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Linking Benefits to Investment Performance in U.S. Public Pension Systems
National Bureau of Economic Research; purchase required Link to more items from this source
Oct. 29, 2012

"This paper calculates the effect that introducing risk-sharing during either retirement or the working life would have on public sector pension liabilities. [The first model considers] the introduction of a variable annuity for the retirement phase, modeled on the Wisconsin Retirement System, in which positive benefit adjustments are granted only if asset returns surpass 5% but benefits cannot fall below their initial levels. This change would reduce unfunded accrued liabilities by around 25%, and would lower the annual contribution increases required to target full funding in 30 years by 11%. If there is no minimum benefit guarantee, the impact of introducing variable annuities is substantially larger: the unfunded liability would fall by over half and required annual contribution increases would fall by 44%."

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