Pensions in the Public Sector

Herausgeber: Mitchell, Olivia S; Hustead, Edwin C

• Gebundenes Buch

Produktbeschreibung

Pensions in the Public Sector Edited by Olivia S. Mitchell and Edwin C. Hustead "An essential reference tool for actuaries and others involved in government retirement systems. It also will provide insight to the general public regarding the ways tax dollars are being spent in this important arena."--The Actuarial Digest Some 13 million public-sector workers in the United States--including teachers, police and firefighters, state and municipal employees, judges, and legislators--and another six million federal and military employees participate in government pension plans. These pension systems are extraordinarily diverse in design, investment policy, and governance, and they face substantial challenges as the government-sector workforce ages and governments are asked to take on new and different tasks. Public employee pensions are in deep trouble in many countries, undermining economic policy and threatening retiree well being. What can be done to help these programs perform more efficiently and enhance old-age security? From the Pension Research Council of the Wharton School, this volume takes stock of public pension developments in the US and Canada, highlighting challenges these financial institutions face in coming decades. The first Pension Research Council study of public pensions in a quarter of a century tackles these topics with an impressive team of international actuarial, legal, and economic experts. Olivia S. Mitchell is Executive Director of the Pension Research Council and International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management at The Wharton School of the University of Pennsylvania. Edwin C. Hustead is Senior Vice President at The Hay Group, Washington, D.C. Pension Research Council Publications 2000 408 pages 6 1/8 x 9 1/4 71 tables ISBN 978-0-8122-3578-4 Cloth $89.95s £58.50 World Rights Economics, Public Policy Short copy: From the Pension Research Council of the Wharton School, this book explores the diversity of governmental pension plans and investigates how these financial institutions must change in years to come.

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Produktdetails

• Verlag: University of Pennsylvania Press
• Seitenzahl: 408
• Erscheinungstermin: 12. Dezember 2000
• Englisch
• Abmessung: 241mm x 160mm x 31mm
• Gewicht: 894g
• ISBN-13: 9780812235784
• ISBN-10: 0812235789
• Artikelnr.: 22428464

