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Author: Publisher: ISBN: Category : Canada Languages : en Pages : 31
Book Description
This short study compares the public sector occupational pension liabilities of the three member countries of the British North America Committee (BNAC) - US, UK and Canada. It deals solely with the pension arrangements for retired Government employees. The Boards of private companies have considered the rising costs of existing defined benefit provision and decided that the benefits to their companies are often outweighed by the costs and forward liabilities involved. This paper tries to provide the taxpayers of each country with information similar to that available to private Boards, so the taxpayers (and their elected representatives) are better able to weigh up the costs and benefits, and to decide on the most appropriate public sector occupational pension provision for the future.
Author: Publisher: ISBN: Category : Canada Languages : en Pages : 31
Book Description
This short study compares the public sector occupational pension liabilities of the three member countries of the British North America Committee (BNAC) - US, UK and Canada. It deals solely with the pension arrangements for retired Government employees. The Boards of private companies have considered the rising costs of existing defined benefit provision and decided that the benefits to their companies are often outweighed by the costs and forward liabilities involved. This paper tries to provide the taxpayers of each country with information similar to that available to private Boards, so the taxpayers (and their elected representatives) are better able to weigh up the costs and benefits, and to decide on the most appropriate public sector occupational pension provision for the future.
Author: Mr.J. D. Craig Publisher: International Monetary Fund ISBN: 155775697X Category : Business & Economics Languages : en Pages : 50
Book Description
Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.
Author: Daniel J. Kaspar Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
State governments and public pension boards have failed to provide timely and meaningful information regarding the health of their pension plans. Because stakeholders disagree on the method of valuing these pension plans, the public lacks information necessary to develop policy alternatives. Thus, it is the responsibility of the federal government to step in, as it has done with private sector pension plans. An attempt was made with the Public Employee Pension Transparency Act, though that legislation falls short because it lacks a mandate of uniformity. Government Accounting Standards Board (GASB) Statements greatly influence state plans, but they too lack uniform standards. In this article, I propose the Uniform Pension Valuation and Reporting Act (UPVARA), which calls for mandatory uniform valuation and reporting standards. UPVARA also directs plans to report under three separate valuation assumptions, thereby decreasing the acrimonious nature of plan valuation and reporting. UPVARA is therefore a crucial step toward improving the valuation and reporting standards for state public sector pensions.
Author: Jun Peng Publisher: CRC Press ISBN: 0849305519 Category : Political Science Languages : en Pages : 286
Book Description
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: James MacDougald Publisher: The Free Enterprise Nation ISBN: 0615376444 Category : Business & Economics Languages : en Pages : 335
Book Description
UNSUSTAINABLE is packed with information that is vital to every taxpaying American. It reveals shocking information that has long been hidden from the public. It exposes how governments at every level hide the pay and exorbitant pensions they provide to themselves and use accounting trickery to keep taxpayers from knowing of the enormous costs and long-term liabilities. MacDougald shows how the federal government keeps $106 trillion of debt hidden from taxpayers, and how state and local governments hide another $3 trillion. He exposes exactly how governments often trick taxpayers into agreeing to pay more and more taxes to "save schools" or "provide police protection" when the money really goes to more pay and bigger pensions. UNSUSTAINABLE details how public sector unions have become a "money pump," taking taxpayer dollars paid to public sector workers, then given as union dues, and then used for political contributions to politicians who will support the extraction of even more taxpayer dollars. The provocative and controversial book also documents and exposes the huge financial catastrophe that is about to befall Social Security, "baby boomers" and our younger workers and how it will threaten our economy for decades. UNSUSTAINABLE addresses the "jobs squeeze," detailing how the private sector lost 1.5 million jobs in the last decade even as government grew by 2 million. And it reveals how Congress passes laws that they know violate our Constitutional rights and gets away with it. It is a book that all Americans, no matter what their politics, must read.
Author: Alicia H. Munnell Publisher: Rowman & Littlefield ISBN: 0815724136 Category : Business & Economics Languages : en Pages : 266
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: Samuel Pienknagura Publisher: International Monetary Fund ISBN: 151359611X Category : Business & Economics Languages : en Pages : 52
Book Description
Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Author: Great BritainH.M. Treasury Publisher: The Stationery Office ISBN: 9780101821421 Category : Political Science Languages : en Pages : 36
Book Description
In this paper the Government sets out its preferred scheme design for public service pensions. It is built on the foundations laid by Lord Hutton in his report (Independent Public Service Pensions Commission: final report, 2011, ISBN 9780108510410). The cost of public service pensions paid out has risen by over a third over the last ten years to £32 billion a year. Reforms to date have been insufficient to reverse the increase in costs of public service schemes from rising longevity. The Government's offer is: benefits already earned are protected; for those in final salary schemes, those past benefits will be linked to their final salary when they leave the scheme or retire; public service workers with ten years or less to their current pension age, will see no change in when they can retire; Government will continue to pay more overall toward pension benefits than the workforce. The scheme design will ensure: guaranteed, index-linked pension benefits on retirement; an accrual rate of 1/60ths and earnings indexation for benefits while still working in the public service; fairer distribution of benefits across the workforce; and, that most low and middle earners working a full career will receive pension benefits at least as good as they get now. But in return, the Government is asking public service workers to pay more towards their pensions and work a bit longer. The Government's offer is conditional on the trades unions and the Government reaching agreement on the reforms.
Author: International Monetary Fund. Fiscal Affairs Dept. Publisher: International Monetary Fund ISBN: 1498312748 Category : Business & Economics Languages : en Pages : 76
Book Description
This Fiscal Transparency Evaluation report highlights that Uzbekistan is embarking on a comprehensive reform program to strengthen public financial management and fiscal transparency. Wide-ranging reforms to improve the coverage, reliability, quality, and accessibility of fiscal reports are being developed and implemented, and some good progress already made. This assessment of fiscal transparency practices has been undertaken to support the government’s efforts to increase transparency by identifying priority areas for reform. An evaluation of practices against the IMF’s Fiscal Transparency Code (the Code) finds that tangible gains have been made over 2017 and 2018. In several areas where Uzbekistan’s practices do not currently meet the basic standard required under the Code, quick progress can be made. The report also provides a more detailed evaluation of Uzbekistan’s fiscal transparency practices and recommended reform priorities. Strengthening legislative oversight of the state budget with a view to reducing the extent to which in-year changes can be made to aggregate expenditures without prior parliamentary approval.
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Author: Mr.J. D. Craig
Author: Daniel J. Kaspar
Author: Jun Peng
Author: James MacDougald
Author: Alicia H. Munnell
Author: Samuel Pienknagura
Author: Great BritainH.M. Treasury
Author: International Monetary Fund. Fiscal Affairs Dept.