November 2022
25Nov

The Financialization of U.S. Public Pensions, 1945-1974

By Sean Vanatta This article examines a major transformation public employee pension investment in the United States, from investing public funds in public infrastructure in the 1940s and 1950s, to investing public funds in private securities—corporate bonds, stocks, and mortgages—in the 1960s and 1970s. Three factors drove this change. First, in the adjacent field of professional asset management, motivated financial elites orchestrated a shift in state-level trust law, from legally-sanctioned investment lists, which encouraged amateur investment and safety, to the...

November 25, 2022
Articles, Public Pensions, System Characterization, , ,
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22Nov

P&I Research Center. Public Pension Plan Benchmarks

Prepared by: Valerie Ge, CFA Research Analyst This report intends to provide insights into the overall and asset class benchmarks selected by the 50 largest U.S. public defi ned benefi t plans. The top 50 plans are selected based on their reported U.S. DB asset totals in Pensions & Investments’ 2021 survey. Eleven out of 50 plans did not disclose enough detailed information, and 10 plans had a fi scal year ended other than June 30. Insights into the overall and...

November 22, 2022
Books, Books, Pension Management, Public Pensions, Reports, , ,
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August 2022
11Aug

Public Redistribution in Europe: Between Generations or Income Groups?

By Bernhard Hammer, Michael Christl & Silvia De Poli Governments face a potential trade-off between provision for the population in retirement and the support of working-age households with low income. Using EUROMOD-based microdata from 28 countries, we quantify public redistribution to pensioner- and working-age households, distinguishing also by income group. In general, Northern European countries are characterized by a low net redistribution between households, limited public pensions, but a strong support of low-income households. By contrast, most Southern European countries...

August 11, 2022
Articles, Public Pensions, , ,
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December 2021
17Dec

Spending in the Shadow: The Impact of Unfunded Pensions on Public Services and Public Employees

By Manita Rao The shadow of unfunded public pensions has raised concerns on its consequences for public services and public employees. Some argue that pension liabilities increase the cost of government by crowding out public services. Others suggest that unfunded pensions are more likely to affect public employees and have limited implications for public services. This article empirically examines the extent to which the impact of unfunded pensions is mitigated or has spillover effects on public services and public employees....

December 17, 2021
Articles, Public Pensions,
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