Autorenporträt

Edited by Olivia S. Mitchell and Edwin C. Hustead

Inhaltsangabe

Preface
Introduction
-Olivia S. Mitchell and Edwin Hustead
I. THE STRUCTURE AND FUNCTION OF PUBLIC PENSION SYSTEMS
Developments in State and Local Pension Plans
-Olivia S. Mitchell, David McCarthy, Stanley C. Wisniewski, and Paul Zorn
State Employee Pension Plans
-Karen Steffen
Federal Civilian and Military Retirement Systems
-Edwin Hustead and Toni Hustead
Canadian Public Sector Employee Pension Plans
-Silvana Pozzebon
II. INVESTMENT POLICIES, REGULATION, AND REPORTING
Asset-Liability Management in the Public Sector
-Michael Peskin
Investment Practices of State and Local Pension Funds: Implications for
Social Security Reform
-Alicia H. Munnell and Annika Sundin
The Life and Times of a Public-Sector Pension Plan Before Social Security:
The U.S. Navy Pension Plan in the Nineteenth Century
-Robert L. Clark, Lee A. Craig, and Jack W. Wilson
Governance and Investments of Public Pensions
-Michael Useem and David Hess
Regulation and Taxation of Public Plans: A History of Increasing Federal
Influence
-Roderick B. Crane
Determining the Cost of Public Pension Plans
-Edwin C. Hustead
III. CHALLENGES TO PUBLIC PENSIONS
Going Private in the Public Sector: The Transition from Defined Benefit to
Defined Contribution Pension Plans
-Douglas Fore
Pension Governance in the Pennsylvania State Employees' Retirement System
-John Brosius
The New Jersey Pension System
-Tom Bryan
Public Pensions in Washington, DC
-Edwin Hustead
Opting Out: The Galveston Plan and Social Security
-Theresa M. Wilson
The Outlook for Public-Sector Retirement Plan Design
-Cathie Eitelberg
About the Contributors-
John Brosius is the Executive Director of the Pennsylvania State Employees'
Retirement System (SERS), with the responsibility of managing the
operations of a $23B retirement fund serving 85,000 retirees and 109,000
active members employed by 110 different employer agencies. Previously Mr.
Brosius was Director of the SERS Office of Financial Management; he also
taught college level accounting courses and worked at Main LaFrentz & Co.
He received the bachelor's degree from Bloomsburg University of
Pennsylvania, and the MBA from Bucknell University. He is a Certified
Public Accountant.
Tom Bryan is Deputy Director, New Jersey Division of Pensions and Benefits.
He advises on legal, legislative, policy, and actuarial matters for the New
Jersey state retirement systems and health benefits program. He also
manages the Legislative and Legal Affairs section of the Director's office,
and serves as liaison with the Treasurer's office, the Governor's office,
the Legislature, and other state agencies. Previously he served in the New
Jersey Office of Legislative Services. Mr. Bryan earned the JD degree from
Seton Hall University and the BA and MA in Political Science from Rutgers
University.
Robert Clark is Professor of Economics and Business Management at North
Carolina State University. He has published widely on retirement and
pension policy, employee benefit policy, the economic well-being of the
elderly, and international pensions. Professor Clark serves as Senior
Fellow at the Center for the Study of Aging and Human Development at Duke
University and as Senior Research Fellow at the Center for Demographic
Studies at Duke University. Previous academic positions include a faculty
appointment at the Fuqua School of Business, Duke University, and service
as Interim Dean of the College of Management at North Carolina State. Dr.
Clark earned the bachelor's degree from Millsaps College and the Ph.D.
degree in economics from Duke University.
Lee Craig is an Associate Professor of economics at North Carolina State
University, where he teaches economic and business history. His research
focuses on the history of pensions, productivity growth, and international
economic integration. Dr. Craig is a research economist at the National
Bureau of Economic Research, and he has previously held appointments at
Duke University and Universitat Munchen. He received the bachelor's and
master's degree from Ball State University and the MA and PhD from Indiana
University.
Rod Crane is a Director of the National Government Compliance practice of
The Segal Company, and a company Vice President. His interests include the
design and administration of public sector retirement and saving plans,
including 401(k) and 403(b) plans. Previously he was counsel to the North
Dakota Legislative Council's Committee on Public Employee Retirement
Programs. Mr. Crane received his bachelor's degree in economics from the
University of North Dakota, and his JD from the University of North Dakota
School of Law.
Cathie Eitelberg is the Director of Government Practice for The Segal
Company where she coordinates and participates in the firm's consulting,
compliance, and actuarial services provided to the public sector. Her
special interests include public employee benefits, industry trends, and
federal policy as it affects benefits. Concurrently Ms. Eitelberg serves as
an adviser to the Government Finance Officers Association Committee on
Retirement Benefits Administration. Previously she worked at the National
Conference of State Legislatures and the Government Finance Officers
Association. She earned the bachelor's in business management from the
University of Maryland.
