Pension Security Bonds: A New Plan to Address the State Pension Crisis

Rauh Joshua and Novy-Marx Robert

The Economists' Voice, 2010, vol. 7, issue 3, 4

Abstract: State pensions are in a terrible way. What should be done? In exchange for closing defined-benefit plans to new workers and enrolling all new workers in Social Security, a state should be allowed to issue tax-subsidized bonds for pension funding, according to Joshua Rauh of Kellogg School of Management at Northwestern and Robert Novy-Marx at University of Chicago Booth School of Business.

Date: 2010
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DOI: 10.2202/1553-3832.1757

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