Download or read book Sustainability of State and Local Government Pension Plans written by Natt B. Price and published by Nova Science Publishers. This book was released on 2013 with total page 0 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. The Government Accountability Office (GAO) was asked to examine recent trends in the financial condition of state and local government pension plans; and strategies state and local governments are using to manage pension costs and the impacts of these strategies on plans, sponsors, employees, and retirees. This book analyses sector-wide financial conditions based on national-level data on pension funding from the U.S. Census Bureau and others, and reviews information on recent state legislative changes affecting government pensions from annual reports prepared by the National Conference of State Legislatures (NCSL).

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 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 2018-01-08 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: State and Local Government Pension Plans: Economic Downturn Spurs Efforts to Address Costs and Sustainability

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:

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 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 government pension plans written by United States. Government Accountability Office and published by . This book was released on 2012 with total page 49 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 58 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 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 Pension Systems written by United States. Advisory Commission on Intergovernmental Relations and published by . This book was released on 1980 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt:

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 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 State and Local Pension Fund Management written by Jun Peng and published by Auerbach Publications. This book was released on 2008-08-21 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public pension funds have gained greater prominence in recent years. Many are severely under-funded and collectively, state and local pension funds are several hundred billion dollars in the red. This volume examines public pension funds from both the technical and policy perspectives. It provides a comprehensive discussion of pension fund management, detailing important technical materials needed to help readers understand the subject. The author analyzes the pension management process in great depth so as to demonstrate the linkage between pension fund management and overall government finance in terms of operating budgets and fiscal planning.

Download or read book Reporting Requirements for State and Local Government Pension Plans and Tax Treatment of Differed Amounts Under Nonqualified Deferred Compensation Plans written by United States. Congress. Senate. Committee on Finance. Subcommittee on Private Pension Plans and Employee Fringe Benefits and published by . This book was released on 1978 with total page 184 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 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 24 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 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