Douglas Fore is manager of Pension and Economic research at TIAA-CREF. His
research interests include the determinants of pension type. Dr. Fore
earned the PhD from the University of Colorado.
James Francis is Chief Economist for the Florida State Board of
Administration. He is responsible for the FRS and Chiles Endowment
investment plans, asset allocation, risk management, performance
measurement, and total fund investment research, as well as for the SBA
Information Center, an internal library and research services unit. He has
been vice-president and consulting economist for the consulting firm CFF
Associates, Inc., Director of Research and Analysis for the Florida
Department of Revenue, and House Economist for the Florida House of
Representatives. He holds a Ph.D. in economics from the Florida State
University.
David Hess is a doctoral candidate in the Management Department at the
Wharton School of the University of Pennsylvania. His research focuses on
corporate governance and corporate social responsibility. He earned the
bachelor's in economics from Grinnell College and the JD from the
University of Iowa College of Law.
Edwin C. Hustead is Senior Vice President in charge of the Hay/Huggins
Washington, DC office and governmental actuarial and benefits consulting.
He is also the practice leader of the Hay Group for governmental
consulting. His interests focus on health insurance, social insurance,
pension reform, and policy analysis. Previously he served as Chief Actuary
of the Federal Office of Personnel Management, charged with responsibility
for the actuarial analysis of the Civil Service Retirement System and the
Federal Employees Health Benefits System. Mr. Hustead is a Member and
Director of the American Academy of Actuaries, a Fellow of the Society of
Actuaries, and an Enrolled Actuary.
Toni Hustead is Chief of the Veterans Affairs Branch of the US Office of
Management and Budget. She oversees the development of veterans' programs
and policies, and their integration with other Federal benefits. Previously
she was an international benefits consultant for the Hay Group, serving as
the European Director of Benefits Consulting, and served as Chief Actuary
for the Department of Defense. She is a Member of the American Academy of
Actuaries, and an Associate of the Society of Actuaries.
David McCarthy is a doctoral candidate in the Insurance and Risk Management
Department at the Wharton School of the University of Pennsylvania. His
research focuses on the economics, econometrics, and finance of pensions.
Previously he worked in a South African life insurance firm where he
initiated the examination process for the Faculty of Actuaries, Edinburgh
and expects to qualify this year. He earned a BS in economic science and
also in mathematical statistics from the University of the Witwatersrand,
Johannesburg.
Olivia S. Mitchell is the International Foundation of Employee Benefit
Plans Professor of Insurance and Risk Management, and Executive Director of
the Pension Research Council, of the Wharton School at the University of
Pennsylvania. Her research focuses on the economics of retirement and
benefits, social security and pensions, and public as well as private
insurance. Dr. Mitchell currently serves on the Board of the National
Academy of Social Insurance, the Steering Committee for the University of
Michigan's HRS/AHEAD projects, and she is a Research Associate at the
National Bureau of Economic Research. Previously Dr. Mitchell served on the
Board of Directors for Alexander and Alexander Services Inc., and she has
held academic appointments at Cornell University and Harvard University.
Dr. Mitchell earned the BS in economics from Harvard University, and the MS
and PhD in economics from the University of Wisconsin.
Alicia Munnell is the Peter F. Drucker Professor of Management Sciences at
Boston College's Carroll School of Management and Director of the Boston
College Center for Retirement Research. Her research interests include
pension and social security policy, and the determinants of productivity;
in addition she has analyzed bank mergers and tax policy. Previously Dr.
Munnell was a Member of the President's Council of Economic Advisers and
Assistant Secretary of the Treasury for Economic Policy. She also was
Director of Research and Senior Vice President at the Boston Federal
Reserve Bank. Among other affiliations, Dr. Munnell is on the Board of the
Pension Research Council, and she cofounded the National Academy of Social
Insurance. She earned the bachelor's from Wellesley College, the MA from
Boston University, and the PhD from Harvard University.
Michael Peskin is a principal in Morgan Stanley's Global Pension Group
where he heads the unit responsible for helping insurers, corporate plan
sponsors, and others, with investment strategy and asset/liability studies
in a corporate financial framework. His widely published research includes
strategic asset allocation and benefit financial theory and he has
published widely on pension finance. He is an Associate of the Society of
Actuaries and the Institute of Actuaries, a Fellow of the Conference on
Consulting Actuaries, and a Member of the American Academy of Actuaries.
Previously he worked at Buck Consultants and was President of Michael
Peskin Associates, Inc.
Silvana Pozzebon is Associate Professor of Industrial Relations at the
