Holdings: State and local pension fund management

State and local pension fund management:

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Bibliographic Details
Main Author:	Peng, Jun (Author)
Format:	Book
Language:	English
Published:	Boca Raton [u.a.] CRC Press 2009
Series:	Public administration and public policy 147
Subjects:	Local officials and employees > Pensions > United States Pension trusts > Investments > United States Öffentlicher Dienst Mitarbeiter Altersversorgung USA United States > Officials and employees > Pensions > Management
Online Access:	Inhaltsverzeichnis
Item Description:	Literaturangaben
Physical Description:	XXI, 263 S. graph. Darst.
ISBN:	9780849305481

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adam_text	Contents Preface .........................................................................................................xvii Acknowledgment ..........................................................................................xix About the Author .........................................................................................xxi Chapter 1 Overview ............................................................................... l 1.1 Retirement Benefits ............................................................................2 1.2 Examining the State and Local Pension Plan Management ................3 1.3 A Brief History of State and Local Public Pension Plans .....................6 1.3.1 Pre-1940 History .....................................................................6 1.3.2 Post-1940 History ....................................................................7 1.4 Public and Private Sector Pension Benefits ..........................................9 1.5 State and Local Pension Systems .......................................................10 1.5.1 Public Pension Systems, Plans, and Funds .............................10 1.5.2 Types of Public Pension Plans ...............................................12 1.5.3 Historical Data on the Number of Pension Systems ..............13 1.5.4 Breakdown between State- and Local-Level Pension Systems ....................................................................14 1.6 Growth of Public Pension System Assets ..........................................17 1.6.1 Pension Asset Growth ...........................................................17 1.6.2 Source of Pension Asset Growth ............................................18 1.6.3 Sufficiency of Pension Asset Growth .....................................21 1.7 Overview ..........................................................................................23 References ..................................................................................................24 Appendix ...................................................................................................26 Chapter 2 Pension Benefit Design ...................................................29 2.1 Regular Service-Related Benefits ......................................................29 2.1.1 Normal Service Benefit .........................................................30 2.1.1.1 Benefit Multiplier ..................................................30 2.1.1.2 Final Average Salary ..............................................33 2.1.1.3 Years of Service .....................................................34 IX χ ■ Contents 2.1.1.4 Requirement for Normal Retirement Benefits .......36 2.1.1.5 State Income Tax Treatment .................................37 2.1.2 Early Retirement Benefit .......................................................37 2.1.2.1 Early Retirement Incentive Program .....................39 2.1.3 Postemployment Benefit Adjustment ....................................40 2.1.4 Purchase of Service Credits ...................................................41 2.1.4.1 Types of Service and Years of Service to Be Purchased ..............................................................43 2.1.4.2 Cost of Purchase and Its Payment .........................43 2.2 Ancillary Benefits .............................................................................45 2.2.1 Disability Benefits .................................................................45 2.2.2 Death Benefits ......................................................................46 2.2.3 Health Benefits ......................................................................47 2.2.4 Withdrawal Benefits ..............................................................47 2.3 Deferred Retirement Option Plan (DROP) Program ........................47 2.3.1 Major Features of DROP ......................................................47 2.3.2 Pros and Cons of DROP .......................................................49 2.3.3 DROP Design Issues .............................................................50 2.4 Adequacy of Public Pension Benefits .................................................51 2.4.1 Finding the Replacement Ratio .............................................52 2.4.2 Adequacy of the Public Pension Benefit .................................53 2.4.3 Summary ..............................................................................55 References ..................................................................................................56 Chapter 3 Actuarial Valuation and Financial Reporting ............57 3.1 Assumptions .....................................................................................58 3.1.1 Demographic Assumptions ...................................................58 3.1.2 Economic Assumptions .........................................................59 3.2 Actuarial Cost Methods ..................................................................60 3.2.1 Classification of Actuarial Cost Methods ..............................61 3.2.2 Projected Unit Credit (PUC) Cost Method ...........................62 3.2.2.1 Normal Cost .........................................................62 3.2.2.2 Accrued Liability ...................................................63 3.2.2.3 Example ...............................................................64 3.2.2.4 Unfunded Accrual Actuarial Liability (UAAL) and Amortization .................................................64 3.2.3 Entry Age Normal (ΕΑΝ) Actuarial Cost Method ..............66 3.2.3.1 Normal Cost under Level Dollar Method .............67 3.2.3.2 Accrued Liability under Level Dollar Method .......67 3.2.3.3 Entry Age Normal (ΕΑΝ) Using Level Percentage ....................................................68 3.2.3.4 Example ................................................................68 3.2.4 Comparison between ΕΑΝ and PUC ....................................70 Contents ■ x¡ 3.2.5 Aggregate Cost Method ........................................................71 3.2.5.1 UAAL ...................................................................71 3.2.5.2 Aggregate Cost Method ........................................72 3.2.6 Frozen Entry Age Cost Method ............................................73 3.3 Asset Valuation .................................................................................74 3.4 Financial Reporting and Accounting Standards ...............................75 3.4.1 GASB25 ...............................................................................76 3.4.1.1 Reporting Framework ...........................................76 3.4.1.2 Parameters ............................................................80 3.4.2 GASB27 ...............................................................................82 3.4.3 GASB Statement 50.............................................................84 References .................................................................................................84 Chapter 4 Governing Public Pension Plans ...................................85 4.1 ERISA ..............................................................................................85 4.1.1 ERISA Standards ..................................................................86 4.1.2 ERISA and Public Pension Plans ...........................................88 4.2 Public Pension Benefit Protection .....................................................88 4.3 Public Pension Plan Administration .................................................92 4.3.1 Pension Plan Administration: The Governing Board .............92 4.3.1.1 Election of Trustees to the Board ..........................93 4.3.1.2 Board s Fiduciary Responsibility Standard ............93 4.3.1.3 Conflict of Interest Rule and Code of Ethics .........94 4.3.1.4 The Board s Main Functions .................................95 4.3.2 Pension Plan Administration: The Staff. ................................96 4.3.2.1 Member Service ....................................................96 4.3.2.2 Supporting Services ...............................................98 4.3.2.3 Investment Management .......................................99 4.3.3 Risk Management and Control .............................................99 4.3.4 Financial Reporting ............................................................100 4.3.5 Funding Policy ....................................................................101 Ł4 Public Pension Plan Oversight ........................................................103 4.4.1 Legislative Committee .........................................................104 4.4.2 Independent Pension Commission ......................................105 4.4.3 Other Oversight Mechanisms .............................................107 References ................................................................................................108 Chapter 5 Investment Management .............................................. ill 5.1 Overall Objective of Investment Management. ............................... Ill 5.2 Portfolio Diversification ..................................................................112 5.2.1 The Theory ..........................................................................112 5.2.2 Asset Classes ........................................................................114 5.2.2.1 Traditional Investments .......................................115 xii ■ Contents 5.2.2.2 Alternative Investments.......................................118 5.3 Investment Policy ...........................................................................120 5.3.1 Investment Objective and Risk ............................................120 5.3.2 Legal List to Control Risk ...................................................122 5.3.3 Asset Allocation ..................................................................123 5.3.4 Roles and Responsibilities ...................................................125 53 A.I Responsibilities of the Board of Trustees .............125 5.3.4.2 Responsibilities of Internal Investment Staff .......126 5.3.4.3 Responsibilities of Investment Consultant ...........127 5.3.4.4 Responsibilities of Investment Managers .............127 5.3.4.5 Responsibilities of Custodian ..............................128 5.3.5 Performance Measurement ..................................................128 5.3.5.1 Calculating Investment Return ...........................128 5.3.5.2 Measuring Investment Managers Performances .......................................................129 5.3.5.3 Measuring Total Portfolio Performance ..............131 5.3.6 Rebalancing ........................................................................133 5.4 Implementation Strategy. ................................................................133 5.4.1 Passive versus Active Management ......................................134 5.4.2 Internal versus External Management .................................136 5.4.3 Summary ............................................................................138 References ................................................................................................138 Chapter 6 Pension Plan Management and the Operating Budget ..........................................................................141 6.1 Underfunded Pension Plans ............................................................142 6.1.1 Fiscal Illusion and Fiscal Stress ............................................143 6.1.2 How to Deal with Pension Underfunding ...........................144 6.1.2.1 Benefits of РОВ ...................................................145 6.1.2.2 Risks of РОВ .......................................................145 6.2 Overfunded Pension Plan ...............................................................147 6.3 Case Studies ...................................................................................149 6.3.1 Illinois State Pension Systems ..............................................150 6.3.1.1 Underfunding of Pension Contribution ..............150 6.3.1.2 Pension Benefit Increase ......................................152 6.3.2 New Jersey Pension System .................................................153 6.3.2.1 Reduction in Pension Contribution .....................154 6.3.2.2 Pension Benefit Increase ......................................156 6.3.2.3 Consequence .......................................................157 6.3.3 New York State and Local Retirement System .....................159 6.3.3.1 Pension Contribution Reduction by Governor .... 159 6.3.3.2 Pension Contribution Reduction by Comptroller .........................................................162 Contents ■ xiii 6.3.3.3 Consequence .......................................................163 6.3.4 West Virginia Retirement System ........................................164 6.3.4.1 Underfunding of Pension Contribution ..............164 6.3.4.2 State Efforts to Reduce Unfunded Liability .........166 6.3.5 Florida Retirement System ..................................................168 6.3.5.1 Steady Asset Growth ...........................................168 6.3.5.2 Constraint on Pension Benefit Increase ...............171 6.3.6 Summary ............................................................................172 6.4 Pension Contribution Stabilization Methods ..................................173 6.4.1 Fixed Contribution Rates ....................................................173 6.4.2 Minimum Contribution ......................................................174 6.4.3 Indexing Contribution Rate to Prior Year s Level ................175 6.4.4 Corridor Funding ................................................................175 6.4.5 Pension Fund Surplus Reserve .............................................176 6.4.6 Extend Pension Surplus Amortization .................................176 6.4.7 Extend Asset Smoothing Period ..........................................177 6.4.8 Summary ............................................................................177 References ................................................................................................178 Chapter 7 Defined Contribution Pension Plan ...........................181 7.1 Defined Benefit (DB) Plan..............................................................182 7.1.1 Advantages of a Defined Benefit Plan ..................................182 7.1.2 Disadvantages of a Defined Benefit Plan .............................183 7.1.3 Some Evidence of Defined Benefit Plan Risks .....................185 7.2 Defined Contribution (DC) ...........................................................186 7.2.1 Advantages of the Defined Contribution Plan .....................187 7.2.2 Disadvantages of the Defined Contribution Plan ................187 7.2.2.1 Pension Benefit Certainty ....................................188 7.2.2.2 Investment ..........................................................190 7.2.2.3 Disability Benefit ................................................191 7.2.3 Summary ............................................................................191 7.3 Public Sector Defined Contribution Plan Experience .....................192 7.3.1 Mandatory Participation in Exclusive DC Plan ...................192 7.3.2 Optional Participation in Exclusive Defined Contribution Plan ...............................................................193 7.3.3 Mandatory Participation in Hybrid Plan .............................194 7.3.4 Optional Participation in the Hybrid Plan ..........................195 7.3.5 Summary ............................................................................196 7.4 Cash Balance Plan ..........................................................................196 7.4.1 Cash Balance Plan ...............................................................197 7.4.2 Cash Balance Plan versus Defined Benefit Plan ...................198 7.4.3 Cash Balance Plan versus Defined Contribution Plan .........199 7.4.4 Summary ...........................................................................200 xiv ■ Contents 7.4.5 Nebraska Cash Balance Plan...............................................201 7.4.6 California Cash Balance Plan..............................................203 7.5 Defined Contribution Plan Design Issues .......................................203 7.6 Conclusion..................................................................................... 