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The Future of Public Employee Retirement Systems$
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Olivia S. Mitchell and Gary Anderson

Print publication date: 2009

Print ISBN-13: 9780199573349

Published to Oxford Scholarship Online: February 2010

DOI: 10.1093/acprof:oso/9780199573349.001.0001

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The Future of Public Employee Retirement Systems

The Future of Public Employee Retirement Systems

Chapter:
(p.1) Chapter 1 The Future of Public Employee Retirement Systems
Source:
The Future of Public Employee Retirement Systems
Author(s):

Olivia S. Mitchell (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199573349.003.0001

Pension systems are a central component of the compensation package for workers in virtually every developed nation, and nowhere are they more important than for public sector employees. The growth of public pensions has spurred a hot debate of late, since some private sector employees envy their public sector counterparts the relatively generous benefits negotiated by strong unions that traditionally represent civil servants. Also some politicians had argued that pension and health-care benefits paid to police and firefighters, schoolteachers, and other civil servants have become too expensive for the public purse, especially when benefits have been cut in the private sector And the costs of maintaining public sector pension plans have come under the microscope of late, as municipalities, states, and other governmental units facing difficult financial times and volatile capital markets realize they must cut corners. This volume takes up these and other themes pertinent to the future of public employee retirement systems around the world.

Keywords:   pension valuation, actuarial valuation, market-based valuation, corporate governance, public pension costs, defined benefit, defined contribution, financial aspects of public plans, pension assets, pension liabilities

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