Overview
People covered by public pensions are often the subject of 'pension envy:' that is, their benefits might seem more generous and their contributions lower than those offered by the private sector. Yet this book points out that such judgments are often inaccurate, since civil servants hold jobs with few counterparts in private industry, such as firefighters, police, judges, and teachers. Often these are riskier, dirtier, and demand more loyalty and discretion than would be required of a more mobile labor force in the private sector. The debate challenges traditional ideas about how the public employee labor contract is structured and raises questions about how such employees are attracted to the public sector, retained and motivated on the job, and retired, via an entire compensation package of wages and benefits. Authors explore aspects of these schemes, addressing the cost and valuation debate, along with the political economy of how public pension asset pools are perceived and managed, an increasingly important topic in times of global financial turmoil. The discussion also explores ways that public pensions can be strengthened in the US, Japan, Canada, and Germany. The volume captures a vigorous debate currently underway by academics, financial experts, regulators, and plan sponsors, all seeking to define a new future for public retirement systems. It will be of substantial interest to a wide range of readers, since public sector employees and their representatives will naturally find the comparisons and arguments over valuation of keen interest. Public pension administrators and policymakers seeking an explanation of what makes these plans so costly will gain a new understanding of how the arguments stack up. Private sector employers and plan sponsors can learn much from efforts to reform these retirement systems in states and countries around the world. Finally, investors and the taxpaying public more generally may be at risk to cover these long-term promises, so it behoves them to pay close attention to the financing and investment practices of these plans, along with their valuation. This volume represents an invaluable addition to the Pension Research Council / Oxford University Press series as it includes actuarial, economic, and financial perspectives making it useful for academics, retirement plan administrators, and public employees wishing to understand the challenges facing public pensions.
Full Product Details
Author: Olivia S. Mitchell (Executive Director of the Pension Research Council, Wharton School, University of Pennsylvania) ,
Gary Anderson (Public pensions consultant and member of the Advisory Board, Pension Research Council, Wharton School, University of Pennsylvania)
Publisher: Oxford University Press
Imprint: Oxford University Press
Dimensions:
Width: 16.50cm
, Height: 2.50cm
, Length: 24.10cm
Weight: 0.694kg
ISBN: 9780199573349
ISBN 10: 0199573344
Pages: 366
Publication Date: 13 August 2009
Audience:
College/higher education
,
Postgraduate, Research & Scholarly
Format: Hardback
Publisher's Status: Active
Availability: To order
Stock availability from the supplier is unknown. We will order it for you and ship this item to you once it is received by us.
Reviews
A timely contribution to the debate taking place in many developed countries on what pensions should be provided for employees working in the public sector. Bryn Davies, Journal of Aging and Society 2011
Author Information
Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, the Executive Director of the Pension Research Council, and the Director of the Boettner Center on Pensions and Retirement Research at the Wharton School. Concurrently Dr. Mitchell is a Research Associate at the National Bureau of Economic Research and a Co-Investigator for the AHEAD/Health and Retirement Studies at the University of Michigan. Gary Anderson is a consultant on public pension issues; previously he served as Executive Director of the Texas Municipal Retirement system which covers municipal employees and retirees for many Texas cities. He is also an Advisory Board member of Wharton's Pension Research Council, and he served with the National Association of State Retirement Administrators and the Government Finance Officers Association.
