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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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Between Scylla and Charybdis: Improving the Cost Effectiveness of Public Pension Retirement Plans

Between Scylla and Charybdis: Improving the Cost Effectiveness of Public Pension Retirement Plans

Chapter:
(p.58) Chapter 4 Between Scylla and Charybdis: Improving the Cost Effectiveness of Public Pension Retirement Plans
Source:
The Future of Public Employee Retirement Systems
Author(s):

M. Barton Waring

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199573349.003.0004

Unless defined benefit pension plans are managed much better and more cost-effectively, they will be replaced by defined contribution plans. Benefit and contribution policies need to be carefully evaluated to make sure that a reasonable level of ongoing contributions, together with investment income, are adequate to fund the defined benefit plan without unpleasant surprises. Unless valuation and contribution conventions change to market-valued economically based quantities, decision makers will lack the right information with which to make informed policy decisions.

Keywords:   pension accounting policy, liability amortizing, contributions, benefits, Conventional Asset Return Approach, cost-effectiveness, pensions discount rate, pension investment policy, liability-relative investing, mark-to-market, risk-free discounting, asset and liability smoothing, pension underfunding

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