An Analysis of the Public Employees' Retirement System and Teachers' Pension and Annuity Fund PDF Download

Author: New Jersey. Division of Pensions
Publisher:
ISBN:
Category : Annuities
Languages : en
Pages : 28

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Author: Paul Studenski
Publisher:
ISBN:
Category : Teachers
Languages : en
Pages : 486

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Author: Minnesota. Legislature. Public Retirement Study Commission
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 124

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Author: Paul Studensky
Publisher: Forgotten Books
ISBN: 9781331616733
Category :
Languages : en
Pages : 490

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Excerpt from Teachers' Pension Systems in the United States: A Critical and Descriptive Study In 1906, the state of Massachusetts appointed a commis sion, with Mr. Magnus W. Alexander as chairman, to study the general problem of old age pensions, annuities and insur ance. Incidentally, the commission touched upon the prob lem of pensions in the public service and published in 1910 a report which stimulated a good deal of sound thought in the country. Beginning in 1910, Mr. Herbert D. Brown pre pared a series of reports, all of which have been published by the national government, dealing with the Civil service retire ment system of Great Britain, New Zealand and New South Wales, Australia, and the problem of establishing a retire ment system by the national government for its employees. The New York Bureau of Municipal Research became inter ested in the pension problem soon after its establishment. It made a thorough actuarial investigation of the New York City Police Pension Fund - the first actuarial investigation of a civil service pension fund in this country - and prepared a report, which resulted in the establishment in New York City of a commission to investigate all the nine pension funds, including the teachers' fund, in Operation in New York City and led to similar actuarial investigations of funds in other cities. The sound pension thought which emanated from these three active centers, Washington, New York City and Boston, spread over the entire country and affected the teach ers' pension movement. The first to consider the establishment of a sound pension system for teachers was the state of Massachusetts. The state board of education was directed in 1911 to investigate the establishment of a state-wide retirement system for teach ers and to submit its recommendations before January, 1913. The investigation, aided by Mr. C. A. Prosser and Mr. W. 1. Hamilton, resulted in the establishment in 1913 of the first scientifically constructed teachers' retirement system in this country. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Author: Minnesota. Legislature. Public Retirement Study Commission
Publisher:
ISBN:
Category : Minnesota
Languages : en
Pages : 140

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Author: Gary Anderson
Publisher: OUP Oxford
ISBN: 0191610259
Category : Business & Economics
Languages : en
Pages : 366

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Book Description
People covered by public pensions are often the subject of 'pension envy:' that is, their benefits might seem more generous and their contributions lower than those offered by the private sector. Yet this book points out that such judgments are often inaccurate, since civil servants hold jobs with few counterparts in private industry, such as firefighters, police, judges, and teachers. Often these are riskier, dirtier, and demand more loyalty and discretion than would be required of a more mobile labor force in the private sector. The debate challenges traditional ideas about how the public employee labor contract is structured and raises questions about how such employees are attracted to the public sector, retained and motivated on the job, and retired, via an entire compensation package of wages and benefits. Authors explore aspects of these schemes, addressing the cost and valuation debate, along with the political economy of how public pension asset pools are perceived and managed, an increasingly important topic in times of global financial turmoil. The discussion also explores ways that public pensions can be strengthened in the US, Japan, Canada, and Germany. The volume captures a vigorous debate currently underway by academics, financial experts, regulators, and plan sponsors, all seeking to define a new future for public retirement systems. It will be of substantial interest to a wide range of readers, since public sector employees and their representatives will naturally find the comparisons and arguments over valuation of keen interest. Public pension administrators and policymakers seeking an explanation of what makes these plans so costly will gain a new understanding of how the arguments stack up. Private sector employers and plan sponsors can learn much from efforts to reform these retirement systems in states and countries around the world. Finally, investors and the taxpaying public more generally may be at risk to cover these long-term promises, so it behoves them to pay close attention to the financing and investment practices of these plans, along with their valuation. This volume represents an invaluable addition to the Pension Research Council / Oxford University Press series as it includes actuarial, economic, and financial perspectives making it useful for academics, retirement plan administrators, and public employees wishing to understand the challenges facing public pensions.

Author: New Jersey. Division of Pensions
Publisher:
ISBN:
Category : Civil service
Languages : en
Pages : 7

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Author: Suzanne Saunders Taylor
Publisher: Cornell University Press
ISBN: 9780875461243
Category : Business & Economics
Languages : en
Pages : 204

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Book Description
Public Employee Retirement Systems is a highly informative contribution to the literature on pensions. It will be valued for its abundant statistical data and for its straightforward treatment of a subject that is often burdened with technicalities.

Author: Alicia H. Munnell
Publisher: Rowman & Littlefield
ISBN: 0815724136
Category : Business & Economics
Languages : en
Pages : 266

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Book Description
In the wake of the financial crisis and Great Recession, the health of state and local pension plans has emerged as a front burner policy issue. Elected officials, academic experts, and the media alike have pointed to funding shortfalls with alarm, expressing concern that pension promises are unsustainable or will squeeze out other pressing government priorities. A few local governments have even filed for bankruptcy, with pensions cited as a major cause. Alicia H. Munnell draws on both her practical experience and her research to provide a broad perspective on the challenge of state and local pensions. She shows that the story is big and complicated and cannot be viewed through a narrow prism such as accounting methods or the role of unions. By examining the diversity of the public plan universe, Munnell debunks the notion that all plans are in trouble. In fact, she finds that while a few plans are basket cases, many are functioning reasonably well. Munnell's analysis concludes that the plans in serious trouble need a major overhaul. But even the relatively healthy plans face three challenges ahead: an excessive concentration of plan assets in equities; the risk that steep benefit cuts for new hires will harm workforce quality; and the constraints plans face in adjusting future benefits for current employees. Here, Munnell proposes solutions that preserve the main strengths of state and local pensions while promoting needed reforms.

Author: Robert Louis Clark
Publisher: University of Pennsylvania Press
ISBN: 9780812237146
Category : History
Languages : en
Pages : 280

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Book Description
From the Wharton School, offering a comprehensive assessment of the political and financial dimensions of public-sector pensions from the colonial period until the emergence of modern retirement plans in the twentieth century.