Can state and local pensions muddle through?

Munnell, Alicia Haydock, Jean-Pierre Aubry, Josh Hurwitz, and Laura Quinby. “Can state and local pensions muddle through?”. State and Local Pension Plans 15, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, March 2011. http://hdl.handle.net/2345/bc-ir:104203.
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Abstract

The brief's key findings are: (1) The market crash has hurt public pensions, and quick fixes aren't feasible because: (1a) pension cuts for new hires take time to add up; and (1b) tax revenues have been hit hard by the recession. (2) Fortunately, most plans do not face a liquidity crisis. (3) Years to exhaustion depend on investment returns and concept. With 8 percent returns, most plans have (3a) at least 15 years under "termination" concept. (3b) at least 30 years under "ongoing" concept. (4)Nootable exceptions include Connecticut SERS, Illinois SERS, Illinois Universities, Kentucky ERS, Louisiana Teachers, New York City Teachers, and Rhode Island ERS.

Title
Can state and local pensions muddle through?
Author
Munnell, Alicia Haydock
Aubry, Jean-Pierre
Hurwitz, Josh
Quinby, Laura
School
Carroll School of Management
Discipline
Finance
Center
Center for Retirement Research
Genre
report
Date Issued
March 2011
Publisher
Center for Retirement Research at Boston College
Series Title
State and Local Pension Plans
Series Number
15
Version Identification
Version of record.
Persistent Link
http://hdl.handle.net/2345/bc-ir:104203
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
State and local pensions

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