Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
Hostname: page-component-cd9895bd7-jn8rn Total loading time: 0 Render date: 2024-12-25T04:55:12.610Z Has data issue: false hasContentIssue false
Series:   Elements in Austrian Economics

The Political Economy of Public Pensions

Published online by Cambridge University Press:  29 July 2021

Eileen Norcross  and
Daniel J. Smith
Eileen Norcross
Affiliation:
George Mason University, Virginia
Daniel J. Smith
Affiliation:
Middle Tennessee State University

Summary

Public pensions in the United States face an impending funding crisis in the wake of the financial crisis and the COVID-19 recession. Many cities and states will struggle to meet these growing obligations without major cuts in government services, reneging on pension promises, or raising taxes. This Element examines the development of the pension crisis through the lens of political economy. We analyze the knowledge and incentive problems inherent in the institutional structure, governance, and accounting of public pensions. We conclude by offering several institutional, governance, and reporting reforms to address the pension funding crisis.
Get access

Keywords

public pensionsfiscal illusionAustrian economicspublic choice
Type
Element
Information
Series: Elements in Austrian Economics
Online ISBN: 9781009019965
Publisher: Cambridge University Press
Print publication: 02 September 2021

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Actuarial Standards Board (2009). Actuarial Standards of Practice No. 44: Selection and Use of Asset Valuation Methods for Pension Valuations. www.actuarialstandardsboard.org/asops/selection-use-asset-valuation-methods-pension-valuations/.Google Scholar
Actuarial Standards Board (2013a). Actuarial Standards of Practice No. 1: Introductory Standards of Actuarial Practice. www.actuarialstandardsboard.org/asops/introductoryactuarialstandardpractice/.Google Scholar
Actuarial Standards Board (2013b). Actuarial Standards of Practice No. 4: Measuring Pension Obligations and Determining Pension Plan Costs and Contributions. www.actuarialstandardsboard.org/asops/measuring-pension-obligations-determining-pension-plan-costs-contributions/.Google Scholar
Actuarial Standards Board (2017). Actuarial Standards of Practice No. 51: Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Public Pension Contributions. www.actuarialstandardsboard.org/asops/assessment-disclosure-risk-associated-measuring-pension-obligations-determining-pension-plan-contributions–3/.Google Scholar
Actuarial Standards Board (2020). Actuarial Standards of Practice No. 27: Selection of Economic Assumptions for Measuring Pension Obligations. www.actuarialstandardsboard.org/asops/selection-of-economic-assumptions-for-measuring-pension-obligations-effective-august-1-2021/.Google Scholar
Akerlof, George A. (1970). “The Market for “Lemons”: Quality Uncertainty and the Market Mechanism,” The Quarterly Journal of Economics 84(3): 488–500.Google Scholar
Al-Bawwab, Rania and Smith, Daniel J. (2020). “Breaking Bad: Public Pensions and the Loss of that Old-Time Fiscal Religion,” The Independent Review: A Journal of Political Economy 25(1).Google Scholar
Allen, Abigail and Petacchi, Reining (2015). “Public Pension Accounting Reform: Preparer Incentives and User Interest,” Harvard Business School Accounting & Management Unit Working Paper 15–043. www.hks.harvard.edu/centers/mrcbg/programs/growthpolicy/public-pension-accounting-reform-preparer-incentives-and-user.Google Scholar
American Academy of Actuaries (2012). “The 80% Pension Funding Standard Myth,” Issue Brief (July). www.actuary.org/sites/default/files/files/80_Percent_Funding_IB_071912.pdf.Google Scholar
Anantharaman, Divya and Chuk, Elizabeth (2020). “The Impact of Governmental Accounting Standards on Public Sector Pension Funding,” SSRN Working Paper. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2533492.Google Scholar
Andonov, Aleksander (2014). “Pension Fund Asset Allocation Performance,” a thesis submitted for the Degree of Doctor of Philosophy at Maastricht University, May 21, 2014.Google Scholar
Andonov, Aleksander, Bauer, Rob M. M. J., and Kremers, K. J. Martin (2017). “Pension Fund Asset Allocation and Fund Discount Rates,” Review of Financial Studies 30(9): 2555–2595.Google Scholar
Andonov, Aleksandar, Hochberg, Yael V., and Rauh, Joshua D. (2018). “Political Representation and Governance: Evidence from Investment Decisions of Public Pension Funds,” The Journal of Finance 73(5): 2041–2086.Google Scholar
Anenson, T. Leigh (2016). “Public Public Pensions and Fiduciary Law: A View From Equity,” University of Michigan Journal of Law Reform 50: 251–290.Google Scholar
Anzalone, Joe and Clark, Michael (2019). “The End of Interest Rate Relief is Coming,” Pension&Investments. June 3rd. www.pionline.com/article/20190603/ONLINE/190609999/commentary-the-end-of-interest-rate-relief-is-coming.Google Scholar
Anzia, Sarah F. and Moe, Terry M. (2015). “Public Sector Unions and the Costs of Government,” The Journal of Politics 77(1): 144–127.Google Scholar
Anzia, Sarah F. and Moe, Terry M. (2017). “Polarization and Policy: The Politics of Public- Sector Pensions,” Legislative Studies Quarterly 42(1): 33–62.Google Scholar
Anzia, Sarah F. and Moe, Terry M. (2019). “Interest Groups on the Inside: The Governance of Public Pension Funds,” Perspectives on Politics 17(4): 1059–1078.CrossRefGoogle Scholar
Artzner, Philippe, Delbaen, Freddy, Eber, Jean-Marc, and Heath, David (1999). “Coherent Measures of Risk,” Mathematical Finance 9(3): 203–228.CrossRefGoogle Scholar
Asness, Clifford S. (2012). “An Old Friend: The Stock Market’s Shiller P/E,” AQR: Capital Management.Google Scholar
Aubry, Jean-Pierre, Chen, Anqi, Hubbard, Patrick M., and Munnell, Alicia H. (2020). “ESG Investing and Public Pensions: An Update,” Center for Retirement Research at Boston College State and Local Pension Plans, No. 74 (October). https://crr.bc.edu/wp-content/uploads/2020/10/SLP74.pdf.Google Scholar
Aubry, Jean-Pierre and Crawford, Caroline V. (2017). “State and Local Pension Reform Since The Financial Crisis,” Center for Retirement Research at Boston College, 54: 1–10.Google Scholar
Bader, Lawrence N. and Gold, Jeremy (2003). “Reinventing Pension Actuarial Science,” Pension Forum Book 14(2): 1–39.Google Scholar
