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Author: Alicia H. Munnell
Publisher: Rowman & Littlefield
ISBN: 0815724136
Category : Business & Economics
Languages : en
Pages : 266
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Book Description
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.
Author: Alicia H. Munnell
Publisher: Rowman & Littlefield
ISBN: 0815724136
Category : Business & Economics
Languages : en
Pages : 266
Get Book Here
Book Description
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.
Author: Marjorie M. Kulash
Publisher:
ISBN:
Category : Local officials and employees
Languages : en
Pages : 70
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Book Description
Author: Samuel Pienknagura
Publisher: International Monetary Fund
ISBN: 151359611X
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Author: National Research Council
Publisher: National Academies Press
ISBN: 0309261961
Category : Social Science
Languages : en
Pages : 230
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Book Description
The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Author: United States. Social Security Administration. Office of Research and Statistics
Publisher:
ISBN:
Category : Bibliographical literature
Languages : en
Pages : 612
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Book Description
Over 2500 references about social security. Classified order. Author, subject indexes.
Author: United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight
Publisher:
ISBN:
Category : Employee fringe benefits
Languages : en
Pages : 384
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Book Description
Author: United States. Congress. House. Committee on Education and Labor. Subcommittee on Labor-Management Relations. Welfare and Pension Plans Task Force
Publisher:
ISBN:
Category : Local officials and employees
Languages : en
Pages : 1736
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Book Description
Author: United States. Congress. Senate. Committee on the Budget
Publisher:
ISBN:
Category : Budget
Languages : en
Pages : 1316
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Book Description
Author: United States. President's Commission on Income Maintenance Programs
Publisher:
ISBN:
Category : Basic income
Languages : en
Pages : 472
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Book Description
Author: United States. President's Commission on Pension Policy
Publisher:
ISBN:
Category : Old age pensions
Languages : en
Pages : 590
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Book Description
