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State and Local Pension Plans

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Author Info
Olivia S. Mitchell
Roderick Carr

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Abstract

This paper examines the role and function of pension plans covering state and local government employees in the United States. Covering about 16 million employees (including teachers, fire fighters, police, members of the judiciary, and many other state and local employees), these plans manage a substantial stock of financial assets -- close to $1 trillion -- and receive annual contributions from employees and government revenues totaling about $56 billion. Using data gathered from a variety of different sources, some of which have only recently become available, we describe the benefits, financing, and management of these plans, and identify some of the prominent challenges facing these pension plans in the next decade.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5271.

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Date of creation: Sep 1995
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Publication status: published as In Handbook of Employee Benefits. Ed. by J. Rosenbloom. Chicago;ZL:Irwin,19 96.
Handle: RePEc:nbr:nberwo:5271

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Mitchell, Olivia S & Smith, Robert S, 1994. "Pension Funding in the Public Sector," The Review of Economics and Statistics, MIT Press, vol. 76(2), pages 278-90, May. [Downloadable!] (restricted)
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  2. Olivia S. Mitchell & Ping-Lung Hsin, . "Public Pension Governance and Performance," Pension Research Council Working Papers 94-1, Wharton School Pension Research Council, University of Pennsylvania.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jeffrey R. Brown & Olivia S. Mitchell & James M. Poterba & Mark J. Warshawsky, 1999. "Taxing Retirement Income: Nonqualified Annuities and Distributions from Qualified Accounts," NBER Working Papers 7268, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Olivia S. Mitchell, . "International Models for Pension Reform," Pension Research Council Working Papers 98-5, Wharton School Pension Research Council, University of Pennsylvania. [Downloadable!]
  3. Olivia S. Mitchell & David McCarthy & Stanley C. Wisniewski & Paul Zorn, . "Developments in State and Local Pension Plans," Pension Research Council Working Papers 99-4, Wharton School Pension Research Council, University of Pennsylvania. [Downloadable!]
  4. Michael Useem & Olivia S. Mitchell, 2000. "Holders of the Purse Strings: Governance and Performance of Public Retirement Systems," Center for Financial Institutions Working Papers 00-08, Wharton School Center for Financial Institutions, University of Pennsylvania. [Downloadable!]
    Other versions:
  5. Barry Bosworth & Gary Burtless, 2004. "Supply-Side Consequences Of Social Security Reform: Impacts On Saving And Employment," Working Papers, Center for Retirement Research at Boston College 2004-01, Center for Retirement Research. [Downloadable!]
  6. Michael Useem & David Hess, . "Governance and Investments of Public Pensions," Pension Research Council Working Papers 99-11, Wharton School Pension Research Council, University of Pennsylvania. [Downloadable!]
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