The financial crisis and state/local defined benefit plans

Munnell, Alicia Haydock, Jean-Pierre Aubry, and Dan Muldoon. “The financial crisis and state/local defined benefit plans”. Issue in Brief 8-19, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, November 2008. http://hdl.handle.net/2345/bc-ir:104316.
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Abstract

The brief's key findings are: (1) Prior to the financial crisis, most public pension plans were on a path to full funding. (2) But the crisis has pushed the aggregate funding ratio below 80 percent. (3) Without action, in five years the funding ratio could be as low as 59 percent or as high as 75 percent. (4) The ability to smooth pension asset values provides a buffer against the need for imminent hikes in pension contribution rates. (5) But, eventually, taxpayers will have to pay for any permanent damage done by the financial crisis.

Title
The financial crisis and state/local defined benefit plans
Author
Munnell, Alicia Haydock
Aubry, Jean-Pierre
Muldoon, Dan
School
Carroll School of Management
Discipline
Finance
Center
Center for Retirement Research
Genre
report
Date Issued
November 2008
Publisher
Center for Retirement Research at Boston College
Series Title
Issue in Brief
Series Number
8-19
Version Identification
Version of record.
Persistent Link
http://hdl.handle.net/2345/bc-ir:104316
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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