The political economy of public pensions / Eileen Norcross, Daniel J. Smith.

Format:

Book

Author/Creator:

Norcross, Eileen, author.

Smith, Daniel J., 1984- author.

Series:

Cambridge elements. Elements in Austrian economics, 2399-651X.

Cambridge elements. Elements in Austrian economics, 2399-651X

Language:

English

Subjects (All):

Social security--United States.

Social security.

Physical Description:

1 online resource (78 pages) : digital, PDF file(s).

Edition:

1st ed.

Place of Publication:

Cambridge : Cambridge University Press, 2021.

Summary:

Public pensions in the United States face an impending funding crisis in the wake of the financial crisis and the COVID-19 recession. Many cities and states will struggle to meet these growing obligations without major cuts in government services, reneging on pension promises, or raising taxes. This Element examines the development of the pension crisis through the lens of political economy. We analyze the knowledge and incentive problems inherent in the institutional structure, governance, and accounting of public pensions. We conclude by offering several institutional, governance, and reporting reforms to address the pension funding crisis.

Contents:

Cover

Title page

Copyright page

The Political Economy of Public Pensions

Contents

1 Introduction

2 Fiscal Illusion

3 The Governance of Public Pensions

3.1 Stakeholders: Elected Officials, Beneficiaries, and Voters/Taxpayers

3.2 Decision makers: Boards of Control, CEOs, and Investment Advisors

3.3 Pension CEOs and Bureaucrats

3.4 Technical Experts: Accounting and Actuarial Professionals, Standards-Setting Bodies

3.5 Governmental Accounting Standards Board

4 Pension Accounting and Reporting

4.1 Measuring Pension Liabilities and Assets: Actuarial and Reporting Conventions

4.1.a The Discount Rate

4.1.b Amortization

4.2 Actuarial Value of Assets: Asset Smoothing

4.3 Actuarial Cost Method

4.4 History of Actuarial and Government Accounting Standards

4.5 Recent Reforms: The Role of Information and Lobbying

4.6 Conclusion

5 Restoring Fiscal Accountability

5.1 Recent Reforms

5.2 Accounting Reforms

5.3 Governance Reforms

5.4 Structural Reforms

5.5 Conclusion

6 Conclusion

References

About the Authors

Acknowledgments.

Notes:

Title from publisher's bibliographic system (viewed on 29 Jul 2021).

ISBN:

1-009-02702-6

1-009-02722-0

1-009-01996-1

OCLC:

1266906786