State and Local Pension Fund Management docx

Handbook on Public Budgeting and Financial Management, edited by Jack Rabin and Thomas D.. Handbook on Public Personnel Administration and Labor Relations, edited by Jack Rabin, Thomas V

State and Local

Pension Fund Management

A Comprehensive Publication Program

EDITOR-IN-CHIEF

EVAN M BERMAN

Huey McElveen Distinguished Professor Louisiana State University Public Administration Institute Baton Rouge, Louisiana

2 Comparative National Policies on Health Care, Milton I Roemer, M.D.

3 Exclusionary Injustice: The Problem of Illegally Obtained Evidence,

Steven R Schlesinger

5 Organization Development in Public Administration, edited by

Robert T Golembiewski and William B Eddy

7 Approaches to Planned Change, Robert T Golembiewski

8 Program Evaluation at HEW, edited by James G Abert

9 The States and the Metropolis, Patricia S Florestano

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11 Changing Bureaucracies: Understanding the Organization before

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12 Handbook on Public Budgeting and Financial Management, edited by

Jack Rabin and Thomas D Lynch

15 Handbook on Public Personnel Administration and Labor Relations,

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19 Handbook of Organization Management, edited by William B Eddy

22 Politics and Administration: Woodrow Wilson and American Public

Administration, edited by Jack Rabin and James S Bowman

23 Making and Managing Policy: Formulation, Analysis, Evaluation,

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25 Decision Making in the Public Sector, edited by Lloyd G Nigro

26 Managing Administration, edited by Jack Rabin, Samuel Humes,

and Brian S Morgan

27 Public Personnel Update, edited by Michael Cohen

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29 Public Administration: A Bibliographic Guide to the Literature, Howard E McCurdy

31 Handbook of Information Resource Management, edited by Jack Rabin and Edward M Jackowski

32 Public Administration in Developed Democracies: A Comparative Study, edited by Donald C Rowat

33 The Politics of Terrorism: Third Edition, edited by Michael Stohl

34 Handbook on Human Services Administration, edited by Jack Rabin and Marcia B Steinhauer

36 Ethics for Bureaucrats: An Essay on Law and Values, Second Edition, John A Rohr

37 The Guide to the Foundations of Public Administration, Daniel W Martin

39 Terrorism and Emergency Management: Policy and Administration, William L Waugh, Jr.

40 Organizational Behavior and Public Management: Second Edition, Michael L Vasu, Debra W Stewart, and G David Garson

43 Government Financial Management Theory, Gerald J Miller

46 Handbook of Public Budgeting, edited by Jack Rabin

49 Handbook of Court Administration and Management, edited by Steven W Hays and Cole Blease Graham, Jr.

50 Handbook of Comparative Public Budgeting and Financial Management, edited by Thomas D Lynch and Lawrence L Martin

53 Encyclopedia of Policy Studies: Second Edition, edited by Stuart S Nagel

54 Handbook of Regulation and Administrative Law, edited by David H Rosenbloom and Richard D Schwartz

55 Handbook of Bureaucracy, edited by Ali Farazmand

56 Handbook of Public Sector Labor Relations, edited by Jack Rabin, Thomas Vocino, W Bartley Hildreth, and Gerald J Miller

57 Practical Public Management, Robert T Golembiewski

58 Handbook of Public Personnel Administration, edited by Jack Rabin, Thomas Vocino, W Bartley Hildreth, and Gerald J Miller

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70 Handbook of Health Administration and Policy, edited by Anne Osborne Kilpatrick and James A Johnson

29 Public Administration: A Bibliographic Guide to the Literature,

Howard E McCurdy

31 Handbook of Information Resource Management, edited by Jack Rabin

and Edward M Jackowski

32 Public Administration in Developed Democracies: A Comparative Study,

edited by Donald C Rowat

33 The Politics of Terrorism: Third Edition, edited by Michael Stohl

34 Handbook on Human Services Administration, edited by Jack Rabin

and Marcia B Steinhauer

36 Ethics for Bureaucrats: An Essay on Law and Values, Second Edition,

40 Organizational Behavior and Public Management: Second Edition,

Michael L Vasu, Debra W Stewart, and G David Garson

43 Government Financial Management Theory, Gerald J Miller

46 Handbook of Public Budgeting, edited by Jack Rabin

49 Handbook of Court Administration and Management, edited by

Steven W Hays and Cole Blease Graham, Jr.

