The Public Pension Conundrum

Natalie Cohen, Jean-Pierre Aubry, Keith Brainard and Philip Abelson

Municipal Finance Journal, 2012, vol. 32, issue 4, 53 - 80

Abstract: Are unfunded pension liabilities $1 trillion or $3 trillion? How did a problem of this magnitude come about? Which states are regularly funding their plans and which are not? Unfunded pension liabilities, once a quiet corner for actuaries, have recently occupied headline news. In the extreme, there are calls for bankruptcy in order to reduce or eliminate public pension obligations and start fresh. Does bankruptcy offer help in this situation or is it just a wild card? Which changes have governments been making in their pension and retiree benefits promises? What can (or should) they be doing? The participants in this discussion will unravel the details.

Date: 2012
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