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Pensionomics 2025
Publisher: National Institute on Retirement Security
Publication Date: January 2025
This study analyzes data on DB pension plans in both the public and private sectors to assess the overall national economic impact of benefits paid by these plans to retirees in 2022. For state and local government pension plans, we also analyze these impacts at the state level for each of the 50 states and the District of Columbia.
Trends in Fiscal, Operational, and Business Practices
Publisher: NCPERS
Publication Date: January 2025
2025 Edition of the Public Retirement Systems Study on trends in fiscal, operational, and business practices.
Guide to Governmental Defined Contribution Plans
Publisher: National Association of Government Defined Contribution Administrators
Publication Date: November 2024
This introductory guide and linked resources will help you decipher the characteristics and interplay between these various plan types and provide some practical information for effectively engaging with these plans, as a trustee, board member, plan sponsor, or administrator
NCPERS 2024 Public Retirement Systems Study: Trends in Fiscal, Operational, and Business Practices
Publisher: NCPERS
Publication Date: February 8, 2024
From September to December 2023, NCPERS conducted its Annual Public Retirement Systems Study to explore the retirement practices of the public sector. Now in its 13th year, NCPERS has partnered with Cobalt Community Research to collect and analyze the most current data available on funds’ fiscal condition and steps they are taking to ensure fiscal and operational integrity.
How do Public Pension Plans Measure up to Social Security on Inflation Protection?
Publisher: NCPERS
Publication Date: Summer 2023
As inflation increases, members not participating in Social Security who receive a typical COLA or no COLA will lose net purchasing power and likely fall behind public sector employees who participate in Social Security. These plans may find retirees struggling to keep up with rising costs, especially during years of high inflation like we’ve seen recently. COLA concerns may vary state to state as well as across different industries.
GASB 87 & 96 Toolkit
Publisher: GFOA
This GASB resource center contains several documents to help you implement GASB 87 (Leases) and GASB 96 (SBITA).
The Hybrid Handbook: Not All Hybrids Are Created Equal, 2021
Publisher: NIRS
Publication Date: May 2021
provides a comprehensive overview of the many aspects of public sector hybrid retirement plan designs. The report finds that some shifts to hybrid designs were made without a proper evaluation of the long-term implications of the plan changes. In contrast, other hybrids are well-thought-out and more likely to provide retirement security to employees, enabling public employers to recruit and retain a qualified workforce.
2023 Public Retirement Systems Study: Trends in Fiscal, Operational and Business Practices
Publisher: NCPERS
Publication Date: February 7, 2023
From September to December 2022, the National Conference on Public Employee Retirement Systems (NCPERS) undertook a comprehensive study exploring the retirement practices of the public sector. In partnership with Cobalt Community Research, NCPERS has collected and analyzed the most current data available on funds’ fiscal condition and steps they are taking to ensure fiscal and operational integrity.
Public Pension Investment Update: Have Alternatives Helped or Hurt?
Publisher: Center for Retirement Research at Boston College
Publication Date: November 2022
One of the most significant shifts in public pension investment policy over the past two decades has been the expansion into alternative investments – namely, private equity, hedge funds, real estate, and commodities. The key question is: have alternatives helped or hurt pension funds’ long-term investment performance?
The Real Deal for the Public Sector
Publisher: NIRS
Publication Date: December 2022
The Real Deal for the Public Sector explores different metrics for evaluating retirement income adequacy for public sector employees. The analytical model for this research is based upon previous work done by Aon in analyzing retirement adequacy for the private sector through their series of The Real Deal reports. This research takes that model and adapts it to the unique features and characteristics of a typical public sector pension plan. It also considers differences in public sector retirement plan provisions, such as whether a worker is in a DB or defined contribution (DC) plan.
Fortifying Main Street: The Economic Benefit of Public Pension Dollars in Rural America
Publisher: NIRS
Publication Date: July 2022
This report considers pension benefit dollars as a percentage of both GDP and total personal income at the county level, as well as categorizing counties as metropolitan, small town, or rural.
How Does COVID-Induced Early Retirement Compare to the Great Recession?
Publisher: Center for Retirement Research at Boston College
Publication Date: October 2022
This analysis, using data from the Health and Retirement Study (HRS), compares how the claiming pattern changed in the recession years 2008-2010 from the expansion years 2004-2006 with how the pattern changed in the recession year 2020 from the expansion years 2016-2018.
Pensionomics 2023
Publisher: NIRS
Publication Date: January 2023
This report, which is updated every two years, calculates the national economic impacts of U.S pension plans, as well as the impact of state and local plans on a state-by-state basis.
The Real Deal for the Public Sector
Publisher: NIRS and AON
Publication Date: November 2022
This report finds that state and local employees in a typical public defined benefit (DB) pension plan need to save about four to six percent of their salary on their own to ensure adequate retirement income. The report also finds that defined contribution (DC) plans provide less retirement income than DB plans in a typical cost-equivalent conversion for career employees.
