State and Local Pension Plans
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.
|Date of creation:||Sep 1995|
|Date of revision:|
|Publication status:||published as In Handbook of Employee Benefits. Ed. by J. Rosenbloom. Chicago;ZL: Irwin,1996.|
|Contact details of provider:|| Postal: |
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- 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.
- 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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