State and local government pension plans: governance practices and long-term investment strategies have evolved gradually as plans take on increased investment risk : report to the Ranking Member, Committee on Finance, U.S. Senate.

State and local government pension plans: governance practices and long-term investment strategies have evolved gradually as plans take on increased investment risk : report to the Ranking Member, Committee on Finance, U.S. Senate.

by U.S. Government Accountability Office

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Overview

State and local government pension plans: governance practices and long-term investment strategies have evolved gradually as plans take on increased investment risk : report to the Ranking Member, Committee on Finance, U.S. Senate. by U.S. Government Accountability Office

"Recent market declines have significantly diminished the asset value of state and local pension plans. Reported unfunded liabilities for these plans are estimated in the hundreds of billions of dollars. As a result, in the long term, these governments may need to make significant fiscal adjustments such as modifying employee benefits, or increasing contributions to plans. They may also alter investment strategies to attempt to maximize returns by assuming increased risk. Consequently, GAO was asked to examine: (1) who makes investment decisions for state and local defined benefit pension plans and what guides their decision making; (2) how plans allocate their assets and manage their investments; and (3) practices that plans are using to meet a range of challenges in governance, investment, or funding.
To address these objectives, GAO reviewed relevant literature, interviewed experts in pension and retirement systems, conducted a survey of state and local plans, and performed more detailed reviews of plans in seven states.
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Product Details

ISBN-13: 9781974557318
Publisher: CreateSpace Publishing
Publication date: 08/15/2017
Pages: 50
Product dimensions: 6.00(w) x 1.25(h) x 9.00(d)

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