Description: Preface Introduction --Olivia S. Mitchell and Edwin Hustead I. THE STRUCTURE AND FUNCTION OF PUBLIC PENSION SYSTEMS Developments in State and Local Pension Plans --Olivia S. Mitchell, David McCarthy, Stanley C. Wisniewski, and Paul Zorn State Employee Pension Plans --Karen Steffen Federal Civilian and Military Retirement Systems --Edwin Hustead and Toni Hustead Canadian Public Sector Employee Pension Plans --Silvana Pozzebon II. INVESTMENT POLICIES, REGULATION, AND REPORTING Asset-Liability Management in the Public Sector --Michael Peskin Investment Practices of State and Local Pension Funds: Implications for Social Security Reform --Alicia H. Munnell and Annika Sundin The Life and Times of a Public-Sector Pension Plan Before Social Security: The U.S. Navy Pension Plan in the Nineteenth Century --Robert L. Clark, Lee A. Craig, and Jack W. Wilson Governance and Investments of Public Pensions --Michael Useem and David Hess Regulation and Taxation of Public Plans: A History of Increasing Federal Influence --Roderick B. Crane Determining the Cost of Public Pension Plans --Edwin C. Hustead III. CHALLENGES TO PUBLIC PENSIONS Going Private in the Public Sector: The Transition from Defined Benefit to Defined Contribution Pension Plans --Douglas Fore Pension Governance in the Pennsylvania State Employees'' Retirement System --John Brosius The New Jersey Pension System --Tom Bryan Public Pensions in Washington, DC --Edwin Hustead Opting Out: The Galveston Plan and Social Security --Theresa M. Wilson The Outlook for Public-Sector Retirement Plan Design --Cathie Eitelberg About the Contributors -- John Brosius is the Executive Director of the Pennsylvania State Employees'' Retirement System (SERS), with the responsibility of managing the operations of a $23B retirement fund serving 85,000 retirees and 109,000 active members employed by 110 different employer agencies. Previously Mr. Brosius was Director of the SERS Office of Financial Management; he also taught college level accounting courses and worked at Main LaFrentz & Co. He received the bachelor''s degree from Bloomsburg University of Pennsylvania, and the MBA from Bucknell University. He is a Certified Public Accountant. Tom Bryan is Deputy Director, New Jersey Division of Pensions and Benefits. He advises on legal, legislative, policy, and actuarial matters for the New Jersey state retirement systems and health benefits program. He also manages the Legislative and Legal Affairs section of the Director''s office, and serves as liaison with the Treasurer''s office, the Governor''s office, the Legislature, and other state agencies. Previously he served in the New Jersey Office of Legislative Services. Mr. Bryan earned the JD degree from Seton Hall University and the BA and MA in Political Science from Rutgers University. Robert Clark is Professor of Economics and Business Management at North Carolina State University. He has published widely on retirement and pension policy, employee benefit policy, the economic well-being of the elderly, and international pensions. Professor Clark serves as Senior Fellow at the Center for the Study of Aging and Human Development at Duke University and as Senior Research Fellow at the Center for Demographic Studies at Duke University. Previous academic positions include a faculty appointment at the Fuqua School of Business, Duke University, and service as Interim Dean of the College of Management at North Carolina State. Dr. Clark earned the bachelor''s degree from Millsaps College and the Ph.D. degree in economics from Duke University. Lee Craig is an Associate Professor of economics at North Carolina State University, where he teaches economic and business history. His research focuses on the history of pensions, productivity growth, and international economic integration. Dr. Craig is a research economist at the National Bureau of Economic Research, and he has previously held appointments at Duke University and Universitat Munchen. He received the bachelor''s and master''s degree from Ball State University and the MA and PhD from Indiana University. Rod Crane is a Director of the National Government Compliance practice of The Segal Company, and a company Vice President. His interests include the design and administration of public sector retirement and saving plans, including 401(k) and 403(b) plans. Previously he was counsel to the North Dakota Legislative Council''s Committee on Public Employee Retirement Programs. Mr. Crane received his bachelor''s degree in economics from the University of North Dakota, and his JD from the University of North Dakota School of Law. Cathie Eitelberg is the Director of Government Practice for The Segal Company where she coordinates and participates in the firm''s consulting, compliance, and