Bagchi, Sutirtha (2019). “The Effects of Political Competition on the Generosity of Public- Sector Pension Plans,” Journal of Economic Behavior and Organization 164: 439–468.Google Scholar
Bahl, Roy W. and Jump, Bernard (1974). “The Budgetary Implications of Rising Employee Retirements System Costs,” National Tax Journal 27(3): 479–490.Google Scholar
Bartram, Söhnke M. (2018). “In Good Times and in Bad: Defined-Benefit Pensions and Corporate Financial Policy,” Journal of Corporate Finance 48: 331–351.CrossRefGoogle Scholar
Bean, Charles, Broda, Christian, Ito, Takatoshi, and Kroszner, Randall (2015). “Low for Long? Causes and Consequences of Persistently Low Interest Rates,” Geneva Reports on the World Economy, International Center for Monetary and Banking Studies 17.Google Scholar
Beermann, Jack M. (2013). “The Public Pension Crisis,” Washington and Lee Law Review 7(1): 1–94.Google Scholar
Begenau, Juliane and Siriwardane, Emil (2020). “How Do Private Equity Fees Vary Across Public Pensions?” Harvard Business School Working Paper, No. 20–073. www.hbs.edu/faculty/Pages/item.aspx?num=57534.Google Scholar
Biggs, Andrew (2016). “Are There Transition Costs to Closing a Public-Employee Retirement Plan?” Mercatus Research, Mercatus Center at George Mason University, Arlington, VA, August 2016.Google Scholar
Biggs, Andrew (2018). “Public Sector Pensions Assume Record-High Investment Returns,” Forbes. December 4th. www.forbes.com/sites/andrewbiggs/2018/12/04/public-sector-pensions-assume-record-high-investment-returns/#e3c88406ec5c.Google Scholar
Biggs, Andrew and Norcross, Eileen (2020). “Public Sector Pensions and the COVID-19 Shock,” Mercatus Center at George Mason University Policy Brief: Special Edition. www.mercatus.org/publications/covid-19-crisis-response/public-sector-pensions-and-covid-19-shock#:~:text=The%20COVID%2D19%20pandemic%20was,localities%20can%20ill%20afford%20it.Google Scholar
Bleakney, Thomas P. (1973). “Problems and Issues in Public Employee Retirement Systems,” The Journal of Risk and Insurance 40(1): 39–46.Google Scholar
Board of Governors of the Federal Reserve System (US), 10-Year Treasury Constant Maturity Rate [GS10], retrieved from FRED, Federal Reserve Bank of St. Louis. https://fred.stlouisfed.org/series/GS10.Google Scholar
Boettke, Peter J., Coyne, Christopher, Lesson, Peter T., and Sautet, Frederic (2005). “The New Comparative Political Economy,” Review of Austrian Economics 18(3/4): 281–304.Google Scholar
Boettke, Peter J. and Leeson, Peter T. (2004). “Liberalism, Socialism, and Robust Political Economy,” Journal of Markets and Morality 7(1): 99–111.Google Scholar
Boettke, Peter J., Salter, Alexander W., and Smith, Daniel J. (2021). Money and the Rule of Law. Cambridge University Press.Google Scholar
Boettke, Peter J. and Smith, Daniel J. (2010). “Private Solutions to Public Disasters: Self-Reliance and Social Resilience.” In Kern, William (ed.), Private Solutions to PublicDisasters: Self-Reliance and Social Resilience. Western Michigan University Press, pp.87–102.Google Scholar
BosnallIV, Samuel B., Comprix, Joseph, Muller, Karl A. III (2019). “State Pension Accounting Estimates and Strong Public Unions,” Contemporary Accounting Research 36(3): 1299–1336.Google Scholar
Boyd, Donald J. and Yin, Yimeng (2016). “Public Pension Funding Practices,” Pension Simulation Project, Rockefeller Institute of Government at State University of New York.Google Scholar
Bradford, Hazel (2019). “Public Plans Surf Wave of Reforms in Aftermath of Crisis.” Pensions & Investments, February 18th. www.pionline.com/article/20190218/PRINT/190219876/public-plans-surf-wave-of-reforms-in-aftermath-of-crisis.Google Scholar
Bradley, Daniel, Pantzalis, Christos, and Yuan, Xiaojing (2016). “The Influence of Political Bias in State Pension Funds,” Journal of Financial Economics 119(1): 69–91.Google Scholar
Brennan, Jason (2016). Against Democracy. Princeton University Press.Google Scholar
Brennan, Jason (2011). The Ethics of Voting. Princeton University Press.Google Scholar
Bronner, David (2015). “Johnson Center a Poor Steward of Facts Where RSA Concerned,” AL.com. July 31st. www.al.com/opinion/2015/07/johnson_center_a_poor_steward.html.Google Scholar
Brown, Jeffrey R. and Pennacchi, George G. (2016). “Discounting Pension Liabilities: Funding vs. Value,” Journal of Pension and Economic Finance 15(3): 254–284.CrossRefGoogle Scholar
Brown, Jeffrey R., Pollett, Joshua M., and Weisbenner, Scott J. (2015). “The In-State Equity Bias of State Pension Plans,” NBER Working Paper No. 21020.Google Scholar
Brown, Jeffrey R. and Wilcox, David W (2009). “Discounting State and Local Pension Liabilities,” American Economic Review 99(2): 538–42.CrossRefGoogle Scholar
Brull, Stephen (2009). “Pension U Turn,” Institutional Investor, February 12th. www.institutionalinvestor.com/article/b150q9p95qfpy1/pension-u-turn.Google Scholar
Buchanan, James M. (1949). “The Pure Theory of Government Finance: A Suggested Approach,” Journal of Political Economy 56(6): 496–505.Google Scholar
Buchanan, James M. (1960[2001]). ““La Scienz Della Finanze”: The Italian Tradition in Fiscal Theory.” In Externalities and Public Expenditure Theory, Volume 15 of The Collected Works of James M. Buchanan. Liberty Fund Inc., pp. 59–105.Google Scholar
Buchanan, James M. and Wagner, Richard E. (1977[2000]). Democracy in Deficit. Liberty Fund Inc.Google Scholar
Cachanosky, Nicolas, Cutsinger, Bryan, Hogan, Thomas L., Luther, William J., and Salter, Alexander William (2020). “The Federal Reserve’s Response to the COVID-19 Contraction: An Initial Appraisal,” AIER Sound Money Project Working Paper No. 2021–01. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3726345.Google Scholar
Canary, Leura G. (2015). Retirement Systems of Alabama Public Presentation to the Joint Committee on Alabama Public Pensions. October 5th. Montgomery, Alabama.Google Scholar
Caplan, Bryan (2007). The Myth of the Rational Voter. Princeton University Press.Google Scholar
Chan, Albert P. C. and Owusu, Emmanuel Kingsford (2017). “Corruption Forms in the Construction Industry: Literature Review,” Journal of Construction Engineering and Management, 143(8): 04017057.Google Scholar
