Pension Policy Brief Series

Our Public Pensions Policy Brief Series translates and communicates policy relevant economic research on public pension design for elected officials, legislative staff, and other policymakers.

POLICY BRIEF: Good Pension Fund Governance

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The pension funds in South Dakota and Wisconsin have long track records of fiscal solvency. The experiences of these states offer important lessons for would-be pension reformers.

POLICY BRIEF: Pension Obligation Bonds are a Bad Idea

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There have been recent rumblings that states and municipalities should resolve their pension funding woes by issuing Pension Obligation Bonds. Our work leads us to the opposite conclusion.

POLICY BRIEF: Revisiting Why Public Pension Reform is so Hard

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In the latest of our series of policy briefs, we examine the root cause of public pension funding woes.

POLICY BRIEF: Why is Public Pension Reform so Hard?

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The biggest issue for public pension policy design is the misalignment of interests between policymakers and other constituencies. Using analytic frameworks, policymakers, union leaders, and other stakeholders can analyze alternative policies.

POLICY BRIEF: Public Pension Reforms Can Improve Economic Welfare

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Using the model developed in earlier briefs, the welfare consequences of Rhode Island’s recent pension reforms are analyzed. This stylized example suggests that Rhode Island-style pension reform can improve economic welfare for both taxpayers and beneficiaries.

POLICY BRIEF: The Cost of Public Pension Funds to Taxpayers

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This analysis focuses on how public pension policy choices impact taxpayers. There are potential gains for taxpayers when a defined contribution plan is used instead of a defined benefit plan because taxpayers are funding lower levels of insurance against adverse asset market events.

POLICY BRIEF: What Does it Take to Build a Better Retirement System?

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With the largest generation of pensioners in U.S. history heading for life after work, the stress on all manner of retirement plans grows more obvious by the year.

POLICY BRIEF: Solving Practical Issues in Public Pension Design

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For decades, the enormous costs of providing public pension benefits to retiring baby boomers have been discernible but too-often deferred – in the United States and across the world. Yet other developed nations, from Canada to Sweden and the Netherlands to New Zealand, offer lessons worth following.

POLICY BRIEF: Risk-taking by Public Pension Funds

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Since 2000, public pension funds have increased the levels of asset risk in their portfolios, principally through their allocations to illiquid assets. Going forward, a stable public pension system requires policy with well-articulated rules for contribution rates, the use of market-based interest rates to value pension obligations, and a clear rule governing funding.

POLICY BRIEF: Understanding Retirement Income Risk

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When workers are solely responsible for their own retirement income, the savings rate should be about 18%. Moreover, investment policy calls for high equity allocations during the early working years and relatively high bond allocations during retirement years.

Heller-Hurwicz Economics Institute

Pensions Initiative

Pension Policy Brief Series

POLICY BRIEF: Good Pension Fund Governance

POLICY BRIEF: Pension Obligation Bonds are a Bad Idea

POLICY BRIEF: Revisiting Why Public Pension Reform is so Hard

POLICY BRIEF: Why is Public Pension Reform so Hard?

POLICY BRIEF: Public Pension Reforms Can Improve Economic Welfare

POLICY BRIEF: The Cost of Public Pension Funds to Taxpayers

POLICY BRIEF: What Does it Take to Build a Better Retirement System?

POLICY BRIEF: Solving Practical Issues in Public Pension Design

POLICY BRIEF: Risk-taking by Public Pension Funds

POLICY BRIEF: Understanding Retirement Income Risk

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Pension Policy Brief Series

POLICY BRIEF: Good Pension Fund Governance

POLICY BRIEF: Pension Obligation Bonds are a Bad Idea

POLICY BRIEF: Revisiting Why Public Pension Reform is so Hard

POLICY BRIEF: Why is Public Pension Reform so Hard?

POLICY BRIEF: Public Pension Reforms Can Improve Economic Welfare

POLICY BRIEF: The Cost of Public Pension Funds to Taxpayers

POLICY BRIEF: What Does it Take to Build a Better Retirement System?

POLICY BRIEF: Solving Practical Issues in Public Pension Design

POLICY BRIEF: Risk-taking by Public Pension Funds

POLICY BRIEF: Understanding Retirement Income Risk

Pages

Pensions Initiative