State and Local Pension Costs: Pre-Crisis, Post-Crisis, and Post-Reform
States have begun to respond to their pension challenge by enacting a mix of revenue increases and benefit cuts. These changes will, over time, improve the financial outlook for plans and help ease their impact on other budget priorities. But, to date, the specific nature and magnitude of these effects on plan finances and overall state budgets has received little attention. This brief reports on a study designed to fill the void with an analysis of pension costs before the financial crisis, after the financial crisis, and after reforms for a sample of 32 plans in 15 states. The study also introduces a companion series of fact sheets on each of the sample plans and states. . . . more
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Quick Facts on Florida's Local Government Retirement Systems
The state of Florida has 492 defined benefit municipal and special district retirement plans for local government employees sponsored by 249 local governments. These include police officers, firefighters, and general government employees. Additionally, there is a statewide plan for state employees (and local governments who opt into the system) called the Florida Retirement System (FRS). A defined benefit plan promises to pay a specific benefit for life at retirement. The number of local defined benefit plans increased by approximately 40% since 1981. . . . more
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NASRA Issue Brief: Employee Contributions to Public Pension Funds
Unlike in the private sector, nearly all employees of state and local government are required to share in the cost of their defined benefit pension. Employee contributions typically are based on a percentage of salary as specified in statute. Although investment earnings and employer contributions account for a larger portion of total public pension fund revenues, contributions from employees fill a vital role in financing pension benefits by providing a reliable and predictable stream of revenue to public pension funds. In the wake of the 2008-09 market decline, employee contribution rates in many states have increased. This issue brief examines employee contribution plan designs, policies and recent trends. . . . more
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FPPTA Glossary of Finance and Investment Terms
The Florida Public Pension Trustee Association has compiled a glossary of finance and investment terms. This helpful guide offers assistance in navigating the technical jargon of the public pension industry. . . . more
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