Public Pension Underfunding
Accounting | Business
Long a staple benefit for state and local government employees, defined benefit pension plans guarantee a fixed retirement benefit to the employee for life (and often extending to a spouse after the employee's death). These types of plans have frequently been part of the attraction of government jobs in the United States, helping them compete with corporate and business positions that typically offer defined contribution plans, such as 401(k) plans.
Foltin, Craig L.; Flesher, Dale; Previts, Gary; and Stone, Mary, "Public Pension Underfunding" (2018). Business Faculty Publications. 299.