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State and Local Public Pension Finances and Reform Proposals: Are Lump-Sum Payout Offerings a Solution?

Mark J. Warshawsky and Ross A. Marchand
The Journal of Retirement Fall 2016, 4 (2) 71-89; DOI: https://doi.org/10.3905/jor.2016.4.2.071
Mark J. Warshawsky
is a senior research fellow at the Mercatus Center at George Mason University in Washington, D.C.
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  • For correspondence: mwarshawsky@mercatus.gmu.edu
Ross A. Marchand
is a research analyst at the Mercatus Center at George Mason University in Washington, D.C.
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  • For correspondence: rmarcha2@gmu.edu
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Abstract

Some states and municipalities are in difficult financial straits. Many more have severely underfunded defined benefit pension plans for their past and current employees. At the intersection of these two sets, it is likely that the pension plans are not sustainable and cuts are inevitable, affecting even the benefits of current retirees. But in many of these states and municipalities, the courts have not allowed changes to the pension plan. Therefore, we propose that all government pension plan participants be given accurate information about the funded status of their pensions. Furthermore, we propose that, at the discretion of the plan sponsor, retirees and older workers be given the voluntary option to take their pensions as a lump sum, discounted according to the funded status of the plan.

TOPICS: Pension funds, legal/regulatory/public policy

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The Journal of Retirement: 4 (2)
The Journal of Retirement
Vol. 4, Issue 2
Fall 2016
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State and Local Public Pension Finances and Reform Proposals: Are Lump-Sum Payout Offerings a Solution?
Mark J. Warshawsky, Ross A. Marchand
The Journal of Retirement Oct 2016, 4 (2) 71-89; DOI: 10.3905/jor.2016.4.2.071

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State and Local Public Pension Finances and Reform Proposals: Are Lump-Sum Payout Offerings a Solution?
Mark J. Warshawsky, Ross A. Marchand
The Journal of Retirement Oct 2016, 4 (2) 71-89; DOI: 10.3905/jor.2016.4.2.071
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  • Article
    • Abstract
    • BACKGROUND ON STATE EMPLOYEE RETIREMENT PLANS
    • RECENT EVENTS AFFECTING GOVERNMENT PENSION PLANS
    • FINANCIAL CONDITIONS OF PENSION PLANS AND GOVERNMENT SPONSORS
    • ESTIMATING THE EXHAUSTION DATES OF STATE PENSION PLANS
    • OUR OWN ALTERNATIVE MEASURE OF PENSION FUNDING VIABILITY
    • QUANTIFICATION OF LEGAL RIGIDITY TO REFORM STATE PENSION PLANS
    • REFORM PROPOSALS FROM OTHER ANALYSTS
    • OUR REFORM PROPOSAL
    • IMPLEMENTATION OF OUR PROPOSAL
    • RESPONSES TO POSSIBLE CRITICISMS OF OUR PROPOSAL
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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