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State and Local Pensions: What Now? and millions of other books are available for Amazon Kindle. A few local governments have even filed for bankruptcy, with pensions cited as a major cause. This item:State and Local Pensions: What Now? by Alicia H. Munnell Hardcover $
Table of contents

The trouble is that at this point it's clear that the shift to k 's was a gigantic failure. Employers took advantage of the switch to surreptitiously cut benefits; investment returns have been far lower than workers were told to expect; and, to be fair, many people haven't managed their money wisely. As a result, we're looking at a looming retirement crisis, with tens of millions of Americans facing a sharp decline in living standards at the end of their working lives. For many, the only thing protecting them from abject penury will be Social Security. Due to the low savings ratio, rapidly increasing longevity, new taxation of pension funds for instance the removal of the right to reclaim withholding tax on equity dividends , and above all falling investment returns, many pension funds are in difficulties in the early 21st century.

Most of these funds have moved from defined benefit final salary to contribution-based benefits. Thousands of private funds have been wound up. The government has [ when?

Pensions and Benefits

In October the UK Government implemented a mandatory automatic enrolment system where full-time employees and employers have to make contributions to a workplace pension scheme. In his book titled The Pension Fund Revolution , Peter Drucker point out the theoretical difficulty of a solution, and proposed a second best policy that may be enable to enforce. In the United States, since there has been a significant shift away from defined benefit plans with a corresponding increase in defined contribution plans , like the k.

As of [update] , governments were beginning to follow the private sector in this regard. Research indicates that employees save more if they are automatically enrolled in savings plans i. Some countries have laws that require employers to opt employees into defined contribution plans. Some claim [ who? Some argue FAIR that the crisis is overstated, and for many regions there is no crisis, because the total dependency ratio — composed of aged and youth — is simply returning to long-term norms, but with more aged and fewer youth: looking only at aged dependency ratio is only one half of the coin.

What’s Next for California’s Public Pensions?

The dependency ratio is not increasing significantly, but rather its composition is changing. In more detail: as a result of the demographic transition from "short-lived, high birth-rate" society to "long-lived, low birth-rate" society, there is a demographic window when an unusually high portion of the population is working age, because first death rate decreases, which increases the working age population, then birth rate decreases, reducing the youth dependency ratio, and only then does the aged population grow. Once the aged population grows, the dependency ratio returns to approximately the same level it was prior to the transition.

Thus, by this argument, there is no pensions crisis, just the end of a temporary golden age, and added costs in pensions are recovered by savings in paying for youth. However, if a country's fertility rate falls too far below replacement level, in future there will be unusually few workers supporting the still large retiree population, and the dependency ratio will rise above historical levels, possibly causing an actual crisis. A complicating factor is that support for the youth and support for the aged may be provided by different agents, funded in different ways, making the handoff difficult.

The Real Story of Public Pensions

For example, in the United States, care for the youth is provided by parents, with the primary government expense being education, which is primarily provided by local and state governments, paid for by property taxes a form of wealth tax , while care for the aged is commonly provided by hospitals and nursing homes, and the expenses are pensions and health care, which are provided by the federal government, paid for by payroll taxes a form of income tax. Thus, local property taxes and the untaxed labor of parents cannot be directly handed off to fund pensions and health care, creating a coordination problem.

From Wikipedia, the free encyclopedia. The examples and perspective in this article may not represent a worldwide view of the subject. You may improve this article , discuss the issue on the talk page , or create a new article , as appropriate. October Learn how and when to remove this template message. Main article: Social Security debate United States. This section needs to be updated. Please update this article to reflect recent events or newly available information.

New York State Pension Fund now 98%

May Politician tend to choice that only devoting themselves to full up pension payment for curry favor with voter, and make return its result to next generation that contain a people have not born yet now. By such politician's choice, the base of long-time stability of pension institution is digged down thoroughly. The Economist. State and local pensions are much in the news, but the current discussion largely ignores why some plans are in financial trouble while others are not.

Drawing on extensive research, Munnell cogently explores the diversity of past actions, current circumstances and needs, and opportunities for reform. This book is the essential starting place for thinking about and reforming pensions. Munnell offers a thoughtful examination of the challenges facing state and local governments as they strive to provide retirement security for their employees. Her work represents a giant leap forward by establishing a comprehensive framework for leaders looking to tackle these critical issues.

Pensions for state and local employees generate ferocious debates among both the general public and pension experts, with serious repercussions for public sector pay and government budgets.

Passport to Your Benefits The N. Need to See a Pension Counselor? Welcome to the N. Pay My Health Benefits Bill. Active Employees. Health Benefits. Find out more Planning for retirement?

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See our Online Guide to Retirement Need to change your name or address? Active Employees It is your responsibility to add a dependent to your health plan coverage within 60 days of the qualifying event.

State and Local Pensions: What Now? | Center for Retirement Research

You also must submit proof of dependency documentation along with your application to your employer. If you miss the deadline, you will have to wait until the annual open enrollment period to add your dependent to your plan. There may be a change in the amount deducted from your pay due to your coverage-level change.

Look for "Access myNewJersey" above. Retirees It is your responsibility to add a dependent to your health plan coverage. You must enroll your child within 60 days of the date of the qualifying event. If you miss the deadline, your dependent will be enrolled on the first of the month following a day waiting period.

Where Does Your State Rank?

There may be a change in the amount deducted from your retirement allowance if self-paid due to your coverage-level change. Change in Dependent Status. To remove a child from your health coverage, Active Employees should submit an application to their Human Resources representative. Dependent children's coverage will be terminated at the end of the year in which they turn age It is your responsibility to apply for continued coverage under Chapter or COBRA for the dependent child, if desired.

A child who has reached age 26 and is disabled due to a mental or physical disability and dependent upon you for support can remain covered as a dependent if the child's disabled status is approved.