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.
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|Date of creation:|
|Date of revision:|
|Publication status:||Published In Jerry Rosenbloom, ed., Handbook of Employee Benefits. Chicago, IL: Irwin. 1996.|
|Contact details of provider:|| Postal: The Wharton School, 3641 Locust Walk, 304 CPC, Philadelphia, PA 19104-6218|
Web page: http://www.pensionresearchcouncil.org/
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- Ping-Lung Hsin & Olivia S. Mitchell, .
"The Political Economy of Public Pensions: Pension Funding, Governance, and Fiscal Stress,"
Pension Research Council Working Papers
94-6, Wharton School Pension Research Council, University of Pennsylvania.
- Ping-Lung Hsin & Olivia Mitchell, 1994. "The Political Economy of Public Pensions: Pension Funding, Governance, and Fiscal Stress," Revista de Analisis Economico – Economic Analysis Review, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines, vol. 9(1), pages 151-168, June.
- Olivia S. Mitchell & Robert S. Smith, 1991.
"Pension Funding in the Public Sector,"
NBER Working Papers
3898, National Bureau of Economic Research, Inc.
- Olivia S. Mitchell & Robert S. Smith, . "Public Sector Pension Funding," Pension Research Council Working Papers 94-4, Wharton School Pension Research Council, University of Pennsylvania.
- 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.
- Zvi Bodie & Olivia S. Mitchell, . "Pensions in an Aging World," Pension Research Council Working Papers 94-9, Wharton School Pension Research Council, University of Pennsylvania.
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