Chen, Gang (2018). “Understanding the Decisions in State Pension Systems: A System Framework,” The American Review of Public Administration 48(3): 260–273.Google Scholar
Chaney, Barbara A., Copley, Paul A., and Stone, Mary S. (2002). “The Effect of Fiscal Stress and Balanced Budget Requirements on the Funding and Measurement of State Pension Obligations,” Journal of Accounting and Public Policy 21(4&5): 287–313.Google Scholar
Clark, Gordon L., Caerlewy-Smith, Emiko and Marshall, John C. (2006). “Pension Fund Trustee Competence: Decision Making in Problems Relevant to Investment Practice,” Journal of Pension Economics and Finance 5(1): 91–110.Google Scholar
Clark, Gordon L. and Hebb, Tessa (2004). “Pension Fund Corporate Engagement: The Fifth Stage of Capitalism,” Industrial Relations 59(1): 142–171.Google Scholar
Coggburn, Jerrell D. and Kearney, Richard C. (2010). “Trouble Keeping Promises? An Analysis of Underfunding in State Retiree Benefits,” Public Administration Review 70(1): 97–108.Google Scholar
CoffeeJr., John C. (1991). “Liquidity versus Control: The Institutional Investor as Corporate Monitor,” Columbia Law Review 91(6): 1277–1368.Google Scholar
Coggburn, Jerrell, D. and Reddick, Christopher G. (2007). “Public Pension Management: Issues and Trends,” International Journal of Public Administration 30(10): 995–1020.Google Scholar
Coronado, Julia L., Engen, Eric M., and Knight, Brian (2003). “Public Funds and Private Capital Markets: The Investment Practices and Performance of State and Local Pension Funds,” National Tax Journal LVI(3): 579–594.Google Scholar
Coronado, Julia L., Mitchell, Olivia S., Sharpe, Steven A., and Nesbitt, S. Blake (2008). “Footnotes Aren’t Enough: The Impact of Pension Accounting on Stock Values,” Journal of Pension Economics and Finance 7(3): 257–276.Google Scholar
Costrell, Robert M. (2012a). “‘GASB Won’t Let Me’ – A false Objection to Public Pension Reform,” Pensions & Investments. Laura and John Arnold Foundation Policy Perspective. https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.707.5183&rep=rep1&type=pdf.Google Scholar
Costrell, Robert M. (2012b). Memo to Mr. Thomas J. Cavanaugh and Dr. Brent A. Banister. June 20th. www.uaedreform.org/wp-content/uploads/2000/01/Costrell-reply-to-Cavanaugh-MacDonald.pdf.Google Scholar
Costrell, Robert M. (2018). “Cross-Subsidization of Teacher Pension Benefits: The Impact of the Discount Rate,” Journal of Pension Economics and Finance 19(2): 147–1622.CrossRefGoogle Scholar
Da Empoli, Domenico (2002). “The Theory of Fiscal Illusion in a Constitutional Perspective,” Public Finance Review 30(5): 377–384.Google Scholar
DeAngelis, Corey A. (2018). “Police Choice: Feasible Policy Options for a Safer and Freer Society,” Libertarian Papers 10(2): 179–206.Google Scholar
Dell’Anno, Roberto and Mourão, Paulo (2012). “Fiscal Illusion Around the World: An Analysis Using the Structural Equation Approach,” Public Finance Review 40(2): 1–30.Google Scholar
DiSalvo, Daniel (2018). The Politics of Public Pension Boards. Manhatten Institute.Google Scholar
Dobra, Matt and Lubich, Bruce H. (2013). “Public Pension Governance and Asset Allocation,” JCC: The Business and Economics Research Journal 6(1): 83–101.Google Scholar
Dollery, Brian E. and Worthington, Andrew C. (1996). “The Empirical Analysis of Fiscal Illusion,” Journal of Economic Surveys 10(3): 261–297.Google Scholar
Dove, John A., Collins, Courtney A., and Smith, Daniel J. (2018). “The Impact of Public Pension Board of Trustee Composition on State Bond Ratings,” Economics of Governance 19: 51–73.Google Scholar
Dove, John A. and Smith, Daniel J. (2016). “Alabama at the Cross-Roads.” Mercatus Center at George Mason University. www.mercatus.org/system/files/Dove-Alabama-v3.pdf.Google Scholar
Downs, Anthony (1960). “Why the Government Budget Is Too Small in a Democracy,” World Politics, July.Google Scholar
Dreyfuss, Richard C. (2011). “Estimated Savings from Michigan’s 1997 State Employees Pension Plan Reform,” Policy Brief, Mackinac Center for Public Policy. June 23rd. www.mackinac.org/archives/2011/2011-03PensionFINALweb.pdf.Google Scholar
Durant, Dominique, Lenze, David, and Reinsdorf, Marshall B. (2014). “Adding Actuarial Estimates of Defined-Benefit Pension Plans to National Accounts.” In Hulten, Charles R. and Reinsdorf, Marshall B. (eds.), Measuring Wealth and Financial Intermediation and Their Links to the Real Economy. National Bureau of Economic Research, Inc., pp. 151–203.Google Scholar
Dyck, Alexander, Manoel, Paulo Martins, and Morse, Adair (2019). Working Paper. http://faculty.haas.berkeley.edu/morse/research/papers/DyckMorseManoel.pdf.Google Scholar
Easterday, Kathryn E. and Eaton, Tim V. (2012). “Double (Accounting) Standards: A Comparison of Public and Private Sector Defined Benefit Pension Plans,” Journal of Public Budgeting, Accounting & Financial Management 24(2): 278–312Google Scholar
Eaton, Tim V. and Nofsinger, John R. (2004). “The Effects of Financial Constraints and Political Pressure on the Management of Public Pension Funds,” Journal of Accounting and Public Policy 23(2): 161–189.Google Scholar
Epple, Dennis and Schipper, Katherine (1981). “Municipal Pension Funding: A Theory and Some Evidence,” Public Choice 37: 141–178.Google Scholar
Epstein, Gerald and Carrick-Hagenbarth, Jessica (2011). “Avoiding Group Think and Conflicts of Interest: Widening the Circle of Central Bank Advice,” Central Banking Journal.Google Scholar
Eusepi, Giuseppe and Wagner, Richard E. (2017). Public Debt: An Illusion of Democratic Political Economy. Edward Elgar Publishing.Google Scholar
EveryCRSReport.com (2020). “Single-Employer Defined Benefit Pension Plans: Funding Relief and Modifications to Funding Rules.” www.everycrsreport.com/reports/R46366.html#_Toc40885553.Google Scholar
Exley, C. J., Mehta, S. J. B., and Smith, A. D. (1997). “The Financial Theory of Defined Benefit Pension Schemes,” British Actuarial Journal 3(4): 835–966.Google Scholar
Fabo, Brian, Jančoková, Martina, Kempf, Elisabeth, and Pástor, Ľuboš (2020). “Fifty Shades of QE: Conflicts of Interest in Economic Research,” NBER Working Paper No. 27849.Google Scholar
Farrell, James and Shoag, Daniel (2016). “Risky Choices: Stimulating Public Pension Funding Stress with Realistic Shocks,” Harvard Kennedy School Working Paper Series RWP16-053. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2887672.Google Scholar
