Business Faculty Publications

Title

New Strategies and Techniques to Preserve Resources of State and Local Government Retirement Funds -The Role of the AGA and CGFM’s as New Fed Recalculation Doubles the Pension Deficit

Document Type

Article

Publication Date

4-30-2019

Publication Title

Journal of Government Financial Management

Disciplines

Accounting | Business

Abstract

Defined benefit pension plans have existed for more than 150 years in the public sector, but their future is now threatened. Pension underfunding, occurring for decades,
has reached a crisis point. State and local governments are beginning to shift away from plans that provide a fixed annual benefit amount for the life of the retiree, toward 401(k)-style defined contribution plans, following the lead of the private sector. These moves are causing significant consequences for more than 20 million individuals already participating in some 4,000 state and local government
defined benefit pension plans.

Volume

68

Issue

1

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