U.S. Public Pension Handbook: A Comprehensive Guide for Trustees and Investment Staff

Author:   Von Hughes
Publisher:   McGraw-Hill Education
ISBN:  

9781260134766


Pages:   496
Publication Date:   27 September 2019
Format:   Hardback
Availability:   In stock   Availability explained
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U.S. Public Pension Handbook: A Comprehensive Guide for Trustees and Investment Staff


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Overview

From an expert in the field comes the first comprehensive guide to understanding the roles and responsibilities of U.S. pension trustees  Pension trustees are tasked with managing and protecting the finances of millions of public employees. It’s an enormous and often daunting responsibility. U.S. Public Pension Trustee Handbook is the first practical guide to educate trustees about the role and responsibilities of their positions. Leading pension expert Von M. Hughes provides a comprehensive examination of structure and common features of public pensions, the current pension landscape, and public pension plan governance.  The book equips trustees with the knowledge they need to successfully manage and administrate assets for the benefit of employees. There’s important information about the history of US. pensions, topics under current public pension debate, prudent investor rule and trustee delegation, and guidance on how to avoid lawsuits. The book also includes invaluable metrics to help trustees assess the adequacy of the size of internal staffs and resources. U.S. Public Pension Trustee Handbook is an essential resource for new and existing trustees looking to better understand their responsibilities, and an invaluable tool for all pension professionals interested to know more about governance and management of one of the largest pools of assets in the U.S. 

Full Product Details

Author:   Von Hughes
Publisher:   McGraw-Hill Education
Imprint:   McGraw-Hill Education
Weight:   0.708kg
ISBN:  

9781260134766


ISBN 10:   1260134768
Pages:   496
Publication Date:   27 September 2019
Audience:   General/trade ,  General
Format:   Hardback
Publisher's Status:   Active
Availability:   In stock   Availability explained
We have confirmation that this item is in stock with the supplier. It will be ordered in for you and dispatched immediately.

Table of Contents

Foreword Introduction PART I Introduction and Current Marketplace 1 History of Public Pensions 3 Introduction Early Pension Development Public Pension Development Early Twentieth-Century Development Late Twentieth-Century Development Chapter Notes 2 Public Pension Marketplace 21 Introduction Global Retirement Market Global Pension Trends Population Aging Global Regulatory Environment U.S. Retirement Market U.S. Public Pension Market Members and Beneficiaries Pension Coverage and Type Public Pension Revenue Public Pension Expenditures U.S. Public Pension Trends Public Pension Funding Addressing the Funding Gap Design Shift Chapter Notes PART II Pension Plan Design 3 Defined Benefit Model Introduction Public Pension Designs Defined Benefit Plan Design Regular Service-Related Benefits Normal Service Benefit Early Retirement Benefits Postemployment Benefit Adjustments Service Credits Ancillary Pension Benefits Healthcare Benefits Disability and Death Benefits Deferred Retirement Option Plan Pension Benefit Adequacy Replacement Ratio Social Security Coverage State Tax Liability Chapter Notes 4 Actuarial Valuation Concepts Introduction Actuarial Valuation Demographic Assumptions Economic Assumptions Actuarial Cost Methods Cost Method Classifications Actuarial Cost Methods Impact of GASB Changes Chapter Notes 5 Beyond Defined Benefit Introduction Defined Contribution Plans DC Plan Types FM.indd 6 6/26/2019 2:04:21 PM DC Plan Services DC Investment Options and Services Comparison of DB and DC Plans Persistence of the DB Design Disadvantages of Defined Benefit Advantages of Defined Contribution Disadvantages of Defined Contribution Pension Design Risk: DB vs. DC Hybrid Plan Designs Side-by-Side (or DB+DC) Cash Balance Plan Alternative Hybrid Designs Chapter Notes PART III Investment Policy and Implementation 6 Investment Policy Introduction Investment Policy Statement Statement of Goal, Purpose, or Mission Identification of Decision-Maker(s) Statement on Managing Risk of Overall Portfolio Performance Measurement and Evaluation Legal Standards Chapter Notes 7 Asset Allocation Policy Introduction Why Asset Allocation Policy Matters How Asset Allocation Policy Is Set Peer Comparison Mean Variance Optimization (MVO) Determining Eligible Asset Classes Establishing Capital Market Assumptions Finding an Efficient Frontier Choosing an Optimal Asset Allocation Asset Liability Management (ALM) Chapter Notes 8 Public Pension Portfolio Introduction Asset Allocation Data Asset Allocation Trends Equities Fixed Income Alternative Assets Private Equity Hedge Funds Real Estate and Infrastructure Environmental, Social, and Governance Increasing Overall Portfolio Risk Chapter Notes 9 Public Pension Performance Introduction Public Pension Performance Performance Attribution Performance Variation Asset Class Performance Characteristics Performance Benchmarks Performance vs. Benchmark Chapter Notes 10 Public Pension Contributions Introduction Contributions as Pension Revenue Contribution Funding Policy Annual Required Contribution Managing Contribution Volatility Funding Policy Best Practices Employer Contribution Indices Employee Contributions DC Contributions Chapter Notes PART IV Plan Governance 11 Governance Structure Introduction Legislative Oversight Common Governance Structures Governing Fiduciaries: Trustees Board Composition Core Competencies and Education Financial Expertise Diversity (Race and Gender) Committee Structure U.S. Sovereign Wealth Funds Chapter Notes 12 Why Governance Matters Introduction Impact on Performance Impact on Asset Allocation Impact on Funding What Fiduciaries Think Chapter Notes Appendix: Sample “Best Practices” NCPERS Best Practices GFOA Best Practices Clapman Report 13 Fiduciary Responsibility 311 Introduction ERISA Exemption and Relevance Duties of a Fiduciary Duty of Prudence Duty of Loyalty Duty of Impartiality Duty with Respect to Delegation Duty with Respect to Co-Trustees Duty to Furnish Information to Beneficiaries Duty to Segregate and Identify Trust Property Trustee Liability Chapter Notes 14 Public Pension Staff Introduction Pension Staff Overview Pension Staff Studies Passive vs. Active Management Internal vs. External Management Compensation Pension Consultants External Managers Investment Policy Manager Selection Criteria Research on Manager Selection Chapter Notes 15 Delegation and Pension Evolution Introduction Prudent Investor Rule Delegation Redefined Five Parameters of Prudent Delegation Public Pension Evolution Chapter Notes 16 Federal Pension System Introduction Federal Civilian Employees Civil Service Retirement Disability Fund Eligibility Federal Retirement Benefits The Thrift Savings Plan Military Personnel Military Retirement Fund Eligibility Active Retiree Benefits Reservist Benefits Disability Retirement Ancillary Military Benefits Chapter Notes Endnotes   Index

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Author Information

Von M. Hughes is Partner and Managing Director, and Head of Strategic Advisory at PAAMCO, an investment firm headquartered in Irvine, California with offices in London and Singapore. The firm’s clients include large public as well as private pension plans. Hughes is a frequent speaker on topics of hedge fund structure and public pension governance and has written articles for the Harvard Law Review, The Hedge Fund law report, and other publications.

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