Book Description
Comments on Funding of State and Local Government Pension Plans: A National Problem
Author : United States Accounting Office (GAO)
Publisher : Createspace Independent Publishing Platform
Page : 26 pages
File Size : 42,17 MB
Release : 2018-06-13
Category :
ISBN : 9781721112586
Comments on Funding of State and Local Government Pension Plans: A National Problem
Author :
Publisher :
Page : pages
File Size : 34,55 MB
Release : 1980
Category :
ISBN :
Author : United States. General Accounting Office
Publisher :
Page : 148 pages
File Size : 34,57 MB
Release : 1979
Category : Pension trusts
ISBN :
Author : United States Accounting Office (GAO)
Publisher : Createspace Independent Publishing Platform
Page : 140 pages
File Size : 40,58 MB
Release : 2018-06-21
Category :
ISBN : 9781721645824
Funding of State and Local Government Pension Plans: A National Problem
Author : U S Government Accountability Office (G
Publisher : BiblioGov
Page : 142 pages
File Size : 12,6 MB
Release : 2013-07-01
Category :
ISBN : 9781289150358
Congress is considering establishing federal standards for state and local government pension plans similar to those imposed on private plans by the Employee Retirement Income Security Act of 1974. The act generally provides that the minimum standard for pension funding by private employers be an annual contribution for normal costs plus the amount needed to amortize current unfunded liabilities in 40 equal annual installments. Public pensions are becoming a large financial burden on state and local governments, and that burden will increase in the future. Many jurisdictions do not systematically fund retirement benefits accruing to their employees. Adopting a pension plan funding standard similar to that required by the act would have serious initial impact on some jurisdictions. During the years the plans are on a pay-as-you-go basis, their unfunded liabilities will continue to grow. At the end of the amortization period of 40 years required for private plans, their unfunded liabilities will more than triple and yearly pay-as-you-go contributions will increase several fold. To protect the pension benefits earned by public employees and to avert fiscal disaster, state and local governments need to fund the normal or current cost of their pension plans on an annual basis and amortize the plans' unfunded liabilities. Although sponsoring governments are responsible for sound funding of state and local government plans, the federal government has substantial interest in these pension plans. Many jurisdictions have increasingly relied on federal grant funds and revenue sharing to help meet pension plan costs. These plans directly affect the continued well-being and security of millions of state and local government employees and their dependents.
Author : United States. General Accounting Office
Publisher :
Page : 125 pages
File Size : 45,55 MB
Release : 1979
Category : Local officials and employees
ISBN :
Author : Jun Peng
Publisher : CRC Press
Page : 286 pages
File Size : 26,54 MB
Release : 2008-08-21
Category : Political Science
ISBN : 0849305519
Intense media coverage of the public pension funding crisis continues to fuel heightened awareness in and debate over public pension benefits. With over $3 trillion in assets currently under management, the ramifications of poor oversight are severe. It is important that practitioners, researchers, and taxpayers be well-advised regarding any concer
Author : Natt B. Price
Publisher : Nova Science Publishers
Page : 0 pages
File Size : 35,66 MB
Release : 2013
Category : Civil service
ISBN : 9781629481296
Over 27 million employees and beneficiaries are covered by state and local government pension plans. However, the recent economic downturn and associated budget challenges confronting state and local governments pose some questions as to the sustainability of these plans, and what changes, if any, state and local governments are making to strengthen the financial condition of their pension plans. The Government Accountability Office (GAO) was asked to examine recent trends in the financial condition of state and local government pension plans; and strategies state and local governments are using to manage pension costs and the impacts of these strategies on plans, sponsors, employees, and retirees. This book analyses sector-wide financial conditions based on national-level data on pension funding from the U.S. Census Bureau and others, and reviews information on recent state legislative changes affecting government pensions from annual reports prepared by the National Conference of State Legislatures (NCSL).
Author : United States Accounting Office (GAO)
Publisher : Createspace Independent Publishing Platform
Page : 26 pages
File Size : 28,48 MB
Release : 2018-06-15
Category :
ISBN : 9781721187942
Funding of State and Local Government Pension Plans and Need for Congress To Closely Monitor Such Plans
Author : Jonathan Barry Forman
Publisher :
Page : 42 pages
File Size : 38,96 MB
Release : 2010
Category :
ISBN :
Most state and local government employees are covered by traditional final-average-pay pension plans. State and local government employers typically fund those pension plans through a combination of employer and employee contributions, with help from investment returns on already-accumulated assets. Unlike private sector pension plans, however, public pension plans are not subject to strict minimum funding standards like those in the Employee Retirement Income Security Act of 1974 (ERISA). Public pensions also face more flexible accounting standards than private sector pensions. To be sure, many public pensions are nevertheless fairly well funded. Unfortunately, however, the recent meltdown of financial markets, the decline in the stock market, and the recession are putting tremendous pressure on both public pensions and the state and local governments that fund them; and public employers will need to respond.At the outset, this article reviews the operation and funding status of state and local government pension plans. Next, this article discusses the major financial, accounting, and legal issues that relate to the funding of state and local government pension plans. Finally, this article considers how to ensure that public employees will have adequate retirement benefits now and in the future.