Download or read book State and Local Government Pension Plans written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-01-15 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and Local Government Pension Plans: Current Structure and Funded Status
Download or read book State and Local Government Pension Plans Current Structure and Funded Status written by Barbara D. Bovbjerg and published by DIANE Publishing. This book was released on 2009 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Millions of state and local gov¿t. employees are promised pension benefits when they retire. There is a fed. interest in ensuring that all Americans have a secure retirement. Recently, new accounting standards have called for the reporting of liabilities for future retiree health benefits. It is unclear what actions state and local governments may take once the extent of these liabilities becomes clear, but such anticipated fiscal and economic challenges have raised questions about the unfunded liabilities for state and local retiree benefits. This is a report on: (1) the current structure of state and local gov¿t. pension plans and how pension benefits are protected and managed; and (2) the current funded status of state and local gov¿t. pension plans. Charts.
Download or read book State and Local Government Pension Plans written by Barbara D. Bovbjerg and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book State and Local Government Pension Plans written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Government Accountability Office (GAO) is an independent agency that works for Congress. The GAO watches over Congress, and investigates how the federal government spends taxpayers dollars. The Comptroller General of the United States is the leader of the GAO, and is appointed to a 15-year term by the U.S. President. The GAO wants to support Congress, while at the same time doing right by the citizens of the United States. They audit, investigate, perform analyses, issue legal decisions and report anything that the government is doing. This is one of their reports.
Download or read book State and Local Government Retiree Benefits Current Funded Status of Pension and Health Benefits written by and published by DIANE Publishing. This book was released on with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
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.
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:
Download or read book State and Local Retirement Plans in the United States written by Robert L. Clark and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and Local Retirement Plans in the United States explains how economic and political events have shaped the development of pension plans in the last century, and it argues that changes in the structure and generosity of these plans will continue to shape policy and funding in the future. It also brings to bear a new rationale to the policies behind public sector pension plans. The authors use the history of how early public pension plans were established, how they matured and how they have grown in generosity to analyze what changes may be expected in years to come. Unique in its scope, this comprehensive history of the development of public sector pension plans in the United States during the twentieth century expands upon current ideas relating to the changing economic environment, the passage and evolution of social security, and the expansion of the public sector. With the exception of military pension plans, which date from the eighteenth century, the first public sector plans, dating from the late nineteenth century, were established to cover teachers, police officers and fire fighters in large cities. Over time, these retirement plans were extended to other public sector workers and the local plans were often merged with plans for state workers; all of these date from the twentieth century. Here, the authors show just how pension coverage for public sector workers expanded steadily, through the first half of the twentieth century, so that by the 1960s the vast majority of public sector workers were covered by a plan. This analysis demonstrates how economic events and shifts in public policy at the federal, state, and local levels helped to shape public sector retirement plans. The authors also compare public plans with private sector plans, and the final chapter focuses on recent changes in public pensions in response to the 'Great Recession', concurrent sharp declines in equity markets and the aging of the public workforce.
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.
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 2018-01-15 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and Local Government Retiree Benefits: Current Funded Status of Pension and Health Benefits
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.
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 2018-06-15 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Funding of State and Local Government Pension Plans
Download or read book State and Local Government Pension Plans written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-08-04 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: " Over 27 million employees and beneficiaries are covered by state and local government pension plans. However, the recent economic downturn and associated budget challenges confronting state and local governments pose some questions as to the sustainability of these plans, and what changes, if any, state and local governments are making to strengthen the financial condition of their pension plans. GAO was asked to examine (1) recent trends in the financial condition of state and local government pension plans and (2) strategies state and local governments are using to manage pension costs and the impacts of these strategies on plans, sponsors, employees, and retirees. To address these topics, GAO analyzed various measures of sector-wide financial condition based on national-level data on pension funding from the U.S. Census Bureau and others, and reviewed information on recent state legislative changes affecting government pensions from annual reports prepared by the National Conference of State Legislatures (NCSL). GAO did not assess the soundness of individual plans, but did obtain documents and conduct interviews with pension and budget officials in eight states and eight localities, selected to illustrate the range of strategies being implemented to meet current and future pension funding requirement. The Internal Revenue Service and"
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
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.