actuarial services provided to the public sector. Her special interests include public employee benefits, industry trends, and federal policy as it affects benefits. Concurrently Ms. Eitelberg serves as an adviser to the Government Finance Officers Association Committee on Retirement Benefits Administration. Previously she worked at the National Conference of State Legislatures and the Government Finance Officers Association. She earned the bachelor''s in business management from the University of Maryland. Douglas Fore is manager of Pension and Economic research at TIAA-CREF. His research interests include the determinants of pension type. Dr. Fore earned the PhD from the University of Colorado. James Francis is Chief Economist for the Florida State Board of Administration. He is responsible for the FRS and Chiles Endowment investment plans, asset allocation, risk management, performance measurement, and total fund investment research, as well as for the SBA Information Center, an internal library and research services unit. He has been vice-president and consulting economist for the consulting firm CFF Associates, Inc., Director of Research and Analysis for the Florida Department of Revenue, and House Economist for the Florida House of Representatives. He holds a Ph.D. in economics from the Florida State University. David Hess is a doctoral candidate in the Management Department at the Wharton School of the University of Pennsylvania. His research focuses on corporate governance and corporate social responsibility. He earned the bachelor''s in economics from Grinnell College and the JD from the University of Iowa College of Law. Edwin C. Hustead is Senior Vice President in charge of the Hay/Huggins Washington, DC office and governmental actuarial and benefits consulting. He is also the practice leader of the Hay Group for governmental consulting. His interests focus on health insurance, social insurance, pension reform, and policy analysis. Previously he served as Chief Actuary of the Federal Office of Personnel Management, charged with responsibility for the actuarial analysis of the Civil Service Retirement System and the Federal Employees Health Benefits System. Mr. Hustead is a Member and Director of the American Academy of Actuaries, a Fellow of the Society of Actuaries, and an Enrolled Actuary. Toni Hustead is Chief of the Veterans Affairs Branch of the US Office of Management and Budget. She oversees the development of veterans'' programs and policies, and their integration with other Federal benefits. Previously she was an international benefits consultant for the Hay Group, serving as the European Director of Benefits Consulting, and served as Chief Actuary for the Department of Defense. She is a Member of the American Academy of Actuaries, and an Associate of the Society of Actuaries. David McCarthy is a doctoral candidate in the Insurance and Risk Management Department at the Wharton School of the University of Pennsylvania. His research focuses on the economics, econometrics, and finance of pensions. Previously he worked in a South African life insurance firm where he initiated the examination process for the Faculty of Actuaries, Edinburgh and expects to qualify this year. He earned a BS in economic science and also in mathematical statistics from the University of the Witwatersrand, Johannesburg. Olivia S. Mitchell is the International Foundation of Employee Benefit Plans Professor of Insurance and Risk Management, and Executive Director of the Pension Research Council, of the Wharton School at the University of Pennsylvania. Her research focuses on the economics of retirement and benefits, social security and pensions, and public as well as private insurance. Dr. Mitchell currently serves on the Board of the National Academy of Social Insurance, the Steering Committee for the University of Michigan''s HRS/AHEAD projects, and she is a Research Associate at the National Bureau of Economic Research. Previously Dr. Mitchell served on the Board of Directors for Alexander and Alexander Services Inc., and she has held academic appointments at Cornell University and Harvard University. Dr. Mitchell earned the BS in economics from Harvard University, and the MS and PhD in economics from the University of Wisconsin. Alicia Munnell is the Peter F. Drucker Professor of Management Sciences at Boston College''s Carroll School of Management and Director of the Boston College Center for Retirement Research. Her research interests include pension and social security policy, and the determinants of productivity; in addition she has analyzed bank mergers and tax policy. Previously Dr. Munnell was a Member of the President''s Council of Economic Advisers and Assistant Secreta

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