Description
Book SynopsisThis book provides an in-depth explanation of public pension plan management and the decision-making processes surrounding pension policies within state and local governments in the United States. It addresses the intricate balance between securing retirement benefits for public employees and ensuring the fiscal sustainability of pension systems and their sponsoring governments. The book begins with an introduction to the purpose and significance of public pension systems, establishing a foundation for understanding key pension decisions. Using a logic model framework, the authors assess how environmental factors, stakeholders, and legal constraints shape decisions in pension management. The book identifies five core goals for public pension managementâbenefit sufficiency, cost affordability, funding sustainability, asset management efficiency, and governance qualityâemphasizing the interdependencies among these objectives.
Detailed chapters cover investment policies, actuaria
