Chapter

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

M. Barton Waring

in The Future of Public Employee Retirement Systems

Published in print August 2009 | ISBN: 9780199573349
Published online February 2010 | e-ISBN: 9780191721946 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199573349.003.0004
Between Scylla and Charybdis: Improving the Cost Effectiveness of Public Pension Retirement Plans

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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

Chapter.  8120 words. 

Subjects: Public Management and Administration

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