The brief’s key findings are: The brief’s key findings are: *Some state and local governments issue Pension Obligation Bonds (POBs) to cover their required pension contributions. *POBs offer budget relief and potential cost savings, but also carry significant risk. *POBs had a negative...

This brief presents a new tool that describes the evolu­tion of the unfunded liability for each of the 150 plans in the Public Plans Database. The period of analysis is from 2001, when most plans were fully funded, to 2013, when virtually every plan reported significant underfunding. The goal...

The brief’s key findings are: Although the introduction of defined contribution plans by some states has received considerable press attention, activity to date has been modest. Moreover, most recent shifts involve either hybrid plans or cash balance plans, rather than stand-alone defined...

The brief’s key findings are: The brief’s key findings are: *Despite a strong stock market, the funded status of public plans in 2013 remained unchanged at 72 percent for two reasons: *actuarially smoothed assets grew modestly; and *CalPERS, one of the nation’s largest plans, significantly...

The brief’s key findings are: The brief’s key findings are: *Since the financial crisis, 17 states have reduced, suspended, or eliminated cost-of-living-adjustments (COLAs) for public employee pensions. *This response was surprising as current employees and retirees tend to be legally...

Stories in the popular press suggest – particularly in the wake of the bankruptcy of Detroit – that pensions are the major expense of American cities and will lead to their widespread collapse.1 Thus, it is important to know the burden of pensions on cities. This burden can be measured in...

The brief’s key findings are: Rising life expectancy makes defined benefit pension plans more expensive. The question is the extent to which state and local plans have already incorporated rising life expectancy into their cost estimates. *The analysis explores how plan liabilities and funded...

Detroit's bankruptcy and Chicago's financial problems and large unfunded pension liabilities have attracted national concern. The question is whether cities across the country are about to topple like dominoes—and whether pensions are the problem. The answer, the authors write, appears to be...