Financial Accounting Standards Board (FASB) 1980a. Accounting and Reporting by Defined Benefit Plans. SFAS No. 35. Norwalk, CT: FASBGoogle Scholar
Fink, Alexander and Wagner, Richard E. (2013). “Political Entrepreneurship and the Formation of Special Districts,” European Journal of Law and Economics 35: 427–439.Google Scholar
Fisk, Catherine L. and Richardson, Song (2017). “Police Unions,” George Washington Law Review 84: 712–799.Google Scholar
Flesher, Dale L., Foltin, Craig, Previts, Gary John, and Stone, Mary S. (2019). “A Comprehensive Review of the Evolution of Accounting Standards for State and Local Government Pensions and Other Postemployment Benefits in the United States,” Accounting Historians Journal 46(1): 57–77.Google Scholar
Follett, Tatiana, Noah Harrison, and Anna Petrini (2021). “Public Pension Stress Testing in the States,” National Conference of State Legislatures. https://www.ncsl.org/research/fiscal-policy/public-pension-stress-testing.aspx.Google Scholar
Foltin, Craig, Flesher, Dale L., Previts, Gary J., and Stone, Mary S. (2017). “State and Local Government Pensions at the Crossroads: Updated Accounting Standards Highlight the Challenges,” The CPA Journal 87(4): 42–51.Google Scholar
Forman, Jonathan Barry (2009). “Funding Public Pension Plans,” John Marshall Law Review 42(4): 837–878.Google Scholar
Fornero, Elsa and Prete, Anna Lo (2019). “Voting in the Aftermath of a Pension Reform: The Role of Financial Literacy,” Journal of Pension Economics & Finance 18(1): 1–30.CrossRefGoogle Scholar
Fornia, William, Angelo, Paul, Dziubek, Randy, and Tauzer, Todd (2019). “Decision-Useful Risk Measures for Public Pensions,” In the Public Interest, 19: 6–22.Google Scholar
Galbraith, John K. (1958). The Affluent Society. Houghton-Mifflin.Google Scholar
Garon, Jean-Denis. 2015. “The Commitment Value of Prefunded Pensions,” CESifo Working Paper Series NO. 5658. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2719466.Google Scholar
Gjerstad, Steven D. and Smith, Vernon L. (2014). Rethinking Housing Bubbles. Cambridge University Press.Google Scholar
Giertz, J. Fred and Papke, Leslie E. (2007). “Public Pension Plans: Myths and Realities for State Budgets,” National Tax Journal 60(2): 305–23.Google Scholar
Gilroy, Leonard (2014). “Pioneering State-Level Pension Reform in Michigan,” Reason Foundation. February 21st. https://reason.org/commentary/pension-reform-michigan/.Google Scholar
Grant, C. Terry, Grant, Gerry H., and Ortega, William R. (2007). “FASB’s Quick Fix for Pension Accounting Is Only First Step,” Financial Analysts Journal 63(2): 21–35.Google Scholar
Greve, Michael S. (2015). Federalism and the Constitution. Mercatus Center at George Mason University. www.mercatus.org/system/files/Greve-web-6-3-15.pdf.Google Scholar
Gribbin, D. J. (2019). “Why Is Federal Infrastructure Policy So Difficult?” Brookings Institute, The Avenue. February 28th. www.brookings.edu/blog/the-avenue/2019/02/28/why-is-federal-infrastructure-policy-so-difficult/.Google Scholar
Gold, Jeremy (2003). “Risk Transfer in Public Pensions.” In Mitchell, Olivia S. and Smetters, Kent (eds.), The Pension Challenge: Risk Transfers and Retirement Income Security. Oxford University Press, pp. 102–115.Google Scholar
Gold, Jeremy (2016). “Public Pension Crisis: Role of the Actuarial Profession,” In the Public Interest 12: 15–19.Google Scholar
Gorina, Evgenia (2018). “City Revenue Structure and Unfunded Pension Liabilities,” State and Local Government Review 50(3): 189–202.Google Scholar
Gordon, Tim and Jarvis, Stuart (2003). “Financial Economics and Pension Actuaries: The UK Experience,” presented at “The Great Controversy: Current Pension Actuarial Practice In Light of Financial Economics Symposium,” Vancouver, Society of Actuaries. www.soa.org/globalassets/assets/Library/Monographs/Retirement-Systems/The-Great-Controversy/2004/June/m-rs04-1-17.pdf.Google Scholar
Governmental Accounting Standards Board (1994a). Statement No. 25: Financial Report for Defined Benefit Pension Plans and Notes and Note Disclosures for Defined Contribution Plans. www.gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176160029908&acceptedDisclaimer=true.Google Scholar
Governmental Accounting Standards Board (1994b). Statement No. 27: Accounting for Pensions by State and Local Government Employers. www.gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176160029312&acceptedDisclaimer=true.Google Scholar
Governmental Accounting Standards Board (2012a). Statement No. 67: Financial Reporting for Pension Plans. www.gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176160220594&acceptedDisclaimer=true.Google Scholar
Governmental Accounting Standards Board (2012b). Statement No. 68: Accounting and Financial Reporting For Pension Plans. www.gasb.org/jsp/GASB/Document_C/DocumentPage?cid=1176160220621&acceptedDisclaimer=true.Google Scholar
Hall, Adren and Hovey, Hal (1980). “State and Local Government Retirement Systems: Problems and Prospects,” National Tax Journal 33(3): 371–380.Google Scholar
Hall, Robert E. (2017). “Low Interest Rates: Causes and Consequences,” International Journal of Central Banking 50 (September): 103–117.Google Scholar
Hess, David (2005). “Protecting and Politicizing Public Pension Fund Assets: Empirical Evidence on the Effects of Governance Structures and Practices,” University of California Davis Law Review 39: 187–224.Google Scholar
Hess, David and Impavido, Gregorio (2004). “Governance of Public Pension Funds: Lessons from Corporate Governance and International Evidence.” In Musalem, Alberto R. and Palacios, Robert J. (eds.), Public Pension Fund Management, World Bank, pp. 49–89.Google Scholar
Hess, Frederick M. and Squire, Juliet P. (2010). ““But the Pension Fund Was Just SITTING There … ”: The Politics of Teacher Retirement Plans,” Education Finance and Policy 5(4): 587–616.Google Scholar
Higgs, Robert (1987). Crisis and Leviathan. Oxford University Press.Google Scholar
Himick, Darlene and Brivot, Mario (2018). “Carries of Ideas in Accounting Standard-Setting and Financialization: The Role of Epistemic Communities,” Accounting, Organizations and Society 66(c): 29–44.Google Scholar
Himick, Darlene, Brivot, Marion and Henri, Jean-Francois (2016). “An Ethical Perspective On Accounting Standards Setting: Professional and Lay-Experts Contribution to GASB’s Pension Project,” Critical Perspectives in Accounting 36: 22–38.Google Scholar
Hochberg, Yael V. and Rauh, Joshua D. (2013). “Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments,” Review of Financial Studies 26(2): 403–451.Google Scholar
Hoepner, Andreas and Schopohl, Lisa (2019). “State Pension Funds and Corporate Social Responsibility: Do Beneficiaries’ Political Values Influence Funds’ Investment Decisions?” Journal of Business Ethics 165: 489–516.Google Scholar
Hohman, James (2018). “Michigan Catching up on its State Employee Pension Debt,” Mackinac Center blog, August 1st. www.mackinac.org/michigan-catching-up-on-state-employee-pension-debt.Google Scholar
Holcombe, Randall G. (2002). “Political Entrepreneurship and the Democratic Allocation of Economic Resources,” The Review of Austrian Economics 15: 143–159.Google Scholar
IGM Forum (2012). “U.S. State Budgets.” Chicago Booth. www.igmchicago.org/surveys/u-sstate-budgets.Google Scholar
Illinois State Actuary Report (2018), “The Actuarial Assumptions and Valuations of the State-Funded Retirement Systems,” December 2018. www.auditor.illinois.gov/Audit-Reports/Performance-Special-Multi/State-Actuary-Reports/2018-State-Actuary-Rpt-Full.pdf.Google Scholar
Inman, Robert P. (1981). “‘Municipal Pension Funding: A Theory and Some Evidence’ by Dennis Epple and Katerine Schipper: A Comment,” Public Choice 37(1): 179–187.Google Scholar
Inman, Robert P. (1982). “Public Employee Pensions and the Local Labor Budget,” Journal of Public Economics 19: 49–71.Google Scholar
Ivashina, Victoria and Lerner, Josh (2018). “Looking for Alternatives: Pension Investments around the World, 2008 to 2017,” Working Paper. www.hks.harvard.edu/centers/mrcbg/programs/growthpolicy/looking-alternatives-pension-investments-around-world–2008–2017.Google Scholar
Johnson, Richard W. (1997). “Pension Underfunding and Liberal Retirement Benefits Among State and Local Government Workers,” National Tax Journal 50(1): 113–42.Google Scholar
Kaspar, Daniel J. (2011). “Defined Benefits, Undefined Costs: Moving Towards a More Transparent Accounting of State Public Employee Pension Plans,” William & Mary Policy Review 3(1): 129–156.Google Scholar
Kessler, Emily, Stein, Robert, Mennis, Gregory, Banta, Susan, Healy, Thomas J., and Yousofi, Fatima (2019). “Better Measurements: Risk Reporting for Public Pension Plans” M-RCBG Associate Working Paper Series No. 28, Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School, Cambridge, MA.Google Scholar
Kiewiet, D. Roderick and McCubbins, Mathew D. (2014). “State and Local Government Finance: The New Fiscal Ice Age,” Annual Review of Political Science 17: 105–122.Google Scholar
Klumpes, P. J. M. (1994). “The Politics of Rule Development: A Case Study of Australian Pension Fund Accounting Rule-Making,” Abacus 30(2): 140–159.Google Scholar
Kotlikoff, Laurence J. and Burns, Scott (2012). The Clash of Generations: Saving Ourselves, Our Kids, and Our Economy. The MIT Press.Google Scholar
Lawson, Brian (2012). “Alabama House Speaker Wants Changes to State Retirement Systems,” AL.com. January 15th. www.al.com/breaking/2012/01/alabama_house_speaker_wants_ch.html.Google Scholar
Leeson, Peter T. and Subrick, J. Robert (2006). “Robust Political Economy,” Review of Austrian Economics 19: 107–111.Google Scholar
Lekniūtė, Zina, Beetsma, Roel, and Ponds, Eduard (2014). “U.S. Municipal Yields and Unfunded State Pension Liabilities,” Journal of Empirical Finance 53: 15–32.CrossRefGoogle Scholar
Lenze, David (2020). “Transactions of State and Local Government Defined Benefit Pension Plans: Experimental Estimates by States.” Bureau of Economic Analysis. https://apps.bea.gov/scb/2020/07-july/0720-state-pension-estimates.htm.Google Scholar
Levy, David M. (2002). “Robust Institutions,” The Review of Austrian Economics 15: 131–142.Google Scholar
Lu, Lina, Pritsker, Matthew, Zlate, Andrei, Anadu, Kenechukwu, and Bohn, James (2019). “Reach for Yield by US public pension funds,” Financial and Economics Discussion Series, 2019–048, Washington: Board of Governors of the Federal Reserve System.Google Scholar
Lucas, Deborah J. and Zeldes, Stephen P. (2009). “How Should Public Pension Plans Invest?” The American Economic Review Papers and Proceedings 99(2): 527–532.Google Scholar
Malanga, Steven (2020). “Murphy’s Bail-me-out Math” City Journal, June 3rd. www.city-journal.org/governor-murphy-threatening-huge-layoffs.Google Scholar
Mankiw, Gregory N. (2020). “The Puzzle of Low Interest Rates,” New York Times, December 4th. www.nytimes.com/2020/12/04/business/low-interest-rates-puzzle.html.Google Scholar
Marks, Barry R., Raman, K. K., and Wilson, Earl R. (1988). “Toward Understanding the Determinants of Pension Underfunding in the Public Sector,” Journal of Accounting and Public Policy 7(3): 157–183.Google Scholar
Marlowe, Justin (2014). “Socially Responsible Investing and Public Pension Fund Performance,” Public Performance & Management Review, 38(2): 337–358.Google Scholar
Martin, Adam and Thomas, Diana (2013). “Two-Tiered Political Entrepreneurship and the Congressional Committee System,” Public Choice 154: 21–37.Google Scholar
Matkin, David S. T., Chen, Gang, and Khalid, Hina (2019). “The Governance of Public Pensions: An Institutional Framework,” Administration & Society 51(1): 91–119.Google Scholar
Mennis, Greg, Banta, Susan, and Draine, David (2018). “Assessing the Risk of Fiscal Distress for Public Pensions: State Stress Test Analysis,” M-RCBG Associate Working Paper Series No. 92. www.hks.harvard.edu/sites/default/files/centers/mrcbg/files/AWP_92_final.pdfGoogle Scholar
Miller, Randy and Funston, Rick (2014). “Public Pension Governance That Works,” Funston Advisory Services LLC. www.nasra.org/Files/Topical%20Reports/Governance%20and%20Legislation/FunstonGovernance1403.pdf.Google Scholar
Mitchell, Matthew and Tuszynski, Nick (2012). “Institutions and State Spending: An Overview,” The Independent Review 17(1): 35–49.Google Scholar
Mitchell, Olivia S. (1988). “Worker Knowledge of Pension Provisions,” Journal of Labor Economics 6(1): 21–39.Google Scholar
