Peng State and Local Pension Fund Management

Erscheinungsjahr 2008
ISBN: 978-0-8493-0551-1
Verlag: Taylor & Francis
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 286 Seiten

Reihe: Public Administration and Public Policy

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 concerns, but until now traditional references have provided very little coverage. State and Local Pension Fund Management provides a basic and systematic discussion of all the major issues facing those responsible for state and local public retirement programs. The author begins with a technical overview that examines the history of the public pension system. He then proceeds to examinations of pension benefit design, actuarial valuation and funding methods, financial reporting, and pension asset investment management. These technical discussions prepare readers for the second component, which is a focus on policy. The book delves into issues such as managing public pension programs in the political context of public budgeting, pension benefit reforms, and the fairness and sustainability of pension benefits in the public sector. In addition, the author dedicates a chapter to a detailed discussion of other postemployment benefits (OPEBs) such as life, disability, and long-term care insurance, as well as healthcare subsidies. The book concludes by exploring the dilemma over how to ensure financial security for public employees in their retirement without putting additional pressure on state and local government finance. By understanding the major issues involved in managing retirement benefit programs in the public sector, readers will gain the knowledge needed to make informed decisions regarding specific fund management. They will also be better able to participate in the debate over the larger issues regarding pension fund policy and reform measures.

Zielgruppe

Finance and fund managers, investment brokers, corporation executives, financial consultants, public administration and public policy officials, academics and students in public administration

Autoren/Hrsg.

Peng, Jun

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Anlagen & Wertpapiere

Inhaltsverzeichnis

Overview

Retirement Benefits

Examining the State and Local Pension Plan Management

A Brief History of State and Local Public Pension Plans

Public and Private Sector Pension Benefits

State and Local Pension Systems

Growth of Public Pension System Assets

Overview

Pension Benefit Design

Regular Service-Related Benefits

Ancillary Benefits

Deferred Retirement Option Plan (DROP) Program

Adequacy of Public Pension Benefits

Actuarial Valuation and Financial Reporting

Assumptions

Actuarial Cost Methods

Asset Valuation

Financial Reporting and Accounting Standards

Governing Public Pension Plans

ERISA

Public Pension Benefit Protection

Public Pension Plan Administration

Public Pension Plan Oversight

Investment Management

Overall Objective of Investment Management

Portfolio Diversification

Investment Policy

Implementation Strategy

Pension Plan Management and the

Operating Budget

Underfunded Pension Plans

Overfunded Pension Plan

Case Studies

Pension Contribution Stabilization Methods

Defined Contribution Pension Plan

Defined Benefit (DB) Plan

Defined Contribution (DC) Plan

Public Sector Defined Contribution Plan Experience

Cash Balance Plan

Defined Contribution Plan Design Issues

Conclusion

Other Postemployment Benefits
Healthcare for Retirees

GASB Statements 43 and 45

Dealing with OPEB Liability

Looking Forward

Managing Pension Liability Growth

Managing Pension Asset Growth

Changing Pension Benefit Design

Conclusion

To view the complete Table of Contents, please visit the CRC Press website.