The discount rate represents a critical choice in accounting for corporate defined-benefit pension plans due to the long-term nature of pension liabilities. U.S. GAAP and IFRS mandate the AA corporate bond rate. Their requirement is subject to much debate, with the risk-free rate and the...

This paper estimates the fiscal burden of the Pay-As-You-Go (PAYGO) civil service pension systems that were closed in 2008 to new members in North Cyprus. At that time, a new pension system was introduced for the newly hired government employees and new private sector workers. Estimates are made...

State and local employee pension plans, which are primarily defined benefit plans, have come under increased scrutiny of late. Plan funding conditions have worsened during the early years of the 21st century, especially during the aftermath of the post-2007 recession. But the patterns of...

State and local employee pension plans, which are primarily defined benefit plans, have come under increased scrutiny of late. Plan funding conditions have worsened during the early years of the 21st century, especially during the aftermath of the post-2007 recession. But the patterns of...

State and local governments provide pensions to their employees instead of or along with Social Security coverage. The Great Recession and other events have adversely affected some state and local budgets, leading to pension reforms that aim to lower benefits and bolster funding levels. Using...

There is a large professional literature on the correct measurement of the funded status of and indicated employer contributions to government employee pension plans. But static measures do not provide a quantification of the risk that plans could represent in the future in various possible...

We examine whether unfunded public pension liabilities are associated with citizen oversight through legislative and electoral means in local governments. Our focus on municipal pension plans is timely and relevant, given the prevalence of underfunded pension plans and GASB's recently issued...