Discounting State and Local Pension Liabilities

By Jeffrey R. Brown, David W. Wilcox. 2009

179 citations recorded by the source corpus.

Citations in the corpus

Pension Fund Asset Allocation and Liability Discount Rates: Camouflage and Reckless Risk Taking by U.S. Public Plans? (2012, unknown): “At the same time, U.S. public funds have almost no ability to scale back spending if risky assets underperform expectations, as their benefits are often given special protections in state constitutions as well as through statutory and common law (Brown and Wilcox, 2009).”
Public Pension Promises: How Big are They and What are They Worth? (2011, unknown): “However, Brown and Wilcox (2009) show that eight state constitutions, including those of major pension sponsors Illinois and New York, say that pensions may not be “diminished or impaired”, a clause which presumably protects far more than the ABO by limiting the extent to which ongoing pension…”