scholarly journals Public Pension Plans in the United States and Canada

2000 ◽  
pp. 381-411
Author(s):  
Morley Gunderson ◽  
Douglas Hyatt ◽  
James E. Pesando
Keyword(s):  
United States ◽  
The United States ◽  
Pension Plans ◽  
Public Pension ◽  
Public Pension Plans

Pension Enhancements and the Retention of Public Employees

ILR Review ◽  
2016 ◽  
Vol 70 (2) ◽  
pp. 519-551 ◽  
Author(s):  
Cory Koedel ◽  
P. Brett Xiang
Keyword(s):  
United States ◽  
Public Sector ◽  
Employee Retention ◽  
Cost Effective ◽  
The United States ◽  
Pension Plans ◽  
Public Employees ◽  
Public School Teachers ◽  
School Teachers ◽  
Public Pension Plans

The authors use data from workers in the largest public-sector occupation in the United States—teaching—to examine the effect of pension enhancements on employee retention. Specifically, they study a 1999 enhancement to the benefit formula for public school teachers in St. Louis, Missouri, that resulted in an immediate and dramatic increase in their incentives to remain in covered employment. To identify the effect of the enhancement on teacher retention, the analysis leverages the fact that the strength of the incentive increase varied across the workforce depending on how far teachers were from retirement eligibility when it was enacted. The results indicate that the St. Louis enhancement—which was structurally similar to enhancements that were enacted in other public pension plans across the United States in the late 1990s and early 2000s—was not a cost-effective way to increase employee retention.

scholarly journals Sustainability of the Funded Ratio and Asset Allocation Choice of State Public Pension Plans

2019 ◽  
Vol 9 (1) ◽  
pp. 366
Author(s):  
Amod Choudhary ◽  
Nikolaos Papanikolaou
Keyword(s):  
Asset Allocation ◽  
The United States ◽  
Pension Plans ◽  
Public Pension ◽  
Key Factors ◽  
Short Term ◽  
Investment Returns ◽  
Current Member ◽  
Public Pension Plans

The paper examines State Public Pension Plans in the United States and the sustainability of their funded ratios. The authors apply a panel logit with random effects regression model of asset allocation choice and average returns during fiscal years 2001 to 2015. There are three key factors which adequately fund State Public Pension Plans: (i) current member contributions, (ii) members’ employer contributions, and (iii) investment returns on those contributions. Returns on those contributions depend heavily on allocation choice of those funds in traditional and alternative investments. Alternatives are generally assumed to provide higher average returns with higher risk. This paper shows that in the long-term, investment in traditional assets such as bonds, equities and short-term cash have a higher likelihood of funding State Public Pension Plan’s payment obligations to beneficiaries.

scholarly journals Annuity Pricing in Public Pension Plans: Importance of Interest Rates

2018 ◽  
Author(s):  
Nino Abashidze ◽  
Robert Clark ◽  
Beth Ritter ◽  
David Vanderweide
Keyword(s):  
Interest Rates ◽  
Pension Plans ◽  
Public Pension ◽  
Public Pension Plans

Anglo-Saxon Occupational Pensions in International Perspective

2006 ◽  
Author(s):  
Steven Sass
Keyword(s):  
United States ◽  
The Elderly ◽  
The United States ◽  
Pension Plans ◽  
International Perspective ◽  
The State ◽  
Pension Scheme ◽  
Anglo Saxon ◽  
Occupational Pensions ◽  
Second Tier

Occupational pensions are today a major ‘second tier’ in Anglo-Saxon retirement income systems, providing benefits to a significant portion of the elderly population atop the basic ‘first tier’ benefits provided by the state. In the United States, for example, employer plans provide one-fifth of the income of the elderly — one-quarter if earnings from work are excluded — half the amount provided by public plans. By the end of the 1930s, employer pension plans had become standard in governments and mature big businesses throughout the industrial world. They had become critical tools for strengthening, then severing, relationships with workers. Britain took a different tack to strengthening employer plans. It primarily leveraged the contracting-out provisions in the State Earnings-related Pension Scheme (SERPS), introduced in 1978.

Risk Transfer in Public Pension Plans

2003 ◽  
pp. 102-115
Author(s):  
Olivia S. Mitchell ◽  
Kent Smetters
Keyword(s):  
Pension Plans ◽  
Public Pension ◽  
Risk Transfer ◽  
Public Pension Plans

scholarly journals Rating the State Government Public Pension Plans in the US

2015 ◽  
Vol 4 (4) ◽  
Author(s):  
Jiapeng Liu ◽  
Rui Lu ◽  
Zhengyang Zhang
Keyword(s):  
State Government ◽  
Pension Plans ◽  
The State ◽  
Public Pension ◽  
The Us ◽  
Public Pension Plans

Pension reform and return-to-work policies

2018 ◽  
Vol 18 (04) ◽  
pp. 500-514 ◽  
Author(s):  
Maria D. Fitzpatrick
Keyword(s):  
Return To Work ◽  
Labor Supply ◽  
Pension Reform ◽  
Pension Plan ◽  
Pension Plans ◽  
Public Pension ◽  
Work Lives ◽  
Retirement Benefit ◽  
Public Pension Plans ◽  
Social Security Earnings Test

AbstractFor many people, working after beginning retirement benefit collection is a way to enhance financial security by increasing income. Existing research has shown that retirees are sensitive to the Social Security earnings test, which restricts the amount of earnings some beneficiaries can receive. However, little is known about the effects of other types of policies on post-retirement employment. Instead of restricting earnings, many public pension plans restrict the number of hours beneficiaries can work. I use return-to-work rules limiting the number of hours of employment in a state's public pension plan and administrative data on employment and retirement to determine the rules’ effects on retirement decisions and post-retirement labor supply. I find that the increases in the maximum number of hours of post-retirement employment lead to no change in retirement benefit collection and to increases in part-time work among retirees. As such, these policies appear to be binding on the labor supply decisions of some employees. These results are relevant for designing policies aimed at extending work-lives or improving the health of pension systems.

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