People covered by public pensions are often the subject of 'pension
envy:' that is, their benefits might seem more generous and their
contributions lower than those offered by the private sector. Yet this
book points out that such judgments are often inaccurate, since civil
servants hold jobs with few counterparts in private industry, such as
firefighters, police, judges, and teachers. Often these are riskier,
dirtier, and demand more loyalty and discretion than would be required
of a more mobile labor force in the private sector. The debate
challenges traditional ideas about how the public employee labor
contract is structured and raises questions about how such employees
are attracted to the public sector, retained and motivated on the job,
and retired, via an entire compensation package of wages and benefits.
Authors explore aspects of these schemes, addressing the cost and
valuation debate, along with the political economy of how public
pension asset pools are perceived and managed, an increasingly
important topic in times of global financial turmoil. The discussion
also explores ways that public pensions can be strengthened in the US,
Japan, Canada, and Germany. The volume captures a vigorous debate
currently underway by academics, financial experts, regulators, and
plan sponsors, all seeking to define a new future for public
retirement systems. It will be of substantial interest to a wide range
of readers, since public sector employees and their representatives
will naturally find the comparisons and arguments over valuation of
keen interest. Public pension administrators and policymakers seeking
an explanation of what makes these plans so costly will gain a new
understanding of how the arguments stack up. Private sector employers
and plan sponsors can learn much from efforts to reform these
retirement systems in states and countries around the world. Finally,
investors and the taxpaying public more generally may be at risk to
cover these long-term promises, so it behoves them to pay close
attention to the financing and investment practices of these plans,
along with their valuation. This volume represents an invaluable
addition to the Pension Research Council / Oxford University Press
series as it includes actuarial, economic, and financial perspectives
making it useful for academics, retirement plan administrators, and
public employees wishing to understand the challenges facing public
pensions.
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Produktdetaljer
ISBN
9780191610257
Publisert
2020
Utgiver
Oxford University Press Academic UK
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter