State Pension Plans

State Pension Plans
Author: United States. General Accounting Office
Publisher:
Total Pages: 160
Release: 1999
Genre: Civil service
ISBN:

State and Local Pensions

State and Local Pensions
Author: Alicia H. Munnell
Publisher: Rowman & Littlefield
Total Pages: 266
Release: 2012-08-27
Genre: Business & Economics
ISBN: 0815724136

In the wake of the financial crisis and Great Recession, the health of state and local pension plans has emerged as a front burner policy issue. Elected officials, academic experts, and the media alike have pointed to funding shortfalls with alarm, expressing concern that pension promises are unsustainable or will squeeze out other pressing government priorities. A few local governments have even filed for bankruptcy, with pensions cited as a major cause. Alicia H. Munnell draws on both her practical experience and her research to provide a broad perspective on the challenge of state and local pensions. She shows that the story is big and complicated and cannot be viewed through a narrow prism such as accounting methods or the role of unions. By examining the diversity of the public plan universe, Munnell debunks the notion that all plans are in trouble. In fact, she finds that while a few plans are basket cases, many are functioning reasonably well. Munnell's analysis concludes that the plans in serious trouble need a major overhaul. But even the relatively healthy plans face three challenges ahead: an excessive concentration of plan assets in equities; the risk that steep benefit cuts for new hires will harm workforce quality; and the constraints plans face in adjusting future benefits for current employees. Here, Munnell proposes solutions that preserve the main strengths of state and local pensions while promoting needed reforms.

The Oklahoma State Constitution

The Oklahoma State Constitution
Author: Danny M. Adkison
Publisher: Oxford University Press
Total Pages: 449
Release: 2020-09-30
Genre: Law
ISBN: 0197514839

In 1907, William Jennings Bryan described the proposed constitution for Oklahoma as "The best constitution in the United States today." An enduring characteristic of Oklahoma's constitution has been its faith in direct democracy and its root in Progressive Era politics. The Oklahoma State Constitution traces the historical formation and constitutional development of the state of Oklahoma. In it, Danny Adkison and Lisa McNair Palmer provide article-by-article commentary and analysis on the intent, politics, social and economic pressures, and legal decisions that shaped and enhanced the Oklahoma constitution since it was adopted in 1907. This commentary provides a broad understanding of state constitutional law within the context of Oklahoma's constitutional evolution. A bibliographic essay and list of cases offer sources for further study. The second edition further discusses amendments to the state constitution that range from a state law legalizing medical marijuana (which passed) to amending the state's constitution to allow optometrists to operate in Wal-Mart stores (which did not pass). The book features new and updated citations of court decisions and Attorney General opinions on the interpretation of constitutional provisions with the latest cases available. The Oxford Commentaries on the State Constitutions of the United States is an important series that reflects a renewed international interest in constitutional history and provides expert insight into each of the 50 state constitutions. Each volume in this innovative series contains a historical overview of the state's constitutional development, a section-by-section analysis of its current constitution, and a comprehensive guide to further research. Under the expert editorship of Professor Lawrence Friedman of New England Law School, Boson, this series provides essential reference tools for understanding state constitutional law. Books in the series can be purchased individually or as part of a complete set, giving readers unmatched access to these important political documents.

Retiree Health Plans in the Public Sector

Retiree Health Plans in the Public Sector
Author: Robert L. Clark
Publisher: Edward Elgar Publishing
Total Pages: 191
Release: 2010-01-01
Genre: Political Science
ISBN: 1849808139

While retiree health plans are a dying benefit in the private sector, all US states and many local governments extend health insurance coverage to their retired employees. This book is the first to thoroughly examine public sector health insurance plans. Retiree Health Plans in the Public Sector provides a detailed description of the current plans offered and compares how they vary across states. Health insurance is an important component of compensation in the public sector as it helps governments attract and retain quality workers and encourages timely retirement for career employees. Rapidly rising medical costs, an aging labor force, and an increasing number of retirees have dramatically increased the cost of providing this benefit. A central theme of this analysis is a presentation of the actuarial accrued liabilities, the unfunded liabilities and the annual required contribution of the employers based on the actuarial statements for retiree health plans. The authors alsoinvestigate why some states face major funding problems while the costs of other states? plans are much more manageable. Extensively researched and well-suited for classroom and professional use alike, academics in the fields of economics and public policy will find this an unmatched resource. So too will policymakers, economists, legislators, public sector union leaders and those invested in public sector healthcare.