sector, all US states and many local governments extend health insurance coverage to their retired employees. This book is the first to thoroughly examine public sector health insurance plans. Retiree Health Plans in the Public Sector provides a detailed description of the current plans offered and compares how they vary across states. Health insurance is an important component of compensation in the public sector as it helps governments attract and retain quality workers and encourages timely retirement for career employees. Rapidly rising medical costs, an aging labor force, and an increasing number of retirees have dramatically increased the cost of providing this benefit. A central theme of this analysis is a presentation of the actuarial accrued liabilities, the unfunded liabilities and the annual required contribution of the employers based on the actuarial statements for retiree health plans. The authors alsoinvestigate why some states face major funding problems while the costs of other states? plans are much more manageable. Extensively researched and well-suited for classroom and professional use alike, academics in the fields of economics and public policy will find this an unmatched resource. So too will policymakers, economists, legislators, public sector union leaders and those invested in public sector healthcare.
Download or read book Funding Pensions Retiree Health Care for Public Employees written by California. Public Employee Post-Employment Benefits Commission and published by . This book was released on 2008 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Health Care Benefit Costs for Retired Public Employees written by Susan K. Claveria and published by . This book was released on 1987 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Health Benefits for Retired State Employees written by Nick Schroeder and published by . This book was released on 2015 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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
Download or read book Retiree Health Benefits written by United States. Congress. Senate. Committee on Finance. Subcommittee on Savings, Pensions, and Investment Policy and published by . This book was released on 1986 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book State and Local Government Retirement Systems 1965 written by Joseph Krislov and published by . This book was released on 1966 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book State and Local Pensions written by Alicia Haydock Munnell and published by Brookings Institution Press. This book was released on 2012 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 abroad perspective on the challenge of state and local pensions. She shows that the storyis big and complicated and cannot be viewed through a narrow prism such as accountingmethods 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. Buteven 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.
Download or read book Providing Health Care Benefits in Retirement written by Judith F. Mazo and published by University of Pennsylvania Press. This book was released on 1994 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume, from the Pension Research Council of the Wharton School, highlights many of the special health insurance problems facing the elderly and some of the solutions that any reform process must consider.
Download or read book Public Pension and Retiree Health Benefits written by Jason Sisney and published by . This book was released on 2011 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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
Download or read book Postemployment Benefits for Public Employees written by and published by . This book was released on 2007 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Questions and Answers California s First Retiree Health Valuation written by Jason Dickerson and published by . This book was released on 2007 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Health Care Benefits of Retirees written by Madelon Lubin Finkel and published by . This book was released on 1991 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Public Employes sic Retirement Fund of Indiana written by Public Employees' Retirement Fund of Indiana. Board of Trustees and published by . This book was released on 1946 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Retirement Financing written by United States. Congress. House. Committee on Post Office and Civil Service. Subcommittee on Retirement, Insurance, and Health Benefits and published by . This book was released on 1969 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Retirement Systems for Employees of State and Local Governments 1966 written by Saul Waldman and published by . This book was released on 1968 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
