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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.
We welcome you to join us as Brown shares her perspective on the role of the courts in seeking educational justice and advocating for continued reform.
AEI welcomes you to this Philanthropic Freedom Project event, in which Novogratz will describe her work investing in early-stage enterprises, what she has learned at the helm of Acumen, and the role entrepreneurship can play in the fight against global poverty.