Retirement Benefits
Examining the State and Local Pension Plan Management
A Brief History of State and Local Public Pension Plans
Public and Private Sector Pension Benefits
State and Local Pension Systems
Growth of Public Pension System Assets
Overview
Pension Benefit Design
Regular Service-Related Benefits
Ancillary Benefits
Deferred Retirement Option Plan (DROP) Program
Adequacy of Public Pension Benefits
Actuarial Valuation and Financial Reporting
Assumptions
Actuarial Cost Methods
Asset Valuation
Financial Reporting and Accounting Standards
Governing Public Pension Plans
ERISA
Public Pension Benefit Protection
Public Pension Plan Administration
Public Pension Plan Oversight
Investment Management
Overall Objective of Investment Management
Portfolio Diversification
Investment Policy
Implementation Strategy
Pension Plan Management and the
Operating Budget
Underfunded Pension Plans
Overfunded Pension Plan
Case Studies
Pension Contribution Stabilization Methods
Defined Contribution Pension Plan
Defined Benefit (DB) Plan
Defined Contribution (DC) Plan
Public Sector Defined Contribution Plan Experience
Cash Balance Plan
Defined Contribution Plan Design Issues
Conclusion
Other Postemployment Benefits
Healthcare for Retirees
GASB Statements 43 and 45
Dealing with OPEB Liability
Looking Forward
Managing Pension Liability Growth
Managing Pension Asset Growth
Changing Pension Benefit Design
Conclusion
To view the complete Table of Contents, please visit the CRC Press website.
Biography
Jun Peng (University of Arizona, Tucson, USA) (Author)
The current economic recession due to the collapse of major financial institutions is having a devastating effect in both the public and private sectors on pension funds. Just one example is the potential havoc to hundreds of thousands of pensions for active and retired auto industry workers with respect to the near bankruptcy of General Motors, Ford, and Chrysler. The newest addition to the outstanding CRC Press series of 147 volumes on Public Administration and Public Policy and as a part of their Comprehensive Public Education publishing program, State and Local Pension Fund Management by Jun Peng (Associate Professor, School of Public Administration and Policy, Eller college of Management, University of Arizona) is a detailed, comprehensive, academically impressive, yet thoroughly accessible introduction to every aspect of pension fund management beginning with an historical overview, then providing chapters on pension benefit design elements, actuarial valuation and financial reporting, pension plan governance standards and oversight policies, management issues for investing pension funds, and pension fund management planning and operational budgets. Of special note are the chapters on post-employment benefits with respect to pension plans (including healthcare for retirees), and the 'Defined Contribution Pension Plan'. Concluding with addressing such issues as managing the growth of liabilities and assets, as well as changing pension benefit designs, "State and Local Pension Fund Management" is a complete course of study in a single volume, and a critically important addition to corporate, governmental agency, and academic library Economics Studies reference collections in general and Pension Plan Management reading lists in particular.
--Library Bookwatch
