Download or read book Public Pension Governance Funding and Performance written by Olivia S. Mitchell and published by . This book was released on 2011 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension plans covering US public sector employees now face the twin challenges of poor asset returns and rapid increases in liabilities, producing the worst pension funding outcomes in decades. This paper explores how public pension plan investment performance and funding is related to several structural and pension design features. Using a new longitudinal dataset on state and local public pension plans, we evaluate how investment performance is tied to stock funding ratios and how stock funding ratio in turn affects flow funding efforts. We find that articular governance structures can enhance public pension plan investment performance and funding status, and we suggest ways in which public plan design might be improved.

Download or read book Public Pensioin Governance and Performance written by and published by World Bank Publications. This book was released on with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Public Pension Governance and Performance written by Olivia S. Mitchell and published by World Bank Publications. This book was released on 1994 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Public Sector Pension Governance and Performance written by Olivia S. Mitchell and published by . This book was released on 1994 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the determinants of public sector pension plan investment and funding behavior. Its goal is to draw lessons which may be used to improve the design and governance of public pensions. Plan performance is related to characteristics of the pension systems' governance structure and authority, using a new survey of U.S. state and local public pension plan governance practices and performance outcomes. The study suggests that most large public pension systems funded their plans satisfactorily in 1990, but some did not. Better public pension funding was associated with a pension system having in-house actuaries and when pension Board members were required to carry liability insurance. In contrast, public pension funding was lower when states experienced fiscal stress, and when employees were represented on the pension system Board. Pension funding did not appear sensitive to statutes guaranteeing benefits or funding levels, nor by the ability of states to carry budget deficits from one year to the next. The results also suggest that public pension Boards having more retiree-Trustees experienced lower investment returns, as did public sector pension plans required to devote a portion of their assets to in-state investments. Returns did not differ depending on whether a pension Board had in-house, or external money managers. No single set of pension plan management practices can optimize plan performance for all systems across all time periods. Nevertheless, these results suggest that care must be taken when designing the regulatory and investment environment in which these plans operate.

Download or read book On the Governance of Public Pension Fund Management written by Gregorio Impavido and published by World Bank Publications. This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The author surveys the empirical literature on the relationship between governance of public pension fund management and investment performance. He makes a preliminary attempt to identify good governance practices and distill governance guidelines aimed at reducing the political risk that is associated with central, public pension fund management. The author highlights the need for further work to support the development of a satisfactory set of governance guidelines.

Download or read book Governance of Public Pension Funds written by David Hess and published by World Bank Publications. This book was released on 2003 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund management. The absence of a market for corporate control hinders the translation of lessons from the private sector corporate world to public pension governance. The establishment of a fit, and proper governing body for public pension funds, thus may be even more important than the maintenance of a comparable body for private sector corporations. In particular, behavioral controls should be carefully designed.

Download or read book Bishopsgate Stakes for the Common Council Plate written by and published by . This book was released on 1821* with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Governance and Investment of Public Pension Assets written by Sudhir Rajkumar and published by World Bank Publications. This book was released on 2011 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: And key messages -- Key principles of governance and investment management -- Governance of public pension assets -- Governance structures and accountabilities -- Qualification, selection, and operation of governing bodies -- Operational policies and procedures -- Managing fiscal pressures in defined-benefit schemes -- Policy responses to turbulent financial markets -- Investment of public pension assets -- Defining the investment policy framework for public pension funds -- Managing risk for different cohorts in defined-contribution schemes -- An asset-liability approach to strategic asset allocation for pension funds -- In-house investment versus outsourcing to external investment managers -- International investments and managing the resulting currency risk -- Alternative asset classes and new investment themes.

Download or read book Pension Fund Governance written by John R. Evans and published by Edward Elgar Publishing. This book was released on 2008 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The academic literature on pension governance is sparse and this book will fill some important gaps by bringing together original contributions from around the world on subjects related to the area. The book initially lays out the main frameworks for pension fund governance and then goes on to examine global governance practice and experience and country studies on pension funds in the United States and Australia. The final section of this in-depth study discusses the role of government guarantees. The editors and contributors to this book have struck a balance between the various dimensions of the governance problem. Whilst ensuring that the theoretical frameworks are represented, at the same time, they have also recognized that it is vital to report on empirical work. Private pensions are examined closely, while also acknowledging that public pension funds are extremely important actors. Pension Fund Governance will appeal to academics and researchers of financial economics and financial management, as well as those in the fields of public finance and public sector economics. Furthermore the book will also find an audience among those in commercial and policy roles which involve pensions, including pension actuaries.