50 Handbook of Comparative Public Budgeting and Financial Management,

edited by Thomas D Lynch and Lawrence L Martin

53 Encyclopedia of Policy Studies: Second Edition, edited by

Stuart S Nagel

54 Handbook of Regulation and Administrative Law, edited by

David H Rosenbloom and Richard D Schwartz

55 Handbook of Bureaucracy, edited by Ali Farazmand

56 Handbook of Public Sector Labor Relations, edited by Jack Rabin,

Thomas Vocino, W Bartley Hildreth, and Gerald J Miller

57 Practical Public Management, Robert T Golembiewski

58 Handbook of Public Personnel Administration, edited by Jack Rabin,

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60 Handbook of Debt Management, edited by Gerald J Miller

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64 Public Budgeting and Finance: Fourth Edition, edited by

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67 Handbook of Public Finance, edited by Fred Thompson

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101 Science and Technology of Terrorism and Counterterrorism, edited by

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103 Case Studies in Public Budgeting and Financial Management:

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106 Handbook of Gay, Lesbian, Bisexual, and Transgender Administration and Policy, edited by Wallace Swan

107 Public Productivity Handbook: Second Edition, edited by Marc Holzer

108 Handbook of Developmental Policy Studies, edited by Gedeon M Mudacumura, Desta Mebratu and M Shamsul Haque

109 Bioterrorism in Medical and Healthcare Administration, Laure Paquette

110 International Public Policy and Management: Policy Learning Beyond Regional, Cultural, and Political Boundaries, edited by David Levi-Faur and Eran Vigoda-Gadot

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114 Nonproliferation Issues for Weapons of Mass Destruction, Mark A Prelas and Michael S Peck

115 Common Ground, Common Future: Moral Agency in Public Administration, Professions, and Citizenship, Charles Garofalo and Dean Geuras

