Public Pension And Retiree Health Benefits

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Public Pension And Retiree Health Benefits

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Author : Jason Sisney
language : en
Publisher:
Release Date : 2011

Public Pension And Retiree Health Benefits written by Jason Sisney and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with California categories.

Reduces Public Pension And Retirement Health Care Benefits

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Author :
language : en
Publisher:
Release Date : 2007

Reduces Public Pension And Retirement Health Care Benefits written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Health insurance categories.

Retiree Health Plans In The Public Sector

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Author : Robert L. Clark
language : en
Publisher: Edward Elgar Publishing
Release Date : 2010-01-01

Retiree Health Plans In The Public Sector written by Robert L. Clark and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-01 with Political Science categories.

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.

Funding Pensions Retiree Health Care For Public Employees

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Author : California. Public Employee Post-Employment Benefits Commission
language : en
Publisher:
Release Date : 2008

Funding Pensions Retiree Health Care For Public Employees written by California. Public Employee Post-Employment Benefits Commission and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with California categories.

Public And Private Social Policy

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Author : D. Béland
language : en
Publisher: Springer
Release Date : 2008-11-28

Public And Private Social Policy written by D. Béland and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-28 with Political Science categories.

Exploring the increasing involvement of the private sector in social policy, this collection examines the complex relationship between the public and private sectors from an international perspective, focusing on health and pension policies.

State And Local Government Retiree Benefits

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Author : United States Government Accountability Office
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2017-09-09

State And Local Government Retiree Benefits written by United States Government Accountability Office and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-09 with categories.

Pension and other retiree benefits for state and local government employees represent liabilities for state and local governments and ultimately a burden for state and local taxpayers. Since 1986, accounting standards have required state and local governments to report their unfunded pension liabilities. Recently, however, standards changed and now call for governments also to report retiree health liabilities. The extent of these liabilities nationwide is not yet known, but some predict they will be very large, possibly exceeding a trillion dollars in present value terms. The federal government has an interest in assuring that all Americans have a secure retirement, as reflected in the federal tax deferral for contributions to both public and private pension plans. Consequently, the GAO was asked to examine: 1) the key measures of the funded status of retiree benefits and 2) the current funded status of retiree benefits. GAO analyzed data on public pensions, reviewed current literature, and interviewed a range of experts on public retiree benefits, actuarial science, and accounting. Three key measures help to understand different aspects of the funded status of state and local government pension and other retiree benefits. First, governments' annual contributions indicate the extent to which governments are keeping up with the benefits as they are accumulating. Second, the funded ratio indicates the percentage of actuarially accrued benefit liabilities covered by the actuarial value of assets. Third, unfunded actuarial accrued liabilities indicate the excess, if any, of liabilities over assets in dollars. Governments have been reporting these three measures for pensions for years, but new accounting standards will also require governments to report the same for retiree health benefits. Because a variety of methods and actuarial assumptions are used to calculate the funded status, different plans cannot be easily compared. Currently, most state and local government pension plans have enough invested resources set aside to keep up with the benefits they are scheduled to pay over the next several decades, but governments offering retiree health benefits generally have large unfunded liabilities. Many experts consider a funded ratio of about 80 percent or better to be sound for government pensions. We found that 58 percent of 65 large pension plans were funded to that level in 2006, a decrease since 2000. Low funded ratios would eventually require the government employer to improve funding, for example, by reducing benefits or by increasing contributions. However, pension benefits are generally not at risk in the near term because current assets and new contributions may be sufficient to pay benefits for several years. Still, many governments have often contributed less than the amount needed to improve or maintain funded ratios. Low contributions raise concerns about the future funded status. For retiree health benefits, studies estimate that the total unfunded actuarial accrued liability for state and local governments lies between $600 billion and $1.6 trillion in present value terms. The unfunded liabilities are large because governments typically have not set aside any funds for the future payment of retiree health benefits as they have for pensions. Percentage of State and Local Pension Plans with Funded Ratios above or below 80 Percent Source: GAO analysis of PFS, PENDAT data.Percentage of plansFiscal yearFunded ratio 80 percent or moreFunded ratio less than 80 percent020406080100200620052004200320022001200019961994

The Health Care Benefits Of Retirees

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Author : Madelon Lubin Finkel
language : en
Publisher:
Release Date : 1991

The Health Care Benefits Of Retirees written by Madelon Lubin Finkel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Business & Economics categories.

Public Service Pension Plan

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Author : Public Service Pension Plan (B.C.)
language : en
Publisher:
Release Date : 2003

Public Service Pension Plan written by Public Service Pension Plan (B.C.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with British Columbia categories.

Retirement Health Benefits

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Author : Public Service Pension Plan (B.C.)
language : en
Publisher:
Release Date : 2007

Retirement Health Benefits written by Public Service Pension Plan (B.C.) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.

Assessing Knowledge Of Retirement Behavior

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Author : National Research Council
language : en
Publisher: National Academies Press
Release Date : 1996-07-30

Assessing Knowledge Of Retirement Behavior written by National Research Council and has been published by National Academies Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-07-30 with Social Science categories.

This book brings together in one volume what researchers have learned about workers, employers, and retirees that is important for formulating retirement income policies. As the U.S. population ages, there is increasing uncertainty about the solvency of the Social Security and Medicare systems and the adequacy of private pensions to provide for people's retirement needs. The volume covers such critical behaviors as workers' decisions to retire, people's choices of saving over consumption, and employers' decisions about hiring older workers and providing pension and health care benefits. Also covered are trends in mortality, health status, and health care costs that are key to projecting the likely costs and effects of alternative retirement income security policies and a strategy for combining data and research knowledge into a policy modeling framework.