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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: OECD Publisher: OECD Publishing ISBN: 9264876103 Category : Languages : en Pages : 224
Book Description
The 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, two special chapters focus on non-standard work and pensions in OECD countries, take stock of different approaches to organising pensions for non-standard workers in the OECD, discuss why non-standard work raises pension issues and suggest how pension settings could be improved.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher: The Stationery Office ISBN: 9780215559760 Category : Languages : en Pages : 44
Book Description
In 2007-08, new pension schemes were introduced for civil servants, NHS staff and teachers, designed to make public service pensions affordable. The changes are likely to reduce costs to taxpayers of the pension schemes by £67 billion over 50 years, with costs stabilising at around 1% of Gross Domestic Product (GDP) or 2% of public expenditure. The Committee is concerned that the Treasury did not test the potential impact of changes in some of the key assumptions underpinning the long-term cost projections. In addition, the Treasury has not tested whether reducing the value of pensions would affect the public sector's ability to recruit and retain high quality staff. Three-fifths of the savings to the taxpayer were expected to come from the cost sharing and capping mechanism - a transfer, from employers to employees, of extra costs that arise if pensioners live longer than previously expected. Employees would potentially pay 70% more for their pensions over the next 50 years if life expectancy continues to increase more than expected. Implementation remains on hold while the Government decides how to respond to the Independent Public Service Pensions Commission (the Hutton Commission). Public service employees do not have a clear understanding of the value of their pensions because they are not provided with clear and intelligible information to enable them to make rational decisions. Further changes to public service pensions are expected as Hutton's recommendations are implemented, but this should bring a period of stability and certainty for long-term public service pensions policy.
Author: Michael Orszag, John Evans, John Piggott Publisher: Edward Elgar Publishing ISBN: 1781007667 Category : Business & Economics Languages : en Pages : 284
Book Description
'This collection of essays on a rapidly developing topic is a valuable addition to the field and the editors must be congratulated on beginning to bring the area to the attention of thinkers and government (not necessarily the same thing), who are charged with dealing with the challenge of controlling private pension provision.' - Robin Ellison, Pensions
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Author: Mr.J. D. Craig
Author: Daniel J. Kaspar
Author: Jun Peng
Author: James MacDougald
Author: Alicia H. Munnell
Author: OECD
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
Author: Michael Orszag, John Evans, John Piggott