Amy B. Monahan, University of Minnesota Law School: Public Pension Plan Reform: The Legal Framework

“States should be free to set new contract terms for services not yet rendered. Denying states the ability to renegotiate future benefits to reflect changing economic conditions is unfair to taxpayers when all other aspects of the employment relationship can be renegotiated. “ Continue reading

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Office of the Controller: Public Retirement Systems Annual Report

“The median percentage of disability retirees to all retirees receiving benefits, survivors not included, was 12.4% during the period covered by this report. These percentages ranged from 0% to 100%. Since most of these systems had similar benefits, the wide range appears to be the result of differing policies and practices of individual retirement boards in administering disability retirements.” Continue reading

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Howard Bornstein, Stan Markuze, Cameron Percy, Lisha Wang, and Moritz Zander, Stanford Institute for Economic Policy Research: Going for Broke: Reforming California’s State Pension System

“By applying a “risk-free discount” rate to accrued liabilities, this study estimates the combined shortfall for CalPERS, CalSTRS and UCRS to be roughly $425 billion as of June 30, 2008. With recent market losses, the combined shortfall could be over half a trillion dollars. “ Continue reading

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