Mitchell, Olivia S. and Hsin, Ping-Lung. (1997). “Public Sector Pension and Governance and Performance.” In Prieto, Salavador Valdes (ed.), The Economics of Pensions: Principles, Policies, and International Experience. Cambridge: Cambridge University Press, pp.92–126.Google Scholar
Mitchell, Olivia S., McCarthy, David, Wisniewski, Stanley C., and Zorn, Paul (2001). “Developments in State and Local Pension Plans.” In Mitchell, Olivia S. and Hustead, Edwin C. (eds.), Pensions in the Public Sector. University of Pennsylvania Press, pp.11–40.Google Scholar
Mitchell, Olivia S. and Smith, Robert S. (1994). “Pension Funding in the Public Sector,” The Review of Economics and Statistics 76(2): 278–290.CrossRefGoogle Scholar
Modigliani, Franco and Miller, Merton H. (1958). “The Cost of Capital, Corporation Investment And the Theory of Investment,” American Economic Review 48: 261–297.Google Scholar
Moe, Terry (2011). Special Interest: Teacher Unions and America’s Public Schools. Brookings Institute.Google Scholar
Monahan, Amy (2010). “Public Pension Plan Reform: The Legal Framework,” Education, Finance & Policy 5. Minnesota Legal Studies Research No. 10–13.Google Scholar
Monahan, Amy B. (2012). “Statues as Contracts: The California Rule and Its Impact on Public Pension Reform,” Iowa Law Review 97(4): 1029–1084.Google Scholar
Monahan, Amy B. (2015). “State Fiscal Constitutions and the Law and Politics of Public Pensions” University of Illinois Law Review 1: 117–174.Google Scholar
Morgenson, Gretchen (2017). “Strapped Pension Funds, and the Hefty Investment Fees They Pay,” New York Times. May 12th. www.nytimes.com/2017/05/12/business/gretchen-morgenson-pension-funds-fees.html.Google Scholar
Moody’s (2013). “Moody’s Announces New Approach to Analyzing State, Local Government Pensions,” Moody’s Investor Services. www.moodys.com/research/Moodys-announces-new-approach-to-analyzing-statelocal-government-pensions–PR_271186.Google Scholar
Mourão, Paulo Reis (2007). “The Economics of Illusion: A Discussion Based on Fiscal Illusion,” Journal of Public Finance and Public Choice 25(1): 67–86.Google Scholar
Munnell, Alicia H., Aubry, Jean-Pierre, and Quinby, Laura (2011). “Public Pension Funding in Practice,” Journal of Pension Economics and Finance 10(2): 247–268.Google Scholar
Munnell, Alicia H. and Chen, Anqi (2016). “New Developments in Social Investing by Public Pensions,” State and Local Pension Plans 53 (November).Google Scholar
Munnell, Alicia H., Haverstick, Kelly, Aubry, Jean-Pierre, and Gloub-Sass, Alex (2008). “Why Don’t Some States and Localities Pay Their Required Pension Contributions?” State and Local Pension Plans 7 (May).Google Scholar
Munnell, Alicia H. and Sundén, Annika (2001). “Investment Practices of State and Local Pension Funds.” In Mitchell, Olivia S. and Hustead, Edwin C. (eds.), Pensions in the Public Sector. University of Pennsylvania Press, pp.153–174.Google Scholar
Muir, Dana M. (2016). “Decentralized Enforcement to Combat Financial Wrongdoing in Pensions: What Types of Watchdogs Are Necessary to Keep the Foxes Out of the Henhouse?” American Business Law Journal 53(1): 33–96.Google Scholar
Naughton, James, Petacchi, Reining and Weber, Joseph (2015). “Public Pension Accounting Rules And Economic Outcomes,” Journal of Accounting and Economics 59: 221–241.Google Scholar
National Association of State Retirement Administrators (2018). “Retirement Plan Options for State University Faculty and Staff.” www.nasra.org/files/Compiled%20Resources/HigherEdPlanOptions.pdf.Google Scholar
National Association of State Retirement Administrators (2020). “Public Pension Plan Investment Return Assumptions,” NASRA Issue Brief. www.nasra.org/files/Issue%20Briefs/NASRAInvReturnAssumptBrief.pdf.Google Scholar
National Conference of State Legislators (2017). “Full- and Part-Time Legislatures.” June 14th. www.ncsl.org/research/aboutstatelegislatures/full-and-part-time-legislatures.aspx.Google Scholar
National Conference of State Legislators (2020). “Pension and Retirement Legislation Information by State.” October 19th. www.ncsl.org/research/fiscal-policy/pension-legislation-database.aspx.Google Scholar
National Conference on Public Employee Retirement Systems (2020). “Auto-Triggers: Exploring Their Potential in the Public Pension Ecosystem. www.ncpers.org/files/NCPERS%202019%20Research%20Series_Auto-Triggers_Exploring%20Their%20Potential%20in%20the%20Public%20Pension%20Ecosystem_Web.pdf.Google Scholar
New Jersey Legislature, “Lottery Enterprise Contribution Act” P.L. 2017 c. 98. www.njleg.state.nj.us/2016/Bills/PL17/98_.PDF.Google Scholar
Nava, Victor (2014). “Did Pension Reform Fail in Alaska?” Reason Foundation, May 7th. https://reason.org/commentary/did-pension-reform-in-alaska-fail/.Google Scholar
Niskanen, William (1968). “The Peculiar Economics of Bureaucracy,” American Economic Review 58(2): 293–305.Google Scholar
Norcross, Eileen (2010). “Fiscal Evasion in State Budgeting,” Mercatus Working Paper 10(39), Mercatus Center at George Mason University.Google Scholar
Norcross, Eileen and Hardgrave, Roman (2011). “Accounting for the Cost of a Public Sector Worker in New Jersey,” Mercatus Working Paper 11 (38), Mercatus Center at George Mason University.Google Scholar
North, Douglass C. (1990). Institutions, Institutional Change, and Economic Performance. Cambridge University Press.Google Scholar
Novy-Marx, Robert (2013). “Logical Implications of GASB’s Methodology for Valuing Pension Liabilities,” Financial Analysts Journal 69(1): 26–32.Google Scholar
Novy-Marx, Robert, and Rauh, Joshua D. (2009). “The Liabilities and Risks of State-Sponsored Pension Plans,” Journal of Economic Perspectives 23(4): 191–210.Google Scholar
Novy-Marx, Robert and Rauh, Joshua D. (2011). “Policy Options for State Pension Systems and Their Impact on Plan Liabilities,” Journal of Pension and Economic Finance 10(2): 173–194.Google Scholar
Novy-Marx, Robert and Rauh, Joshua (2014). “The Revenue Demands of Public Employee Pension Promises,” American Economic Journal: Economic Policy 6(1): 193–229.Google Scholar
Oates, Wallace E. (1988). “On the Nature and Measurement of Fiscal Illusion: A Survey.” In Brennan, Geoffrey, Grewal, Bhajan Singh, and Groenewegen, Peter (eds.), Taxation and Fiscal Federalism: Essays in Honour of Russel Mathews. Sydney: Australian National University Press, pp.65–82.Google Scholar
