The Financial Crisis and State/Local Defined Benefit Plans
AbstractEquity assets in retirement plans dropped in value by about $4 trillion between October 9, 2007 and October 9, 2008. The decline was divided equally between defined benefit and 401(k)/Individual Retirement Accounts (IRAs). The decline in the defined benefit arena was in turn divided equally between private sector plans and those sponsored by state and local governments. This brief explores what a loss of roughly $1 trillion of state and local defined benefit equity assets means for the individual participants and for the taxpayers of the sponsoring entities...
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Bibliographic InfoPaper provided by Center for Retirement Research in its series Issues in Brief with number ib2008-8-19.
Length: 9 pages
Date of creation: Nov 2008
Date of revision: Nov 2008
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-12-14 (All new papers)
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- Alicia H. Munnell & Dan Muldoon, 2008. "Are Retirement Savings Too Exposed to Market Risk?," Issues in Brief ib2008-8-16, Center for Retirement Research, revised Oct 2008.
- Munnell, Alicia H. & Soto, Mauricio, 2004. "The outlook for pension contributions and profits in the US," Journal of Pension Economics and Finance, Cambridge University Press, vol. 3(01), pages 77-97, March.
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