Chapter

Chapter Chapter <b>Profitable Prudence: The case for Public</b> <b>Profitable Prudence: The case for Public</b> Employer Defined Benefit Plans

Gary W. Anderson and Keith Brainard

in Reinventing the Retirement Paradigm

Published in print August 2005 | ISBN: 9780199284603
Published online February 2006 | e-ISBN: 9780191603013 | DOI: http://dx.doi.org/10.1093/0199284601.003.0012
Chapter  Chapter   Profitable Prudence: The case for Public   Profitable Prudence: The case for Public  Employer Defined Benefit Plans

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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

Chapter.  5655 words.  Illustrated.

Subjects: Financial Markets

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