Olson, Mancur (1965). The Logic of Collective Action. Harvard University Press.Google Scholar
Oosting, Jonathan (2017). “Synder signs Michigan teacher retirement reforms,” The Detroit News, July 13th. www.detroitnews.com/story/news/politics/2017/07/13/school-pension-reform/103662102/.Google Scholar
Ostrom, Vincent (1997). The Meaning of Democracy and the Vulnerabilities of Democracies. University of Michigan Press.Google Scholar
Pauly, Mark V. (1968). “The Economics of Moral Hazard: Comment,” The American Economic Review 58(3), Part I: 531–537.Google Scholar
Peng, Jun (2009). State and Local Pension Fund Management. Auerbach Publications.Google Scholar
Pennington, Mark (2011). Robust Political Economy. Cheltenham, UK and Northampton, MA: Edward Elgar Publishing.Google Scholar
Pension Protection Act of 2006 (2006). Public Law 109–280. www.govinfo.gov/content/pkg/PLAW-109publ280/pdf/PLAW-109publ280.pdf.Google Scholar
Pensions & Investments, “New Jersey OKs $4.7 billion payment to pension fund,” by Robert Steyer, September 29, 2020. www.pionline.com/legislation/new-jersey-oks-47-billion-payment-pension-fund.Google Scholar
Picconi, Marc (2006). “The Perils of Pensions: Does Pension Accounting Lead Investors and Analysts Astray?” The Accounting Review 81(4): 925–955.Google Scholar
Politi, James and Smith, Colby (2020). Fed Extends Municipal Lending to Smaller US Cities and Counties. Financial Times. April 27th. www.ft.com/content/34a77027-72b9-4a6b-9aa4-7cf9a6fa56e5.Google Scholar
Public Employees’ Retirement System of New Jersey (2020). Actuarial Valuation Report as of July 1, 2019. www.nj.gov/treasury/pensions/documents/financial/actuarial2019/2019pers.pdf.Google Scholar
Puviani, Amilcare (1903). Teoria della Illusione Finanziaria. Remo Sandon.Google Scholar
Quinby, L. D., Aubry, J. P., and Munnell, A. H. (2020). Pensions for State and Local Government Workers Not Covered by Social Security: Do Benefits Meet Federal Standards? Social Security Bulletin 80(3): 1.Google Scholar
Rachel, Lukasz and Smith, Thomas D. (2017). “Are Low Real Interest Rates Here to Stay?” International Journal of Central Banking 50(September): 1–42.Google Scholar
Randazzo, Anthony (2017). “There Is a Tangled Web of Factors Causing Inappropriate Pension Funding Behavior, Journal of Law, Economics and Policy 14(1): 107–126.Google Scholar
Rauh, Joshua (2017). “Hidden Debt, Hidden Deficits: 2017 Edition.” www.hoover.org/research/hidden-debt-hidden-deficits-2017-edition.Google Scholar
Rauh, Joshua (2019). “Hidden Debt, Hidden Deficits: The 2019 Update,” Stanford University’s Hoover Institution. www.hoover.org/news/hidden-debt-hidden-deficits-2019-update.Google Scholar
Reitmeyer, John (2018). “Treasury Paid BOA $34 million to Shift Lottery to State Employee Pension Fund,” NJ Spotlight News, January 11. www.njspotlight.com/2018/01/18-01-11-treasury-divulges-it-paid-boa-34m-to-shift-lottery-to-public-employee-pension-fund/.Google Scholar
Ricketts, Lowell R., and Walker, Christopher J. (2012). “State and Local Debt: Growing Liabilities Jeopardize Fiscal Health,” The Regional Economist.Google Scholar
Rose, Paul and Seligman, Jason S. (2013). “Are Alternative Investments Prudent? Public Sector Pension Use and Fiduciary Duty,” Proceedings Annual Conference on Taxation and. Minutes of the Annual Meeting of the National Tax Association 107: 1–34.Google Scholar
Roybark, Helen M., Coffman, Edward N., and Previts, Gary J. (2012). “The First Quarter Century of the GASB (1984-2009): A Perspective on Standard Setting (Part One),” ABACUS 48(1): 1–30.Google Scholar
Russell, Nathan J. (2006). “An Introduction to the Overton Window of Political Possibilities,” Mackinac Center. January 4th. www.mackinac.org/7504.Google Scholar
Schneider, Marguerite and Damanpour, Fariborz (2001). “Determinants of Public Pension Plan Investment Return: The Role of Fund Value Maximization and Public Choice Theory,” Public Management Review 3(4): 551–573.Google Scholar
Scott, Neah (2019a). “The 2019 Regular Legislative Session Update,” The Advisor, p. 1. July. www.rsa-al.gov/uploads/files/Advisor_July_19_web.pdf.Google Scholar
Scott, Neah (2019b). “Improving Benefits for RSA Tier II Employees,” The Advisor, p. 1. August. www.rsaal.gov/uploads/files/Advisor_August_19_web.pdf.Google Scholar
Selby, Anna K (2011). “Pensions in a Pinch: Why Texas Should Reconsider its Policies on Public Retirement Benefit Protection,” Texas Tech Law Review 43: 1211–1245.Google Scholar
Shen, Pu (2000). “The P/E Ratio and Stock Market Performance,” Economic Review, Federal Reserve Bank of Kansas City 85 (Q IV): 23–36.Google Scholar
Shiller, Robert J. (2015). Irrational Exuberance. Revised and expanded 3rd ed. Princeton University Press.Google Scholar
Shughart, William F. II and Smith, Josh T. (2020). “The Broken Bridge of Public Finance: Majority Rule, Earmarked Taxes and Social Engineering,” Public Choice 183(3): 315–338.Google Scholar
Sidarova, Jen (2020). “Federal Bailout of Public Pension Systems Would Reward Some States After Decades of Mismanagement,” Reason Foundation. April 30th. https://reason.org/commentary/federal-bailout-of-public-pension-systems-would-reward-some-states-after-decades-of-mismanagement/.Google Scholar
Skeel, David (2016). “Fixing Puerto Rico’s Debt Mess,” The Wall Street Journal. January 5th. www.wsj.com/articles/fixing-puerto-ricos-debt-mess–1452040144.Google Scholar
Smythe, Thomas I. McNeil, Chris R., and English, Philip C. II (2015). “When Does CalPERS’ Activism Add Value?” Journal of Economics and Finance 39: 641–660.Google Scholar
Sneed, Cynthia A. and Sneed, John E. (1997). “Unfunded Pension Obligations as a Source of Fiscal Illusion for State Governments,” Journal of Public Budgeting, Accounting and Financial Management 9(1): 5–20.Google Scholar
Society of Actuaries (2014). Report of the Blue Ribbon Panel on Public Pension Plan Funding. www.soa.org/globalassets/assets/files/newsroom/brp-report.pdf.Google Scholar
Somin, Ilya (2016). Democracy and Political Ignorance. Stanford University Press.Google Scholar
Somin, Ilya (2020). Free to Move. Oxford University Press.Google Scholar
