2009 Public Pension Finance Symposium
Public Pension Finance Symposium
May 18–19, 2009
Chicago, Illinois
- Introduction
- Measuring Public Pension Plan Liabilities
- Andrew Peterson
- Article
- Session One: Measuring Public Pension Liabilities–The Contrasting Views
- Cost vs. Value: Financial Economics and Public Pension Plans
- Paul Angelo
- Discounting State and Local Pension Liabilities
- David Wilcox, Jeffrey R. Brown
- Complete Paper
- Session Two: The Rationale for Traditional Actuarial Models
- Actuarial Methods and Public Pension Funding Objectives: An Empirical Examination
- Norman L. Jones, Brian B. Murphy, Paul Zorn
- Abstract
- Complete Paper
- Discussant Comments
- Authors' Response to Comments
- Revisiting Pension Actuarial Science
- James J. Rizzo, Krzysztof M. Ostaszewski, Piotr Krekora
- Complete Series
- Introduction to Series
- Part 1–The Contractual Benefit Obligation
- Part 2–Risk-Adjusted CBO Cash Flows
- Part 3–A Market-Based Discount Rate
- Part 4–The Residual Benefit Liability
- Part 5–Consider the Measurement Purpose
- Discussant Comments
- Authors' Response to Comments
- Session Three: The Financial Economics View for Measuring Public Pension Liabilities
- A Pension Rosetta Stone: Reconciling Actuarial Science and Pension Accounting with Economic Values
- M. Barton Waring
- Discussant Comments
- The Case for Marking Public Pension Plan Liabilities to Market
- Jeremy Gold, Gordon Latter
- Complete Paper
- Session Four: New Ideas for the Future
- Public Pension Plan Financing: The Devil's in the Actuarial Details
- David J. Kehler
- Complete Paper
- Discussant Comments
- The Debate Over Applying FE Principles to the Funding of Public Pension Plans: A Transition Proposal and Other Ideas
- Thomas B. Lowman
- Complete Paper
- Payout Streams and Present Values for Plan A
- Discussant Comments
- The Case for Stochastic Present Values
- Dimitry Mindlin
- Complete Paper
- Discussant Comments
- Author's Response to Comments
- Session Five: Risk Management Ideas for Public Pensions
- Communicating Risk in Public Pension Plans
- Robert T. McCrory
- Complete Paper
- How Much Investment Risk Can a Government-Sponsored Pension Plan Afford?
- Bill Hallmark, David Kelly
- Abstract
- Complete Paper
- Public Plans: Using Risk Profiles to Manage Funding Goals
- Joshua Davis, Scott Porter, Karen Steffen
- Complete Paper
- Discussant Comments for Session 5
- David B. Wescoe
- Session Six: The Role and Impact of Equities in Public Plan Investing
- How Should Public Pension Plans Invest?
- Deborah J. Lucas, Stephen P. Zeldes
- Complete Paper
- Public Pension Promises: How Big Are They and What Are They Worth?
- Robert Novy-Marx, Joshua D. Rauh
- Complete Paper
- Other Papers Submitted That Were Not Presented
- Public Pensions, Public Budgets, and the Risks of Pension Obligation Bonds
- Thad Daniel Calabrese
- Abstract
- Complete Paper
- Public Pension Plan Funding Policy
- Philip Martin McCaulay
- Abstract
- Complete Paper
- Stable Funding
- Robert T. McCrory
- Complete Paper