While financial planning students are expected to be able to understand client retirement plans, subtle differences in cost-of-living adjustments can have major impact on the success of client retirement plans. This teaching note compares the cost-of-living adjustments in the largest government sponsored retirement systems and a hypothetical…

The fiscal crisis in the states and localities that occurred during the Great Recession and continues in many parts of the country because of the persistent housing crisis put substantial pressure on governments to consider the efficiency of their spending. Public pensions gained substantial attention due to the need for governments to contribute…

In the first of two rounds of interviews, 12 Social Security Administration (SSA) beneficiaries, all of whom professed a desire to work, discussed their perspectives on barriers to employment. Two years later, 8 of the 12 engaged in a second round of interviews. Only 1 of the 8 participants had succeeded in becoming self-supporting. After a review…

This paper discusses a study that explored the impact of the Lesotho Government pension scheme on the learning attitudes of pensioners. The recent introduction of the pension scheme means that old people have regained their status as breadwinners. They are no longer dependents but have become very resourceful members of the community. As a result…

The "Annual Disability Statistics Compendium" is a publication of statistics about people with disabilities and about the government programs which serve them. The "Compendium" is designed to serve as a summary of government statistics. The 2016 "Annual Disability Statistics Compendium" was substantially revised and…

Since 2002, public school teachers in Florida have been permitted to choose between a defined benefit (DB) and a defined contribution (DC) retirement plan. We exploit this unique policy environment to study new teachers' revealed preferences over pension plan structures. Roughly 30 percent of teachers hired between 2003 and 2008 selected the DC…

Population aging in Korea is projected to be the most rapid among Organisation for Economic Co-operation and Development (OECD) countries between 2000 and 2050. However, social spending in Korea remains low, reflecting Korea's relatively young population, limited health and long-term care insurance coverage, and immaturity of its pension system.…

We study the effect of incorporating heterogeneity into default rules by examining the choice between retirement plans at a firm that transitioned from a defined benefit (DB) to a defined contribution (DC) plan. The default plan for existing employees varied discontinuously depending on their age. Employing regression discontinuity techniques,…

Teacher benefits, once a sleepy question primarily of interest to actuaries, have become a flash point in the education debate. With individual states on the hook for tens or hundreds of millions in unfunded pension and health insurance obligations, state leaders are trying to determine the severity of the situation and the appropriate response.…

Teacher pensions consume a substantial portion of school budgets. If relatively generous pensions help attract effective teachers, the expense might be justified. But new evidence suggests that current pension systems, by concentrating benefits on teachers who spend their entire careers in a single state and penalizing mobile teachers, may…

This article describes how one local teachers' union branch has developed an active and imaginative campaign as it has challenged both national education policy and also the very specific attacks on schools in the community. By connecting local and national issues, and by linking struggles on pay and pensions to wider questions of policy, the…

The city of San Francisco will face enormous budgetary pressures from the growing deficits in public pensions, both at a state and local level. In this policy brief, the author estimates that San Francisco faces an aggregate $22.4 billion liability for pensions and retiree health benefits that are underfunded--including $14.1 billion for the city…

Orange County will soon face enormous budgetary pressures from the growing deficits in public pensions, both at a state and local level. In this policy brief, the author estimates that Orange County faces a total $41.2 billion liability for retiree benefits that are underfunded--including $9.4 billion for the county pension system and an estimated…

The city of San Diego will face enormous budgetary pressures from the growing deficits in public pensions, both at a state and local level. In this policy brief, the author estimates that San Diego faces total of $45.4 billion, including $7.95 billion for the county pension system, $5.4 billion for the city pension system, and an estimated $30.7…

If you're like me, a "senior" faculty member at a public state university facing significant budget cuts, recently you've probably thought about leaving your current position for another faculty position in a different state. A possible reason for considering jumping ship is envisioning a clearer picture of your retirement as it nears on…