116 Handbook of Organization Theory and Management: The Philosophical Approach, Second Edition, edited by Thomas D Lynch

and Peter L Cruise

117 International Development Governance, edited by Ahmed Shafiqul Huque and Habib Zafarullah

118 Sustainable Development Policy and Administration, edited by Gedeon M Mudacumura, Desta Mebratu, and M Shamsul Haque

119 Public Financial Management, edited by Howard A Frank

120 Handbook of Juvenile Justice: Theory and Practice, edited by Barbara Sims and Pamela Preston

121 Emerging Infectious Diseases and the Threat to Occupational Health

in the U.S and Canada, edited by William Charney

122 Handbook of Technology Management in Public Administration, edited by David Greisler and Ronald J Stupak

123 Handbook of Decision Making, edited by Göktu˘g Morçöl

124 Handbook of Public Administration, Third Edition, edited by Jack Rabin,

W Bartley Hildreth, and Gerald J Miller

125 Handbook of Public Policy Analysis, edited by Frank Fischer, Gerald J Miller, and Mara S Sidney

126 Elements of Effective Governance: Measurement, Accountability and Participation, edited by Kathe Callahan

127 American Public Service: Radical Reform and the Merit System, edited by James S Bowman and Jonathan P West

128 Handbook of Transportation Policy and Administration, edited by Jeremy Plant

103 Case Studies in Public Budgeting and Financial Management:

Second Edition, edited by Aman Khan and W Bartley Hildreth

104 Handbook of Conflict Management, edited by William J Pammer, Jr.

and Jerri Killian

105 Chaos Organization and Disaster Management, Alan Kirschenbaum

106 Handbook of Gay, Lesbian, Bisexual, and Transgender Administration

and Policy, edited by Wallace Swan

107 Public Productivity Handbook: Second Edition, edited by Marc Holzer

108 Handbook of Developmental Policy Studies, edited by

Gedeon M Mudacumura, Desta Mebratu and M Shamsul Haque

109 Bioterrorism in Medical and Healthcare Administration, Laure Paquette

110 International Public Policy and Management: Policy Learning Beyond

Regional, Cultural, and Political Boundaries, edited by David Levi-Faur

and Eran Vigoda-Gadot

111 Handbook of Public Information Systems, Second Edition, edited by

G David Garson

112 Handbook of Public Sector Economics, edited by Donijo Robbins

113 Handbook of Public Administration and Policy in the European Union,

edited by M Peter van der Hoek

114 Nonproliferation Issues for Weapons of Mass Destruction,

Mark A Prelas and Michael S Peck

115 Common Ground, Common Future: Moral Agency in Public

Administration, Professions, and Citizenship, Charles Garofalo

and Dean Geuras

116 Handbook of Organization Theory and Management: The Philosophical

Approach, Second Edition, edited by Thomas D Lynch

and Peter L Cruise

117 International Development Governance, edited by

Ahmed Shafiqul Huque and Habib Zafarullah

118 Sustainable Development Policy and Administration, edited by

Gedeon M Mudacumura, Desta Mebratu, and M Shamsul Haque

119 Public Financial Management, edited by Howard A Frank

120 Handbook of Juvenile Justice: Theory and Practice, edited by

Barbara Sims and Pamela Preston

121 Emerging Infectious Diseases and the Threat to Occupational Health

in the U.S and Canada, edited by William Charney

122 Handbook of Technology Management in Public Administration,

edited by David Greisler and Ronald J Stupak

123 Handbook of Decision Making, edited by Göktu˘g Morçöl

124 Handbook of Public Administration, Third Edition, edited by Jack Rabin,

W Bartley Hildreth, and Gerald J Miller

125 Handbook of Public Policy Analysis, edited by Frank Fischer,

Gerald J Miller, and Mara S Sidney

126 Elements of Effective Governance: Measurement, Accountability

and Participation, edited by Kathe Callahan

127 American Public Service: Radical Reform and the Merit System,

edited by James S Bowman and Jonathan P West

128 Handbook of Transportation Policy and Administration, edited by

Jeremy Plant

Jun Peng

University of Arizona Tucson, Arizona, U.S.A.

CRC Press is an imprint of the

Taylor & Francis Group, an informa business

Boca Raton London New York

State and Local Pension Fund Management

129 The Art and Practice of Court Administration, Alexander B Aikman

130 Handbook of Globalization, Governance, and Public Administration,

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131 Handbook of Globalization and the Environment, edited by Khi V Thai,

Dianne Rahm, and Jerrell D Coggburn

132 Personnel Management in Government: Politics and Process,

Sixth Edition, Norma M Riccucci and Katherine C Naff

133 Handbook of Police Administration, edited by Jim Ruiz

and Don Hummer

134 Handbook of Research Methods in Public Administration,

Second Edition, edited by Kaifeng Yang and Gerald J Miller

135 Social and Economic Control of Alcohol: The 21st Amendment

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and Murphy J Painter

136 Government Public Relations: A Reader, edited by Mordecai Lee

137 Handbook of Military Administration, edited by Jeffrey A Weber

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139 Homeland Security Handbook, edited by Jack Pinkowski

140 Health Capital and Sustainable Socioeconomic Development, edited by

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141 Handbook of Administrative Reform: An International Perspective,

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142 Government Budget Forecasting: Theory and Practice, edited by

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143 Handbook of Long-Term Care Administration and Policy, edited by

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144 Handbook of Employee Benefits and Administration, edited by

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147 State and Local Pension Fund Management, Jun Peng

Available Electronically

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PublicADMINISTRATIONnetBASE

Jun Peng

University of Arizona Tucson, Arizona, U.S.A.

CRC Press is an imprint of the

Taylor & Francis Group, an informa business

Boca Raton London New York

State and Local

Pension Fund

Management

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Library of Congress Cataloging‑in‑Publication Data

Peng, Jun, 1966‑

State and local pension fund management / Jun Peng.

p cm ‑‑ (Public administration and public policy ; 147) Includes bibliographical references and index.

ISBN 978‑0‑8493‑0548‑1

1 United States‑‑Officials and employees‑‑Pensions‑‑Management 2 Pension trusts‑‑Investments‑‑United States 3 Local officials and employees‑‑United States‑‑Pensions I Title II Series.

