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Books > Social sciences > Politics & government > Central government > Central government policies
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State and Local Pensions - What Now? (Paperback)
Loot Price: R872
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State and Local Pensions - What Now? (Paperback)
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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.
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