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SOA Public Pension Panel Recommends Improved Financial Management, Increased Disclosures and Stronger Actuarial Standards (PDF)
Society of Actuaries Link to more items from this source
Feb. 24, 2014
"The panel's report lays out three principles of an effective public pension funding program: [1] The costs of future retirement benefits should be pre-funded, and funded in a way that targets 100% funding of plan obligations.... [2] Taxpayers receiving the benefit of today's public employees' services should pay the taxpayer portion of the costs of those employees' pension benefits; funding programs should restrain the tendency to shift these costs to future generations of taxpayers. [3] While the panel believes that stable costs will be difficult to achieve, it does recognize the benefits that predictable costs can bring to the sponsor's budgeting processes over short periods of time." [Available documents: Resource Guide, Summary of Recommendations, and Full Report.]

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