JK2474.P46 2008 353.5’492130973‑‑dc22 2008008974

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Contents

Preface xvii

Acknowledgment xix

About.the.Author xxi

Chapter 1 Overview 1

1.1 Retirement Benefits 2

1.2 Examining the State and Local Pension Plan Management 3

1.3 A Brief History of State and Local Public Pension Plans 6

1.3.1 Pre-1940 History 6

1.3.2 Post-1940 History 7

1.4 Public and Private Sector Pension Benefits 9

1.5 State and Local Pension Systems 10

1.5.1 Public Pension Systems, Plans, and Funds 10

1.5.2 Types of Public Pension Plans 12

1.5.3 Historical Data on the Number of Pension Systems 13

1.5.4 Breakdown between State- and Local-Level Pension Systems 14

1.6 Growth of Public Pension System Assets 17

1.6.1 Pension Asset Growth 17

1.6.2 Source of Pension Asset Growth 18

1.6.3 Sufficiency of Pension Asset Growth 21

1.7 Overview 23

References 24

Appendix 26

Chapter 2 Pension Benefit Design 29

2.1 Regular Service-Related Benefits 29

2.1.1 Normal Service Benefit 30

2.1.1.1 Benefit Multiplier 30

2.1.1.2 Final Average Salary 33

2.1.1.3 Years of Service 34

2.1.1.4 Requirement for Normal Retirement Benefits 36

2.1.1.5 State Income Tax Treatment 37

2.1.2 Early Retirement Benefit 37

2.1.2.1 Early Retirement Incentive Program 39

2.1.3 Postemployment Benefit Adjustment 40

2.1.4 Purchase of Service Credits 41

2.1.4.1 Types of Service and Years of Service to Be Purchased 43

2.1.4.2 Cost of Purchase and Its Payment 43

2.2 Ancillary Benefits 45

2.2.1 Disability Benefits 45

2.2.2 Death Benefits 46

2.2.3 Health Benefits 47

2.2.4 Withdrawal Benefits 47

2.3 Deferred Retirement Option Plan (DROP) Program 47

2.3.1 Major Features of DROP 47

2.3.2 Pros and Cons of DROP 49

2.3.3 DROP Design Issues 50

2.4 Adequacy of Public Pension Benefits 51

2.4.1 Finding the Replacement Ratio 52

2.4.2 Adequacy of the Public Pension Benefit 53

2.4.3 Summary 55

References 56

Chapter 3 Actuarial Valuation and Financial Reporting 57

3.1 Assumptions 58

3.1.1 Demographic Assumptions 58

3.1.2 Economic Assumptions 59

3.2 Actuarial Cost Methods 60

3.2.1 Classification of Actuarial Cost Methods 61

3.2.2 Projected Unit Credit (PUC) Cost Method 62

3.2.2.1 Normal Cost 62

3.2.2.2 Accrued Liability 63

3.2.2.3 Example 64

3.2.2.4 Unfunded Accrual Actuarial Liability (UAAL) and Amortization 64

3.2.3 Entry Age Normal (EAN) Actuarial Cost Method 66

3.2.3.1 Normal Cost under Level Dollar Method 67

3.2.3.2 Accrued Liability under Level Dollar Method 67

3.2.3.3 Entry Age Normal (EAN) Using Level Percentage 68

3.2.3.4 Example 68

3.2.4 Comparison between EAN and PUC 70

3.2.5 Aggregate Cost Method 71

3.2.5.1 UAAL 71

3.2.5.2 Aggregate Cost Method 72

3.2.6 Frozen Entry Age Cost Method 73

3.3 Asset Valuation 74

3.4 Financial Reporting and Accounting Standards 75

3.4.1 GASB 25 76

3.4.1.1 Reporting Framework 76

3.4.1.2 Parameters 80

3.4.2 GASB 27 82

3.4.3 GASB Statement 50 84

References 84

Chapter 4 Governing Public Pension Plans 85

4.1 ERISA 85

4.1.1 ERISA Standards 86

4.1.2 ERISA and Public Pension Plans 88

4.2 Public Pension Benefit Protection 88

4.3 Public Pension Plan Administration 92

4.3.1 Pension Plan Administration: The Governing Board 92

4.3.1.1 Election of Trustees to the Board 93

4.3.1.2 Board’s Fiduciary Responsibility Standard 93

4.3.1.3 Conflict of Interest Rule and Code of Ethics 94

4.3.1.4 The Board’s Main Functions 95

4.3.2 Pension Plan Administration: The Staff 96

4.3.2.1 Member Service 96

4.3.2.2 Supporting Services 98

4.3.2.3 Investment Management 99

4.3.3 Risk Management and Control 99

4.3.4 Financial Reporting 100

4.3.5 Funding Policy 101

4.4 Public Pension Plan Oversight 103

