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City and state governments around the country are pursuing reforms to address the rising costs of public employee pension plans. In response, public employee unions and pension plans often portray these benefits as “modest.” Public employees should be willing to accept—and private-sector workers to demand—more equity in the generosity of their pension plans.
State and local government pensions tout their ability to couple generous, guaranteed benefits for public employees with low and stable contributions from taxpayers. In reality, the risks that public pensions pose to taxpayers and government budgets have multiplied by a factor of 10 over the past four decades.
Pension underfunding has dominated the media and created significant concerns for state lawmakers as they struggle to bring their fiscal houses in order.
At this event, panelists will address pension reform challenges by presenting the results of three research papers commissioned by AEI through a generous grant from the Smith Richardson Foundation.
Those who follow the debate over fair-market valuation of public pension liabilities are aware that economists argue for using lower discount rates to value public pension liabilities but often are unaware of why economists believe what they do. This paper aims to better articulate those beliefs.
For a wide variety of reasons, many states and municipalities are turning a critical eye toward their employee retirement plans. As various parties debate the merits of different reform measures, it is important to keep in mind that in many states, the law limits potential reform options.
Current public pension valuation practice provides information on the expected costs associated with funding future benefits, which is relevant to policymakers and taxpayers. This paper argues that current practice is a better approach to measuring pension liability than is a theoretical market-based method.
Andrew Biggs finds that the real value of unfunded pension liabilities for Missouri's five largest pensions is close to $54billion - far higher than the $11.1 billion officially reported. This liability, which amounts to nearly $9,000 for every man, woman, and child in the state, potentially can make all other budgetary issues facing the state look small in comparison.
This event will feature a presentation from Carl DeMaio, who — as a member of the San Diego City Council — championed the pension initiative and now seeks to apply its lessons nationwide.
Please join AEI for a panel discussion exploring these and other questions about this crucial case.
Join Lerman, Wilcox, and a group of distinguished scholars and commentators for the release of Lerman and Wilcox’s report, which examines the relationships among and policy implications of marriage, family structure, and economic success in America.
Please join AEI for a book forum moderated by Last and featuring five of these leading conservative voices. By the time the forum is over, attendees may be on their way to discovering an entirely different — and better — moral universe.
Join us, as experts discuss their predictions for whether the United States will strike a nuclear deal with Iran ahead of the November 24 deadline, and the repercussions of the possible outcomes.
Please join Author James Grant and AEI senior economists for a discussion about Grant's book, "The Forgotten Depression: 1921: The Crash That Cured Itself" (Simon & Schuster, 2014).