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Reinventing the Retirement Paradigm$
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Robert L. Clark and Olivia S. Mitchell

Print publication date: 2005

Print ISBN-13: 9780199284603

Published to Oxford Scholarship Online: February 2006

DOI: 10.1093/0199284601.001.0001

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Chapter Chapter Profitable Prudence: The case for Public Profitable Prudence: The case for Public Employer Defined Benefit Plans

Chapter Chapter Profitable Prudence: The case for Public Profitable Prudence: The case for Public Employer Defined Benefit Plans

Chapter:
(p.206) Chapter 12 Profitable Prudence: The case for Public Employer Defined Benefit Plans
Source:
Reinventing the Retirement Paradigm
Author(s):

Gary W. Anderson

Keith Brainard

Publisher:
Oxford University Press
DOI:10.1093/0199284601.003.0012

This chapter focuses on the lessons private industry could learn from state and local government pensions, It begins with a brief history of public pensions. It then compares public and private pensions, and discusses benefits to employees and public defined benefit plans as financial engines. It is argued that public pension plans are in a strong position to handle the coming influx of retirees, since, unlike Social Security (mainly a pay-as-you-go program); public pensions are rather well-funded (approximately 95 percent in 2003).

Keywords:   public pension plans, private pension plans, public sector, retirement plans

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