In 2019, few could have predicted that state and local pension funds would be faced with a pandemic that would slash state and local tax revenues and harm investment returns. Nevertheless, fund managers should have spent the past decade preparing for an inevitable market downturn. Instead, just...

Public pensions in the United States face an impending funding crisis in the wake of the financial crisis and the COVID-19 recession. Many cities and states will struggle to meet these growing obligations without major cuts in government services, reneging on pension promises, or raising taxes....

The Public Employees' Retirement System of Nevada provides retirement, survivors and disability benefits for Nevada state and local government employees. It is currently one of the better-funded public-sector pensions, due to sound management and consistent government contributions.However, the...

The financial health of defined benefit pension plans for state and local government workers is a matter of policy concern and analytical contention. Pensions have come under increased scrutiny as funding levels have dropped and required contributions have risen. Around the nation elected...

This paper first describes how public employee pensions currently measure their financial health; then describes the strong consensus from economists that current accounting rules significantly understate pension liabilities and overstate pension funding levels; and finally, describes how...