The Economic Benefit of Public Pension Dollars in Rural America
Publisher: NIRS
Publication Date: July 2022
The thesis of this research paper is that less populated counties with smaller economies experience a greater relative economic benefit from the flow of public pension benefit dollars into the county than more populated, urban counties with larger economies because the benefit dollars simply represent a smaller portion of overall economic activity in those urban counties.
How to Think About Recent Trends in the Average Retirement Age
Publisher: Center for Retirement Research at Boston College
Publication Date: July 2022
After nearly a century of decline, work activity among older men stabilized in the 1980s and began to increase in the 1990s. This turnaround reflected changes in Social Security, retirement plans, and the nature of work, improvements in educational attainment, the need to wait for Medicare coverage, and a number of other factors. In response, the average retirement age has increased by about three years. The goal of this brief is to put this three-year increase in context.
Public Pensions Contend with Falling Markets and Rising Inflation
Publisher: Center for Retirement Research at Boston College
Publication Date: August 2022
Fiscal year 2022 has been difficult for state and local pension plans – with record investment losses and rising pension outlays due to inflation. This experience is in sharp contrast to 2021, when pension funds enjoyed higher investment returns, as well as increased contributions from sponsoring governments. This brief updates the status of state and local plans as of 2021 and uses what we know about 2022 to estimate their current condition
2021 Public Retirement Systems Study
Publisher: NCPERS
Publication Date: February 2022
From September to December 2021, the National Conference on Public Employee Retirement Systems (NCPERS) undertook a comprehensive study exploring the retirement practices of the public sector. In partnership with Cobalt Community Research, NCPERS has collected and analyzed the most current data available on funds’ fiscal condition and steps they are taking to ensure fiscal and operational integrity.
Fiscal Responsibility and 401(k)s
Publisher: NIRS
Publication Date: December 2001
This report explores the potential impact states will face should lawmakers decide to convert new public employees from a defined-benefit pension plan to a defined-contribution 401(k) retirement plan as a budget-saving measure.
A Better Bang for the Buck 3.0
Publisher: NIRS
Publication Date: January 2022
This updated analysis finds that defined benefit (DB) pension plans offer substantial cost advantages over 401(k)-style defined contribution (DC) accounts. A typical pension has a 49 percent cost advantage as compared to a typical DC account, with the cost advantages stemming from longevity risk pooling, higher investment returns, and optimally balanced investment portfolios.
Enhancing Sustainability of Public Pensions
Publisher: NCPERS
Publication Date: January 2022
This study shows how public pensions are or can be made fiscally sustainable with moderate fiscal adjustments.
Americans' Views of State-Facilitated Retirement Programs
Publisher: NIRS
Publication Date: November 2021
This NIRS issue brief examines national sentiment of Americans about state-facilitated retirement savings initiatives.
The Top 10 Advantages of Maintaining Defined-Benefit Pension Plans: 2021 Update
Publication Date: June 2021
The purpose of this research series is to update the original 2011 National Conference on Public Employee Retirement Systems (NCPERS) research series and demonstrate to policy makers that DB plans are more efficient and provide greater retirement security than DC plans. In addition, DB plans have a positive impact on local economies and revenue
The Hybrid Handbook: Not All Hybrids Are Created Equal
Publication Date: May 2021
This report provides an overview of the many aspects of hybrid plan design so that state and local officials can make informed decisions if seeking to modify public employee retirement benefits to some type of hybrid model, either as a new plan or as a new tier in an existing plan. This report also offers insight on jurisdictions that have implemented various forms of hybrid plans.
Americans' Views of State & Local Employee Retirement Plans
Publication Date: March 2021
the National Institute on Retirement Security (NIRS) polled Americans to ascertain their views about the retirement benefits provided to state and local employees. This report explores their findings.
Pensionomics State Data 2021
Publication Date: January 2021
Pensionomics data is issued every two or three years and provides readers with the financial impact of defined benefit pension expenditures in each state.
Fortifying Main Street
Publication Date: March 2020
The Economic Benefit of Public Pension Dollars in Rural America
Pensionomics State Data 2018
Publication Date: 2018
Pensionomics data is issued every two years and provides readers with the financial impact of defined benefit pension expenditures in each state.
GFOA CAFR Checklist for Pension and OPEB Plans
Publication Date: June 2018
This checklist is intended for comprehensive annual financial reports (CAFRs) prepared by pension and other postemployment benefit systems (system) and by external cash and investment pools (pool). The checklist is designed to provide comprehensive guidance for financial statement preparers, especially those who are submitting their CAFR to GFOA's Certificate of Achievement for Excellence in Financial Reporting program.