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State and Local Retirement Plans in the United States

Author

Listed:
  • Robert L. Clark
  • Lee A. Craig
  • John Sabelhaus

Abstract

State and Local Retirement Plans in the United States explains how economic and political events have shaped the development of pension plans in the last century, and it argues that changes in the structure and generosity of these plans will continue to shape policy and funding in the future. It also brings to bear a new rationale to the policies behind public sector pension plans. The authors use the history of how early public pension plans were established, how they matured and how they have grown in generosity to analyse what changes may be expected in years to come. Unique in its scope, this comprehensive history of the development of public sector pension plans in the United States during the twentieth century expands upon current ideas relating to the changing economic environment, the passage and evolution of social security, and the expansion of the public sector.

Suggested Citation

  • Robert L. Clark & Lee A. Craig & John Sabelhaus, 2011. "State and Local Retirement Plans in the United States," Books, Edward Elgar Publishing, number 13685.
  • Handle: RePEc:elg:eebook:13685
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    File URL: https://www.elgaronline.com/view/9781848447554.xml
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    References listed on IDEAS

    as
    1. Clark, Robert L. & Morrill, Melinda Sandler, 2011. "The funding status of retiree health plans in the public sector," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(02), pages 291-314, April.
    2. Steven G. Allen & Robert L. Clark & Ann A. McDermed, 1993. "Pensions, Bonding, and Lifetime Jobs," Journal of Human Resources, University of Wisconsin Press, vol. 28(3), pages 463-481.
    3. Gary S. Becker & George J. Stigler, 1974. "Law Enforcement, Malfeasance, and Compensation of Enforcers," The Journal of Legal Studies, University of Chicago Press, vol. 3(1), pages 1-18, January.
    4. Robert L. Clark & Melinda Sandler Morrill, 2010. "Retiree Health Plans in the Public Sector," Books, Edward Elgar Publishing, number 13688.
    5. Sabelhaus, John, 2007. "What Is the Effective Social Security Tax on Additional Years of Work?," National Tax Journal, National Tax Association;National Tax Journal, vol. 60(3), pages 491-506, September.
    6. Romer, Christina D, 1989. "The Prewar Business Cycle Reconsidered: New Estimates of Gross National Product, 1869-1908," Journal of Political Economy, University of Chicago Press, vol. 97(1), pages 1-37, February.
    7. Stoian, Adrian & Fishback, Price, 2010. "Welfare spending and mortality rates for the elderly before the Social Security era," Explorations in Economic History, Elsevier, vol. 47(1), pages 1-27, January.
    8. Clark, Robert L. & Sabelhaus, John, 2009. "How Will the Stock Market Crash Affect the Choice of Pension Plans?," National Tax Journal, National Tax Association;National Tax Journal, vol. 62(3), pages 477-496, September.
    9. W. Braddock Hickman, 1958. "Corporate Bond Quality and Investor Experience," NBER Books, National Bureau of Economic Research, Inc, number hick58-1, December.
    10. Robert Novy-Marx & Joshua D. Rauh, 2008. "The Intergenerational Transfer of Public Pension Promises," NBER Working Papers 14343, National Bureau of Economic Research, Inc.
    11. Brigitte C. Madrian & Dennis F. Shea, 2001. "The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior," The Quarterly Journal of Economics, Oxford University Press, vol. 116(4), pages 1149-1187.
    12. Robert Novy-Marx & Joshua D. Rauh, 2009. "The Liabilities and Risks of State-Sponsored Pension Plans," Journal of Economic Perspectives, American Economic Association, vol. 23(4), pages 191-210, Fall.
    13. Price V. Fishback & Shawn Everett Kantor, 1995. "Did Workers Pay for the Passage of Workers' Compensation Laws?," The Quarterly Journal of Economics, Oxford University Press, vol. 110(3), pages 713-742.
    14. Giertz, J. Fred & Papke, Leslie E., 2007. "Public Pension Plans: Myths and Realities for State Budgets," National Tax Journal, National Tax Association;National Tax Journal, vol. 60(2), pages 305-323, June.
    15. W. Braddock Hickman, 1958. "Introduction and Summary of Findings to "Corporate Bond Quality and Investor Experience"," NBER Chapters,in: Corporate Bond Quality and Investor Experience, pages 3-27 National Bureau of Economic Research, Inc.
    16. Craig, Lee A., 1995. "The Political Economy of Public-Private Compensation Differentials: The Case of Federal Pensions," The Journal of Economic History, Cambridge University Press, vol. 55(02), pages 304-320, June.
    17. Price V. Fishback & Shawn Everett Kantor, 2000. "A Prelude to the Welfare State: The Origins of Workers' Compensation," NBER Books, National Bureau of Economic Research, Inc, number fish00-1, December.
    18. Deborah J. Lucas & Stephen P. Zeldes, 2009. "How Should Public Pension Plans Invest?," American Economic Review, American Economic Association, vol. 99(2), pages 527-532, May.
    19. Jeffrey R. Brown & David W. Wilcox, 2009. "Discounting State and Local Pension Liabilities," American Economic Review, American Economic Association, vol. 99(2), pages 538-542, May.
    20. Friedberg, Leora, 1999. "The effect of old age assistance on retirement," Journal of Public Economics, Elsevier, vol. 71(2), pages 213-232, February.
    21. Samuel Bowles & Herbert Gintis, 1993. "The Revenge of Homo Economicus: Contested Exchange and the Revival of Political Economy," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 83-102, Winter.
    22. W. Braddock Hickman, 1958. "Index to "Corporate Bond Quality and Investor Experience"," NBER Chapters,in: Corporate Bond Quality and Investor Experience, pages 531-536 National Bureau of Economic Research, Inc.
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    Citations

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    Cited by:

    1. Clark, Robert L. & Morrill, Melinda Sandler & Vanderweide, David, 2014. "Defined benefit pension plan distribution decisions by public sector employees," Journal of Public Economics, Elsevier, vol. 116(C), pages 73-88.
    2. Splinter, David, 2017. "State pension contributions and fiscal stress," Journal of Pension Economics and Finance, Cambridge University Press, vol. 16(01), pages 65-80, January.
    3. Triest, Robert K. & Zhao, Bo, 2013. "The role of economic, fiscal, and financial shocks in the evolution of public sector pension funding," Working Papers 13-26, Federal Reserve Bank of Boston.

    More about this item

    Book Chapters

    The following chapters of this book are listed in IDEAS

    Keywords

    Economics and Finance; Social Policy and Sociology;

    JEL classification:

    • H0 - Public Economics - - General

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