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The Financial Crisis and State/Local Defined Benefit Plans

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  • Alicia H. Munnell
  • Jean-Pierre Aubry
  • Dan Muldoon

Abstract

Equity 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...

Suggested Citation

  • Alicia H. Munnell & Jean-Pierre Aubry & Dan Muldoon, 2008. "The Financial Crisis and State/Local Defined Benefit Plans," Issues in Brief ib2008-8-19, Center for Retirement Research, revised Nov 2008.
  • Handle: RePEc:crr:issbrf:ib2008-8-19
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    File URL: http://crr.bc.edu/briefs/the-financial-crisis-and-statelocal-defined-benefit-plans/
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    References listed on IDEAS

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    1. 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.
    2. 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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    Cited by:

    1. Barajas, Adolfo & Catalán, Mario, 2015. "Market discipline and conflicts of interest between banks and pension funds," Journal of Financial Intermediation, Elsevier, vol. 24(3), pages 411-440.
    2. Deborah Lucas, 2016. "Credit Policy as Fiscal Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 47(1 (Spring), pages 1-57.

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