2009 Public Pension Finance Symposium
Public Pension Finance Symposium
May 18–19, 2009
Chicago, Illinois
/4938ed/globalassets/assets/files/resources/essays-monographs/2009-public-pension-finance/mono-2010-mrs10-wilcox-paper.pdf" target="_blank" rel="noopener"> 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
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Discussant Comments
Authors' Response to Comments
Revisiting Pension Actuarial Science
James J. Rizzo, Krzysztof M. Ostaszewski, Piotr Krekora
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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
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Session Four: New Ideas for the Future
Public Pension Plan Financing: The Devil's in the Actuarial Details
David J. Kehler
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Discussant Comments
The Debate Over Applying FE Principles to the Funding of Public Pension Plans: A Transition Proposal and Other Ideas
Thomas B. Lowman
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Payout Streams and Present Values for Plan A
Discussant Comments
The Case for Stochastic Present Values
Dimitry Mindlin
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Discussant Comments
Author's Response to Comments
Session Five: Risk Management Ideas for Public Pensions
Communicating Risk in Public Pension Plans
Robert T. McCrory
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How Much Investment Risk Can a Government-Sponsored Pension Plan Afford?
Bill Hallmark, David Kelly
Abstract
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Public Plans: Using Risk Profiles to Manage Funding Goals
Joshua Davis, Scott Porter, Karen Steffen
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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
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Public Pension Promises: How Big Are They and What Are They Worth?
Robert Novy-Marx, Joshua D. Rauh
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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
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Stable Funding
Robert T. McCrory
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