Ecole des Hautes Etudes Commerciales, the business school at the University
of Montreal. Her areas of interest include union-management relations, as
well as private and public benefits including workers' compensation, health
and safety management, and pensions. She earned the bachelor's degree in
economics from Concordia University in Montreal, and both the MS and PhD
degrees from Cornell University.
Kevin SigRist is the Assistant Chief Economist at the Florida State Board
of Administration. His principal research responsibilities are in
investment policy and performance measurement. Previously, he was
responsible for assessing foreign country risk and preparing economic
forecasts at Wells Fargo Company. He has worked as an econometrician and
tax analyst at the Missouri State Budget Office and a research assistant at
the Center for the Study of American Business at Washington University in
St. Louis. He holds the BS in economics from the University of
Wisconsin-Oshkosh and MA in economics from Washington University in St.
Louis
Karen Steffen is a Principal with the Seattle office of Milliman &
Robertson, Inc. Her primary practice is in the area of public employee
benefit systems, with a focus on retirement and employee benefit plans,
actuarial valuation and funding strategies, and post-retirement benefits.
She also consults on pension calculations in marital dissolution cases. She
is a Fellow of the Society of Actuaries, a Member of the Conference of
Consulting Actuaries, a Member of the American Academy of Actuaries, and an
Enrolled Actuary. Ms Steffen earned the bachelor's degree in mathematics
from the University of Michigan.
Annika Sunden is the Associate Director for Research at Boston College's
Center for Retirement Research. Her research interests include the
economics of retirement, pensions, and social security, and the
determinants of savings behavior. She previously worked at the Federal
Reserve Board on the Survey of Consumer Finance. Dr. Sunden received the
Ph.D. degree in labor economics from Cornell University.
Kenneth Trager is the Total Fund Research Manager at the Florida State
Board of Administration. His research interests include applied business
cycle theory, regional economic development, tax incidence, and political
economy. Previously Dr. Trager served as a Senior Economist in the Florida
Legislature's Joint Legislative Management Committee and as the Florida
Statistical Analysis Center Director. He earned a PhD in economics from the
New School for Social Research.
Michael Useem is the William and Jacalyn Egan Professor of Management and
Director of the Center for Leadership and Change Management at the Wharton
School, University of Pennsylvania. His research interests focus on
corporate organization, corporate ownership, and governance, as well as
leadership in both the private and public sectors. He has consulted with
numerous private institutions as well as government agencies, and he offers
programs for managers throughout Latin America and Asia as well as Europe.
Among other affiliations Dr. Useem serves on the Board for the Pension
Research Council. He earned the bachelor's degree from the University of
Michigan, and the M.A. and Ph.D. from Harvard University.
Jack Wilson is Head of the Department of Business Management in the North
Carolina State University's College of Management. His research
concentrates on financial markets, with a focus on market volatility and
market panics. Dr. Wilson's academic career has included appointments at
Duke and Princeton Universities as well as the Universities of Maryland,
Oklahoma, and Bowling Green. He earned the bachelor's degree in finance, as
well as the M.A. and Ph.D. in economics, from the University of Oklahoma.
Theresa M. Wilson is a policy analyst with the Office of Retirement Policy
at the Social Security Administration. Her research interests include
Social Security solvency, women's retirement policy and women's labor force
participation. She has a master of Public Administration from the
University of Washington Graduate School of Public Affairs.
Stan Wisniewksi is a senior professional associate at the National
Education Association where he specializes in pension, health care, and
other benefits policy. His research interests include public pension plans
with a special focus on teacher pensions, compensation policy, labor market
trends and collective bargaining, and healthcare issues. He previously
served on the faculty at American University and Howard University; was
research director for the Service Employees International Union; held the
position of President of Workplace Economics Inc.; and has been a
practicing attorney and expert witness. Dr. Wisniewski earned the
bachelor's degree from Allentown College of St. Francis de Sales, and his
M.A. and Ph.D. in economics from the Catholic University of America. He
also holds the J.D. degree from the University of Maryland School of Law.
Paul Zorn is Director of Governmental Research at Gabriel, Roeder, Smith
and Co. in the firm's Southfield, Michigan office. He specializes in
research on public retirement systems and employee benefit plans, and he
advises on federal/state accounting standards, benefit policies, and social
security. Previously he managed the Research Center at the Government
Finance Officers Association where he was instrumental in developing the
PENDAT database.