Stalebrink, Odd J. (2014). “Public Pension Funds and Assumed Rates of Return: An Empirical Examination of Public Sector of Defined Benefit Pension Plans,” The American Review of Public Administration 44(1): 92–111.Google Scholar
Stalebrink, Odd J. (2017). “Public Pension Fund Investments: The Role of Governance Structures,” Journal of Law, Economics and Policy 14(1): 35–60.Google Scholar
Stalebrink, Odd J. and Donatella, Peirre (2020). “Public Pension Governance and Opportunistic Accounting Choice: A Politico-Economic Approach,” The American Review of Public Administration, forthcoming.CrossRefGoogle Scholar
Starr-McCluer, Martha and Sunden, Annika (1999). “Workers’ Knowledge of Their Pension Coverage: A Reevaluation,” Federal Reserve. www.federalreserve.gov/econresdata/scf/files/penknow.pdf.Google Scholar
The Pew Charitable Trusts and John Arnold Foundation (2014). “State Public Pension Investment Shift Over Past 30 Years.” www.pewtrusts.org/~/media/assets/2014/06/state_public_pension_investments_shift_over_past_30_years.pdf.Google Scholar
The Pew Charitable Trusts (2015). “The State Pensions Funding Gap: Challenges Persist.” www.pewtrusts.org/~/media/assets/2015/07/pewstates_statepensiondebtbrief_final.pdf.Google Scholar
The Pew Charitable Trusts (2019a). “Legal Protections for State Pension and Retiree Health Benefits: Findings from a 50-State Survey of Retirement Plans,” Issue Brief, May. www.pewtrusts.org//media/assets/2019/05/prs_legal_protections_for_state_and_local_pension_and_retiree_medical_benefits_brief_final.pdf.Google Scholar
The Pew Charitable Trusts (2019b). “State Pension Funds Reduce Assumed Rates of Return,” Issue Brief December 2019. www.pewtrusts.org/en/research-and-analysis/issue-briefs/2019/12/state-pension-funds-reduce-assumed-rates-of-return.Google Scholar
The Wall Street Journal (2007). “Pension Crash Landing.” May 29th.Google Scholar
The Wall Street Journal (2020). “Hijacking the Fed to Bail Out States.” December 17th.Google Scholar
Thom, Michael (2017). “The Drivers of Public Sector Pension Reform Across the U.S. States,” American Review of Public Administration, 47(4): 431–442.Google Scholar
Thornburg, Steven W. and Roasacker, Kirsten M. (2018). “Accounting, Politics, and Public Pensions,” CPA Journal (May). www.cpajournal.com/2018/05/18/accounting-politics-and-public-pensions/.Google Scholar
Trevino, Ruben and Robertson, Fiona (2002). “P/E Ratios and Stock Market Returns,” Journal of Financial Planning 15(2): 76–84.Google Scholar
Triest, Robert K. and Zhao, Bo (2014). “The Role of Economic, Fiscal, and Financial Shocks in the Evolution of Public Sector Pension Funding,” Proceedings of the Annual Conference on Taxation and Minutes of the Annual meeting of the National Tax Association 107: 1–25.Google Scholar
Troesken, Werner (2006). The Great Lead Water Pipe Disaster. MIT Press.Google Scholar
Tullock, Gordon (1975). “The Transitional Gains Trap,” The Bell Journal of Economics 6(2): 671–678.Google Scholar
Tullock, Gordon (2005). Bureaucracy. Liberty Fund Inc.Google Scholar
U.S. Senate (1984). “The Employee Retirement Income Security Act of 1974: The First Decade.” www.aging.senate.gov/imo/media/doc/reports/rpt884.pdf.Google Scholar
Useem, Michael and Mitchell, Olivia S. (2000). “Holders of the Purse Strings: Governance and Performance in Public Retirement Systems,” Social Science Quarterly 81(2): 489–506.Google Scholar
Vermeer, Thomas E., Styles, Alan K., and Patton, Terry K. (2010). “Are Local Governments Adopting Optimistic Actuarial Methods and Assumptions for Defined Benefit Pension Plans?” Journal of Public Budgeting, Accounting & Financial Management 22(4): 511–542.Google Scholar
Vock, Daniel C. and Farmer, Liz (2016). “Alabama’s One-Man Pension Show,” Governing. May. www.governing.com/topics/mgmt/gov-alabama-david-bronner.html.Google Scholar
Wagner, Gary A. and Elder, Erick M. (2021). “Campaigning for Retirement: State Teacher Union Campaign Contributions and Pension Generosity,” European Journal of Political Economy, forthcoming.Google Scholar
Wagner, Richard E. (2007). Fiscal Sociology and the Theory of Public Finance. Edward Elgar.Google Scholar
Wagner, Richard E. (2015). “American Federalism.” Mercatus Center at George Mason University. www.mercatus.org/system/files/Wagner-web.pdf.Google Scholar
Wang, Qiushi and Peng, Jun (2016). “An Empirical Analysis of State and Local Public Pension Plan Funded Ratio Change, 2001-2009,” American Review of Public Administration 46(1): 75–91.Google Scholar
Walsh, Mary Williams (2020). “Illinois Seeks a Bailout from Congress for Pension and Cities,” New York Times, April 17th. www.nytimes.com/2020/04/17/business/dealbook/illinois-pension-coronavirus.html.Google Scholar
Waring, M. Barton (2012). Pension Finance. Wiley.Google Scholar
Wehrwein, Austin C. (1964). “Hoffa Convicted on the Use of Union Funds: Faces 20 Years,” New York Times. July 27th. https://timesmachine.nytimes.com/timesmachine/1964/07/27/118671282.html?pageNumber=1.Google Scholar
Weinberg, Sheila and Eileen, Norcross (2017). “A Judge in Their Own Cause: GASB 67/68 and the Continued Mismeasurement of Public Sector Pension Liabilities,” Journal of Law, Economics & Policy 14(1): 61–94.Google Scholar
Weinberg, Sheila and Norcross, Eileen (2017). “GASB 67 and GASB 68: What the New Accounting Standards Mean for Public Pension Reporting,” Mercatus on Policy (June). www.mercatus.org/system/files/mercatus-weinberg-gasb-67-68-mop-2017-v1.pdf.Google Scholar
White, Lawrence (2005). “The Fed System’s Influence on Research in Monetary Economics,” Econ Journal Watch 2(2): 325–354.Google Scholar
Wittman, Donald (1995). The Myth of Democratic Failure. University of Chicago Press.Google Scholar
Wooten, James A. (2005). The Employee Retirement Income Security Act of 1974: A Political History. University of California Press.Google Scholar
Zorn, Paul (1997). “Public Pensions,” Public Administration Review 57(4): 361–362.Google Scholar

Save element to Kindle

To save this element to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

The Political Economy of Public Pensions
Available formats
×

Save element to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

The Political Economy of Public Pensions
Available formats
×

Save element to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

The Political Economy of Public Pensions
Available formats
×