The Public Employees' Retirement System of Nevada provides retirement, survivors and disability benefits for Nevada state and local government employees. It is currently one of the better-funded public-sector pensions, due to sound management and consistent government contributions.However, the...

The financial health of defined benefit pension plans for state and local government workers is a matter of policy concern and analytical contention. Pensions have come under increased scrutiny as funding levels have dropped and required contributions have risen. Around the nation elected...

This paper first describes how public employee pensions currently measure their financial health; then describes the strong consensus from economists that current accounting rules significantly understate pension liabilities and overstate pension funding levels; and finally, describes how...

This paper describes how public employee pensions currently measure their financial health; discusses the consensus among economists that current accounting rules significantly understate pension liabilities and overstate pension funding levels; and describes how pension financing would appear...

The 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES) awarded $200 billion in federal aid to the states to support spending for core areas including general relief, education, and mass transit. As revenue pressures mount in the coming months Congress may provide further aid to...

The state of Connecticut runs six defined benefit pension funds for its employees, which in the aggregate are among the most poorly funded retirement plans in the country and place increasing fiscal burdens on the state budget. We use a computer model to simulate the finances of these plans,...

State and local public sector employee pensions are widely known to be underfunded, but pension financial reports do not reveal the true extent of funding shortfalls. Pension accounting methods assume that plan investments can earn high returns without taking any account of the market risk...