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Free Newsletters
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9 Matching News Items |
| 1. |
State and Local Government Pension Risks (PDF)
Rockefeller Institute of Government 
Dec. 1, 2016
30 presentation slides. "Despite large contribution increases and benefit cuts (primarily for new workers), U.S. public pension underfunding remains near record, almost as severe as at end of recession.... As interest rates fell and investing environment became more difficult, public pension plans maintained earnings assumptions and increased investment risk.... Incentives & institutions encourage risk taking. Lowering earnings assumptions would require large contribution increases."
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| 2. |
Appropriateness of Risk-Taking by Public Pension Plans (PDF)
Rockefeller Institute of Government
Feb. 1, 2017
36 pages. "Policymakers can take two important steps that might temper future risk-taking. First, they should explore ways to change and counter the incentives and institutions that encourage U.S. public pension funds to take risk. Second, public pension funds should ensure that they analyze and communicate the risk they are taking, in ways that can be understood not just by their boards, but by the governments that contribute to their funds, and by the public that ultimately bears the risks they take."
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| 3. |
Strengthening the Security of Public Sector Defined Benefit Plans (PDF)
The Nelson A. Rockefeller Institute of Government at the State University of New York [SUNY]
Jan. 16, 2014
60 pages. Excerpt: "Even if painful actions to date were enough to resolve the underfunding -- and they are not -- the flaws that allowed this underfunding to develop remain in place. It would be a mistake to leave this situation uncorrected.... Bad incentives and inadequate rules allowed public sector pension underfunding to develop. They mask the true costs of pension benefits and encourage underfunding, undercontributing, and excessive risk-taking, trapping pension administrators and government funders in potentially destructive myths and misunderstanding."
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| 4. |
Comment on Proposed ASOP: Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions -- Second Exposure Draft (PDF)
Rockefeller Institute of Government
Nov. 9, 2016
"[T]he very different public plan and private plan responses to changing economic conditions were done under the umbrella of existing actuarial standards of practice. Furthermore, the different discount rate and earnings assumption responses have led to very different risk-taking by public and private plans.... The important point here is not the cause of these differences, but the fact that nothing in actuarial standards of practice prevents these different approaches to risk evaluation and risk taking. The standards have not caused the differences, but they allow them."
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| 5. |
The Interplay Between Retirement Plan Funding Policies, Contribution Volatility, and Funding Risk (PDF)
Rockefeller Institute of Government
Nov. 23, 2016
22 presentation slides. "Goal: Evaluate and quantify risk of severe underfunding and of large increases in employer contributions (ERC) under different funding policies.... Findings: [1] Commonly used funding methods can exacerbate the risks of severe underfunding and of large increases in contributions by government employers. [2] No easy way out: de-risking almost certainly requires higher contributions."
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| 6. |
How Public Pension Plan Demographic Characteristics Affect Funding and Contribution Risk (PDF)
Rockefeller Institute of Government
Dec. 7, 2016
"Approximately two-thirds of public pension funds' $3.7 trillion of assets are in investments other than cash and fixed income, and have volatile investment returns. Investment gains and losses become larger relative to payroll and government contributions... can become more variable, and plan funded ratios can become more volatile.... Growing plans with increasing numbers of workers are less susceptible to investment risk than are shrinking plans. Very mature plans with high assets relative to payroll and high cash outflows face greater funding risk, all else equal."
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| 7. |
How Public Pension Plan Investment Risk Affects Funding and Contribution Risk (PDF)
Rockefeller Institute of Government
Jan. 10, 2017
"[The authors] modeled the finances of [a] prototypical pension fund over thirty years, assuming that employers pay full actuarially determined contributions.... [P]lans faced a fundamental trade-off ... If they moved into riskier assets, the risk to the pension fund would increase significantly but government contributions would remain low.... If instead ... the plan lowered assumed investment returns, the risk to the pension fund would remain minimal, but employer contributions would have to triple, and would stay high for all thirty years of the simulation period."
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| 8. |
Report Says Some Pension Funding Deeply Flawed; Federal Role Needed
The Bond Buyer
Jan. 16, 2014
"The report, by the Nelson A. Rockefeller Institute of Government, makes recommendations about how to fix the defined-benefit public pension system so that benefits are funded more securely. These include ensuring that pension funds and governments value liabilities using a discount rate that assumes a low risk that obligations will not be paid and pay realistic actuarially determined contributions."
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| 9. |
Investment Return Volatility and the Los Angeles Fire and Police Pension Plan (PDF)
Rockefeller Institute of Government
Feb. 22, 2017
51 pages. "[This report examines] the potential implications of investment return volatility for the Los Angeles Fire and Police Pension Plan (LAFPP) ... one of five plans [selected] to analyze in detail.... [If] LAFPP's investment-return assumption is approximately correct over the long run, the plan has very little risk of becoming severely underfunded in the next thirty years, even if investment returns vary significantly from year to year.... Under plausible alternative investment-return assumptions, the risks of severe underfunding remain small but the city's contribution risks are greater."
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