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"CIVIL SERVICE PENSIONS"
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The future of public employee retirement systems
People covered by public pensions are often the subject of ‘pension envy’, that is, their benefits might seem more generous and their contributions lower than those offered by the private sector. Yet this book points out that such judgments are often inaccurate, since civil servants hold jobs with few counterparts in private industry, such as firefighters, police, judges, and teachers. Often these are riskier, dirtier, and demand more loyalty and discretion than would be required of a more mobile labour force in the private sector. The debate challenges traditional ideas about how the public employee labour contract is structured and raises questions about how such employees are attracted to the public sector, retained and motivated on the job, and retired, via an entire compensation package of wages and benefits. This book explores aspects of these schemes, addressing the cost and valuation debate, along with the political economy of how public pension asset pools are perceived and managed. The discussion also explores ways that public pensions can be strengthened in the US, Japan, Canada, and Germany.
eBook
Old-age income support in the 21st century : an international perspective on pension systems and reform
The past decade has brought an increasing recognition to the importance of pension systems to the economic stability of nations and the security of their aging populations. During this time, the World Bank has taken a leading role in addressing this challenge through its support for pension reforms around the world. Old-Age Income Support in the 21st Century attempts to explain current policy thinking and update the World Bank’s perspective on pension reform. The Bank has been involved in pension reforms in nearly 60 countries, and the demand for its support continues to grow. This book incorporates lessons learned from recent Bank experiences and research that have significantly increased knowledge and insight regarding how best to proceed in the future. The book has a comprehensive introduction and two main parts. Part I presents the conceptual underpinnings for the Bank’s thinking on pension systems and reforms, including structure of Bank lending in this area. Part II highlights key design and implementation issues where it signals areas of confidence and areas for further research and experience, and includes a section on regional reform experiences, including Latin American and Europe and Central Asia. This book will be of interest to Bank clients, the international community, and anyone interested in pension systems and reform.
eBook
The Other Janus and the Future of Labor's Capital
Two forms of labor's capital--union funds and public pension funds--have profoundly reshaped the corporate world. They have successfully advocated for shareholder empowerment initiatives like proxy access, declassified boards, majority voting, say on pay, private fund registration, and the CEO-to-worker pay ratio. They have also served as lead plaintiffs in forty percent of federal securities fraud and Delaware deal class actions. Today, much-discussed reforms like revised shareholder proposal rules and mandatory arbitration threaten two of the main channels by which these shareholders have exercised power. But labor's capital faces its greatest, even existential, threats from outside corporate law. This Essay addresses one of those threats: the direct and indirect challenges posed to labor's capital by the Supreme Court's holding in Janus v. American Federation of State, County, and Municipal Employees, Council 31. These threats may have spillover effects in the corporate arena. This Essay discusses these developments in light of Randall Thomas's early and prescient work on labor as a shareholder.
Journal Article
Public Pension Fund Management
Until recently, “public pension fund management” is an area that received little attention by policymakers, practitioners, and development agencies. Even though there is growing interest in the public pension fund reform both in emerging and developed countries, there are not many resources available in the market in this area. The World Bank decided to actively contribute to the international debate over the public pension fund management in order to better advise its clients and design its programs in this area. One of the most important aspects of this effort, and one in which the World Bank has some comparative advantage, is in bringing together country experiences in order to learn which policies have been working and which policies have failed. Public Pension Fund Management highlights the key themes and findings of the Second Public Pension Fund Management Conference which was organized by the Bank and took place in May 2003. This book addresses issues of governance, accountability, and investment policies and aims to foster ongoing dialogue and exchange of experiences across regions and between emerging and developed economies.
eBook
The fiscal burden of the legacy of the civil service pension systems in northern Cyprus
This paper estimates the fiscal burden of the Pay-As-You-Go (PAYGO) civil service pension systems that were closed in 2008 to new members in North Cyprus. Estimates are made of the difference between the present values of future contributions and the future pension benefits. The future pension benefits are those received by the individuals covered through these plans for the period from 2009 to the death of the last member in the system. The estimated unfunded cost of these historical civil service pension plans is 7.3 billion euros or 276% of GDP.
Journal Article
Public Funds and Private Capital Markets: The Investment Practices and Performance of State and Local Pension Funds
This paper addresses the question of whether a government entity can invest money on behalf of employees or constituents in a manner comparable to the private sector. We focus on the experience of pension funds operated by state and local governments on behalf of their employees. Using data from a sample of public plans, we find some evidence that after controlling for differences in asset allocation certain types of political interference lead to a sacrifice of returns on plan assets. Combining data from public and private plans, it appears that public plans earned a significantly lower rate of return than private plans in 1998, the year for which data was available for both types of plans.
Journal Article