Pensions in the Public Sector

Public employee pensions are in deep trouble in many countries, undermining economic policy and threatening retiree well-being. What can be done to help them perform more efficiently and enhance old-age security? This volume takes stock of public pension developments in the US and Canada, highlighting challenges these financial institutions face in coming decades. The first Pension Research Council study of public pensions in a quarter-century tackles these topics with an impressive team of international actuarial, legal, and economic experts.

This book explores the diversity of governmental pension plans and investigates how these financial institutions must change in years to come. Public employee pensions are in deep trouble in many countries, undermining economic policy and threatening retiree well-being. What can be done to help these programs perform more efficiently and enhance old-age security? This volume takes stock of public pension developments in the U.S. and Canada, highlighting challenges these financial institutions will face in coming decades. The first Pension Research Council study of public pensions in a quarter of a century tackles these topics with an impressive team of international actuarial, legal, and economic experts.

This is a sine qua non treatise for anybody having to deal with the subject of pensions. Edited admirably by actuarial scholars Mitchell, representing academia, and Hustead, representing private industry, the book covers all aspects of pensions in the private, public and academic sectors. The editors also write several individual chapters on their areas of super - expertise. Actually the most useful and comprehensive chapter, the one on governmental and military pensions, is written by the team Mr. and Mrs. Hustead. Mrs. Hustead is an expert attached to the White Houses' office of the budget. The most interesting chapter, this by Mr. Hustead alone, is the one with his lucubration on the pensions system, sometimes debacle, of the District of Columbia, Washington DC, the capital city of the USA. Although it was not the obvious intention of the author, it shows in a very peculiar and amazing way the vicissitudes of such a political entity that fully justifies the usage of vehicular license plates with the proclamation of "Taxation Without Representation" kindly exemplified by firmer President Clinton in the First Limousine, and, of course, immediately rejected by the Bush's administration. Finally, the selection of the goddess Minerva for the cover, is a master, and artistic, stroke.

What can be done to help public sector pension plans perform more efficiently, and thereby enhance old-age security? In much of the world, public sector pensions are in deep trouble, undermining economic policy and threatening retiree well being. By and large, North American public pension systems have performed better, boasting tremendous assets and offering reasonable retiree benefits. Even here, however, military and civil service systems are not doing as well. This volume takes stock of public pensions in the US and Canada, offering lessons and highlighting challenges these financial institutions will face in the coming decades. The first Pension Research Council study of public pensions in a quarter-century tackles these topics with an impressive group of international experts from the actuarial, legal, and economic fields. Contributors illustrate how reform options vary across uniformed employees, teachers, legislators and the judiciary, municipal and state employees, and military personnel. This study will be invaluable to taxpayers and their representatives, and those responsible for both public and private sector pensions.Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, and Executive Director of the Pension Research Council at the Wharton School. Edwin Hustead is Senior Vice President in charge of governmental actuarial and benefits consulting at the HayHuggins Washington, D.C. office.