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Books > Business & Economics > Finance & accounting > Finance > Pensions
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The Future of Public Employee Retirement Systems (Hardcover, New)
Loot Price: R4,380
Discovery Miles 43 800
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The Future of Public Employee Retirement Systems (Hardcover, New)
Series: Pensions Research Council
Expected to ship within 12 - 17 working days
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People covered by public pensions are often the subject of "pension
envy": that is, their benefits might seem more generous and their
contributions lower than those offered by the private sector. Yet
this book points out that such judgments are often inaccurate,
since civil servants hold jobs with few counterparts in private
industry, such as firefighters, police, judges, and teachers. Often
these are riskier, dirtier, and demand more loyalty and discretion
than would be required of a more mobile labor force in the private
sector. The debate challenges traditional ideas about how the
public employee labor contract is structured and raises questions
about how such employees are attracted to the public sector,
retained and motivated on the job, and retired, via an entire
compensation package of wages and benefits. Authors explore aspects
of these schemes, addressing the cost and valuation debate, along
with the political economy of how public pension asset pools are
perceived and managed, an increasingly important topic in times of
global financial turmoil. The discussion also explores ways that
public pensions can be strengthened in the US, Japan, Canada, and
Germany.
The volume captures a vigorous debate currently underway by
academics, financial experts, regulators, and plan sponsors, all
seeking to define a new future for public retirement systems. It
will be of substantial interest to a wide range of readers, since
public sector employees and their representatives will naturally
find the comparisons and arguments over valuation of keen interest.
Public pension administrators and policymakers seeking an
explanation of what makes these plans so costly will gain a new
understanding of how the arguments stack up. Private sector
employers and plan sponsors can learn much from efforts to reform
these retirement systems in states and countries around the world.
Finally, investors and the taxpaying public more generally may be
at risk to cover these long-term promises, so it behooves them to
pay close attention to the financing and investment practices of
these plans, along with their valuation.
This volume represents an invaluable addition to the Pension
Research Council / Oxford University Press series as it includes
actuarial, economic, and financial perspectives making it useful
for academics, retirement plan administrators, and public employees
wishing to understand the challenges facing public pensions.
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