4.4.1 Legislative Committee 104

4.4.2 Independent Pension Commission 105

4.4.3 Other Oversight Mechanisms 107

References 108

Chapter 5 Investment Management 111

5.1 Overall Objective of Investment Management 111

5.2 Portfolio Diversification 112

5.2.1 The Theory 112

5.2.2 Asset Classes 114

5.2.2.1 Traditional Investments 115

5.2.2.2 Alternative Investments 118

5.3 Investment Policy 120

5.3.1 Investment Objective and Risk 120

5.3.2 Legal List to Control Risk 122

5.3.3 Asset Allocation 123

5.3.4 Roles and Responsibilities 125

5.3.4.1 Responsibilities of the Board of Trustees 125

5.3.4.2 Responsibilities of Internal Investment Staff 126

5.3.4.3 Responsibilities of Investment Consultant 127

5.3.4.4 Responsibilities of Investment Managers 127

5.3.4.5 Responsibilities of Custodian 128

5.3.5 Performance Measurement 128

5.3.5.1 Calculating Investment Return 128

5.3.5.2 Measuring Investment Managers’ Performances 129

5.3.5.3 Measuring Total Portfolio Performance 131

5.3.6 Rebalancing 133

5.4 Implementation Strategy 133

5.4.1 Passive versus Active Management 134

5.4.2 Internal versus External Management 136

5.4.3 Summary 138

References 138

Chapter 6 Pension Plan Management and the Operating Budget 141

6.1 Underfunded Pension Plans 142

6.1.1 Fiscal Illusion and Fiscal Stress 143

6.1.2 How to Deal with Pension Underfunding 144

6.1.2.1 Benefits of POB 145

6.1.2.2 Risks of POB 145

6.2 Overfunded Pension Plan 147

6.3 Case Studies 149

6.3.1 Illinois State Pension Systems 150

6.3.1.1 Underfunding of Pension Contribution 150

6.3.1.2 Pension Benefit Increase 152

6.3.2 New Jersey Pension System 153

6.3.2.1 Reduction in Pension Contribution 154

6.3.2.2 Pension Benefit Increase 156

6.3.2.3 Consequence 157

6.3.3 New York State and Local Retirement System 159

6.3.3.1 Pension Contribution Reduction by Governor 159

6.3.3.2 Pension Contribution Reduction by Comptroller 162

6.3.3.3 Consequence 163

6.3.4 West Virginia Retirement System 164

6.3.4.1 Underfunding of Pension Contribution 164

6.3.4.2 State Efforts to Reduce Unfunded Liability 166

6.3.5 Florida Retirement System 168

6.3.5.1 Steady Asset Growth 168

6.3.5.2 Constraint on Pension Benefit Increase 171

6.3.6 Summary 172

6.4 Pension Contribution Stabilization Methods 173

6.4.1 Fixed Contribution Rates 173

6.4.2 Minimum Contribution 174

6.4.3 Indexing Contribution Rate to Prior Year’s Level 175

6.4.4 Corridor Funding 175

6.4.5 Pension Fund Surplus Reserve 176

6.4.6 Extend Pension Surplus Amortization 176

6.4.7 Extend Asset Smoothing Period 177

6.4.8 Summary 177

References 178

Chapter 7 Defined Contribution Pension Plan 181

7.1 Defined Benefit (DB) Plan 182

7.1.1 Advantages of a Defined Benefit Plan 182

7.1.2 Disadvantages of a Defined Benefit Plan 183

7.1.3 Some Evidence of Defined Benefit Plan Risks 185

7.2 Defined Contribution (DC) 186

7.2.1 Advantages of the Defined Contribution Plan 187

7.2.2 Disadvantages of the Defined Contribution Plan 187

7.2.2.1 Pension Benefit Certainty 188

7.2.2.2 Investment 190

7.2.2.3 Disability Benefit 191

7.2.3 Summary 191

7.3 Public Sector Defined Contribution Plan Experience 192

7.3.1 Mandatory Participation in Exclusive DC Plan 192

7.3.2 Optional Participation in Exclusive Defined Contribution Plan 193

7.3.3 Mandatory Participation in Hybrid Plan 194

7.3.4 Optional Participation in the Hybrid Plan 195

7.3.5 Summary 196

7.4 Cash Balance Plan 196

7.4.1 Cash Balance Plan 197

7.4.2 Cash Balance Plan versus Defined Benefit Plan 198

7.4.3 Cash Balance Plan versus Defined Contribution Plan 199

7.4.4 Summary 200

7.4.5 Nebraska Cash Balance Plan 201

7.4.6 California Cash Balance Plan 203

7.5 Defined Contribution Plan Design Issues 203

