Abstract

http://ssrn.com/abstract=1596679
 
 

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Are State Public Pensions Sustainable? Why the Federal Government Should Worry About State Pension Liabilities


Joshua D. Rauh


Stanford Graduate School of Business; National Bureau of Economic Research (NBER)

May 15, 2010


Abstract:     
This paper analyzes the flow of state pension benefit payments relative to asset levels and contributions. Assuming future state contributions fund the full present value of new benefits, many state systems will run out of money in 10-20 years if some attempt is not made to improve the funding of liabilities that have already been accrued. The expected shortfalls raise the possibility that the federal government will be faced with a decision as to whether to bail out states driven to insolvency by their pension programs.

Number of Pages in PDF File: 27

Keywords: Public Pensions, State and Local Government, Public Finance, Pension Reform

JEL Classification: H55, H60, H70, H72, H74

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Date posted: April 27, 2010 ; Last revised: May 17, 2010

Suggested Citation

Rauh, Joshua D., Are State Public Pensions Sustainable? Why the Federal Government Should Worry About State Pension Liabilities (May 15, 2010). Available at SSRN: http://ssrn.com/abstract=1596679 or http://dx.doi.org/10.2139/ssrn.1596679

Contact Information

Joshua D. Rauh (Contact Author)
Stanford Graduate School of Business ( email )
518 Memorial Way
Stanford, CA 94305-5015
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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