The Future of Public Employee Retirement Systems
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Index accounting see also Actuarial Standards of Practice (ASOP); Market Value of Liabilities (MVL) benefit policy 65–6 contribution policy 68 Cost-of-Living Adjustments (COLAs) 65–6 costs 19 defined benefit plans (DB) 59, 60–6, 71–2 discount rate 60–5, 72 Financial Accounting Standards (FAS) 2, 21–2 Financial Reporting Council (FRC) (UK) 2 Government Accounting Standards Board (GASB) 2–4, 22–4, 26, 48–9, 53 information 66 International Accounting Standards Board (IASB) 2 public and private schemes, differences between 3–4 reform 71–2 underfunding 71–2 accrual budgeting arrangements 106, 108–10 activism see pension fund activism Accumulated Benefit Obligation (ABO) 36, 38–43, 45, 47, 52 Actuarial Accrued Liability (AAL) 19–20, 24, 26, 33–4, 36, 39, 43, 47, 52–3 Actuarial Asset Value (AAV) 47, 53 actuarial cost methods 20, 26–7 Actuarial Standards Board (ASB) 19–21 Actuarial Standards of Practice (ASOP) ASOP No 4 Measuring Pension Obligations 19–20, 22, 29 ASOP No 6 Measuring Retiree Group Obligations 21 ASOP No 27 Selection of Economic Assumptions for Measuring Pensions Obligations 20–1, 29 ASOP No 35 Selection of Demographic and other Noneconomic Assumptions for Measuring Pension Obligations 20, 21, 29 costs 19–22, 24–5 defined benefit plans (DB) 29 Government Accounting Standards Board (GASB) 24–5 Market Value of Liabilities (MVL) 30 adequacy of pensions 207, 209, 295 administration see also administrative costs of state defined benefit and defined contribution plans structures 212, 214, 221 survey of state administrators 242–4 administrative costs adoption of defined contribution (DC) plans 103 contributions 102–3 defined benefit plans (DB) 6, 97–104 defined contribution plans (DC) 6, 97–104 employment agencies 100–1 Federal Employees Retirement System (FERS) 100 investment policy 102 large employers 97–8 organizational structure 101–2 replacement of defined benefit plans with defined contribution plans 103 state and federal retirement plans 98–100 small employers 97 trends in public sector 102 advice services 208, 214, 221 age see retirement age agencies 100–1 agency costs 271–5 Agricultural, Fishery and Forestry Cooperative Employees (Japan) 177–8 Ahmed, Neveen 9 Alaska 311–13 Almeida, Beth 11 American Legislative Exchange Council (ALEC) 307 Americans for Prosperity Foundation 307, 316, 317 Americans for Tax Reform (ATR) 306–8, 311–12, 314 amortization 64–5, 67 Angelides, Phil 315 announcements 278–82 Annual Required Contribution (ARC) 75–6, 82 annuities deferred annuity benefit 196–8, 204 defined benefit plans (DB) 192–3, 196–8, 204, 213, 220–1 328 Index annuities (cont.) defined contribution plans (DC) 58–9, 192–3, 196–8, 204, 213, 220–1 design of plans, best practice guidelines for 213, 220–1 distributions 213–14, 220–1 end of employment 32 Minnesota Teachers’ Retirement Association 192–3, 196–8, 204 Anson, Mark 280 Arizona State Retirement System (ASRS) 187, 191, 193–6, 204 armed forces 105, 106, 108–10 assets Actuarial Asset Value (AAV) 47, 53 allocation plans 122–37 asset/liability modelling 123–37 asset pricing models 32 German civil servant pension plan, reform of 122–37 management fees 297 optimal investment returns 128–33, 137 Stochastic Asset Model 124–33, 137 vector autoregressive (VAR) model 124–8 ASOP see Actuarial Standards of Practice (ASOP) assumptions actuarial assumptions 29 ASOP No 27 Selection of Economic Assumptions for Measuring Pensions Obligations 20–1, 29 ASOP No 35 Selection of Demographic and other Noneconomic Assumptions for Measuring Pension Obligations 20, 21, 29 defined benefit plans (DB) 29 economic assumptions 29, 120 German civil servant pension plan, reform of 120 Austin, Peter 2–3 average funding levels 298 average life expectancy 59, 297–8 Barber, Brad 10–11 Bauer, Rob 101 benefits accounting and reporting policy 65–6 activism 271–93 calculation 252, 257–62 changes over time 85–90 contributions 65, 79–92 Cost-of-Living Adjustments (COLAs) 65–6 costs cost-effectiveness 59, 65–6, 69, 72 public and private sector employees, comparisons between 5–6, 85–96 death 190 deferred annuity benefit 196–8, 204 defined benefit plans (DB) 59, 65–6, 69, 72, 189, 196–8 defined contribution plans (DC) 189, 196–8 disability 90, 109, 190 disclosure 25–6 discount rate 26 earned each year, value of benefits 33 earned, market value of benefits 52–3 Entry Age Normal 26 formulas 257–62 fully funded plans 66 future benefits 29–32, 49, 121–2, 180 German civil servant pension plan, reform of 117–18 health insurance 85, 90, 92–4 improvements in benefits 245–6 increases, voter approval of 82 industry groups 90–2 investment policy 69 Japan 164, 171, 173 level 241–2, 251 market value 30, 48 multipliers 246 Nebraska Public Employee Retirement System (NPERS) 189, 190 occupation groups 92 participation rates 85–90, 94 pension fund activism 271–93 post-employment 23, 25–6 private sector employees, benefit costs of 5–6, 85–96 Projected Benefit Obligation (PBO) 33 Projected Unit Credit 26 public sector employees, benefit costs of 5–6, 85–96 reduction 240–3 retirement/savings plans, costs of 93–4 revision of benefits 72 service occupations 92 sick leave 90 Social Security 240–3 trade union membership 92 variation 250–6 Vested Benefit Obligation (VBO) 32–3 work force comparisons 90–2 Berkowitz, Ethan 312 best practice benchmarks for design of defined contribution (DC) plans 9, 206–36 adequacy 207, 209 administrative structures 212, 214, 221 advice services 208, 214, 221 annuities 213, 220–1 |
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