The case against equity investment by U.S. corporate pension funds has been well documented for a quarter century. The public sector has ignored or dismissed that case because of differences between taxation and accounting between the private and public sectors, the differing interests of...

Working from basic principles of economics, financial economics, and public finance, we develop implications for the financial management of public pension plans, and develop a complete and integrated set of investment, funding, reporting and benefit design solutions that seek to maximize...