Download or read book Upgrading the Investment Policy Framework of Public Pension Funds written by Dimitri Vittas and published by World Bank Publications. This book was released on 2008 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.

Download or read book Pension fund governance written by Michael Orszag, John Evans, John Piggott and published by Edward Elgar Publishing. This book was released on 2008-06-30 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This collection of essays on a rapidly developing topic is a valuable addition to the field and the editors must be congratulated on beginning to bring the area to the attention of thinkers and government (not necessarily the same thing), who are charged with dealing with the challenge of controlling private pension provision.' - Robin Ellison, Pensions

Download or read book Protecting and Politicizing Public Pension Fund Assets written by David Hess and published by . This book was released on 2006 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article contributes to the debate on public pensions by considering empirical evidence on the systematic impact of different governance structures and practices on pension fund performance. After an introduction to public pension governance in Part I, the next section discusses the growing evidence that political influence has a significant impact on pension systems' funding decisions and on the selection of actuarial assumptions that affect the sponsor government's required contributions to the plan. Part III provides a review of the research on pension funds' investment performance and the potential for political influence to cause lower returns. Part IV presents an empirical analysis that further investigates the findings of previous studies and considers additional governance factors that may have a significant impact on pension fund performance and strategic actions. Part V discusses the policy implications, including the importance of member-elected trustees and the need for improving the training of trustees.

Download or read book Public pension governance and performance written by National Bureau of Economic Research and published by . This book was released on 1994 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Leveraging Their Power Inside the Bureaucratic Relationships of Public Pension Governance Bodies and Their Agendas written by Caitlin Marie McGowan and published by . This book was released on 2019 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public pension systems manage some of the most significant assets of state government and exert enormous influence within the financial market. While recent research has begun examining the relationship external governmental factors (i.e. special interest influence, state partisanship, budgetary processes) and pension fund performance, there has been a relative absence of research on how internal governance factors have influenced funding and other behaviors that have the potential for broad state impacts and policy. Individual board member characteristics, as well as the institutional grounding of these systems within state political bureaucracy, may influence opportunities for politicized behavior and impact more than just funding levels but also investment choice and levers of corporate influence. As such, this dissertation project uses a mixed methods research design to examine the holdings of twenty-six state sponsored public pension systems and determine the extent to which varying organizational schemes and their independence (both at the individual level and the agency level) impact funding policies, steer investment priorities, as well as influence pension fund behavior as shareholders in the financial market.

Download or read book Governance and Fund Management in the Chinese Pension System written by Yu-Wei Hu and published by International Monetary Fund. This book was released on 2009-11-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system and across provinces. This paper describes the key components of the system, highlights the progress made to date and identifies remaining weaknesses, in regard to information disclosure, the governance framework and pension fund management standards.

Download or read book Politics and Public Pension Funds written by Roberta Romano and published by . This book was released on 1994 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Do Investment Regulations Compromise Pension Fund Performance written by Pulle Subrahmanya Srinivas and published by World Bank Publications. This book was released on 1999-01-01 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: " "Draconian" regulations have created distortions in asset management, limited opportunities for diversification, and, as a consequence have hampered, the performance of pension funds." This volume shows that the return to retirement assets, expected replacement rates, and, hence, the net welfare gain from pension reform is lower under a draconian regulatory framework than under a more liberal pension fund investment regime. Important policy conclusions of the paper are that existing regulatory regimes should be liberalized as soon as possible to allow pension fund investments in a wider array of financial instruments and that regulations should require evaluation of pension fund performance against market benchmarks as opposed to exclusive focus on comparisons with industry averages. The paper also suggests a review of the current structure of the private pension fund industry in Latin America and an evaluation against alternatives in the light of actual performance experience.