7.6 Conclusion 207

References 208

Chapter 8 Other Postemployment Benefits 211

8.1 Healthcare for Retirees 212

8.2 GASB Statements 43 and 45 213

8.2.1 Brief History of GASB Statements on OPEB Reporting 213

8.2.2 GASB Statement 43 214

8.2.2.1 Financial Reporting Framework 215

8.2.2.2 Parameters 215

8.2.2.3 Implicit Subsidy Rate 217

8.2.3 GASB Statement 45 218

8.2.4 Financial Implication of GASB Statements 43 and 45 218

8.3 Dealing with OPEB Liability 219

8.3.1 Prefunding OPEB Liability 220

8.3.1.1 OPEB Trust Fund 220

8.3.1.2 OPEB Bond 221

8.3.2 Reducing Health Benefits 222

8.3.2.1 Legal Perspective 223

8.3.2.2 Reducing Health Benefits 224

8.3.3 Defined Contribution Health Benefit Plan 226

8.3.3.1 Cash Contribution 227

8.3.3.2 Converting Unused Sick Leave into Cash Contribution 228

References 229

Chapter 9 Looking Forward 231

9.1 Managing Pension Liability Growth 233

9.1.1 Limiting Pension Benefit Increase 233

9.1.2 Increasing Retirement Age 235

9.1.3 Pension Benefit Level 237

9.1.4 Containing the Negative Effect of Spiking 239

9.1.5 Early Retirement Incentive Program 239

9.1.6 Pension Obligation Bond 240

9.2 Managing Pension Asset Growth 240

9.2.1 Pension Funding Policy 240

9.2.2 Smooth Pension Contribution Rate 242

9.2.3 Investment Return 242

9.3 Changing Pension Benefit Design 243

9.3.1 Hybrid Plan 243

9.3.2 Cost of Living Adjustment (COLA) 244

9.4 Conclusion 244

References 245

Index 247

1.2 Examining the State and Local

Pension Plan Management

Annuity with life insurance companies 2363 14.9

S&L government retirement funds 2979 18.8

Source: Federal Reserve Flow of Fund Accounts of the United States (2006): Table

L 225 Life Insurance and Pension Funds Reserves, and Table L 225.i vidual Retirement Accounts (IRAs).

their counterparts in the private sector, they are also different in many important

ways, from pension benefit protection to regulation and funding policy Probably

the most import difference is the political environment in which public pension

systems exist and the ability of public pension sponsors to establish legislation

to change pension-funding policy Therefore, it is important to understand the

unique aspects of public pension plan management and how they affect their fiscal

health

1.3 A Brief History of State and Local

Public Pension Plans

Full-Time Equivalent  Employees

Percentage of  Employees Covered

Source: Statistical Abstract of the United States, 1944, 1945, 1953 U.S Census

Bureau State and Local Government Survey of Employee-Retirement Systems Survey, 1957, 1962, 1967, 1972, 1982, 1992, 2002, 2004

1.5.2 Types of Public Pension Plans

Table 1.3 Number of State and Local Public Pension Systems

Source: U.S Census Bureau State and Local Government Employee-Retirement

Systems Survey, 1957, 1972, 1977, 1997, 2000, 2004, and 2005

1.5.4 Breakdown between State- and

Local-Level Pension Systems

By combining geographic location and types of employee coverage, the

conclu-sion can be drawn that despite the large number of local pension systems, most

are in a few states and they tend to cover a relatively small number of members It

is no wonder that the vast majority of pension assets, members, and beneficiaries

belong to state-level pension systems, despite a much smaller number of state-level

Source: U.S Census Bureau State and Local Government

Employee-Retirement Systems Survey, 2004

Association, Missouri Local Government Employees Retirement System,

North Carolina Local Government Employees Retirement System,

Figure 1.1 State and local pension asset growth, 1945 to 2006 (in $billion)

(From U.S Federal Reserve Bank Flow of Funds, various years.)