207 References ...............................................................................................208 Chapter 8 Other Postemployment Benefits ................................211 8.1 Healthcare for Retirees ...................................................................212 8.2 GASB Statements 43 and 45...........................................................213 8.2.1 Brief History of GASB Statements on OPEB Reporting .....213 8.2.2 GASB Statement 43............................................................214 8.2.2.1 Financial Reporting Framework ..........................215 8.2.2.2 Parameters ...........................................................215 8.2.2.3 Implicit Subsidy Rate ..........................................217 8.2.3 GASB Statement 45............................................................218 8.2.4 Financial Implication of GASB Statements 43 and 45........218 8.3 Dealing with OPEB Liability .........................................................219 8.3.1 Prefunding OPEB Liability ................................................220 8.3.1.1 OPEB Trust Fund ..............................................220 8.3.1.2 OPEB Bond ........................................................221 8.3.2 Reducing Health Benefits ...................................................222 8.3.2.1 Legal Perspective .................................................223 8.3.2.2 Reducing Health Benefits ....................................224 8.3.3 Defined Contribution Health Benefit Plan .........................226 8.3.3.1 Cash Contribution ..............................................227 8.3.3.2 Converting Unused Sick Leave into Cash Contribution .............................................228 References ................................................................................................229 Chapter 9 Looking Forward .............................................................231 9.1 Managing Pension Liability Growth ...............................................233 9.1.1 Limiting Pension Benefit Increase .......................................233 9.1.2 Increasing Retirement Age ..................................................235 9.1.3 Pension Benefit Level ..........................................................237 9.1.4 Containing the Negative Effect of Spiking ..........................239 9.1.5 Early Retirement Incentive Program ...................................239 9.1.6 Pension Obligation Bond ....................................................240 9.2 Managing Pension Asset Growth ....................................................240 9.2.1 Pension Funding Policy .......................................................240 9.2.2 Smooth Pension Contribution Rate ....................................242 9.2.3 Investment Return .............................................................242 Contents ■ xv 9.3 Changing Pension Benefit Design..................................................243 9.3.1 Hybrid Plan.........................................................................243 9.3.2 Cost of Living Adjustment (COLA) ...................................244 9.4 Conclusion .....................................................................................244 References ................................................................................................245 Index ...........................................................................................................247
adam_txt	Contents Preface .xvii Acknowledgment .xix About the Author .xxi Chapter 1 Overview . l 1.1 Retirement Benefits .2 1.2 Examining the State and Local Pension Plan Management .3 1.3 A Brief History of State and Local Public Pension Plans .6 1.3.1 Pre-1940 History .6 1.3.2 Post-1940 History .7 1.4 Public and Private Sector Pension Benefits .9 1.5 State and Local Pension Systems .10 1.5.1 Public Pension Systems, Plans, and Funds .10 1.5.2 Types of Public Pension Plans .12 1.5.3 Historical Data on the Number of Pension Systems .13 1.5.4 Breakdown between State- and Local-Level Pension Systems .14 1.6 Growth of Public Pension System Assets .17 1.6.1 Pension Asset Growth .17 1.6.2 Source of Pension Asset Growth .18 1.6.3 Sufficiency of Pension Asset Growth .21 1.7 Overview .23 References .24 Appendix .26 Chapter 2 Pension Benefit Design .29 2.1 Regular Service-Related Benefits .29 2.1.1 Normal Service Benefit .30 2.1.1.1 Benefit Multiplier .30 2.1.1.2 Final Average Salary .33 2.1.1.3 Years of Service .34 IX χ ■ Contents 2.1.1.4 Requirement for Normal Retirement Benefits .36 2.1.1.5 State Income Tax Treatment .37 2.1.2 Early Retirement Benefit .37 2.1.2.1 Early Retirement Incentive Program .39 2.1.3 Postemployment Benefit Adjustment .40 2.1.4 Purchase of Service Credits .41 2.1.4.1 Types of Service and Years of Service to Be Purchased .43 2.1.4.2 Cost of Purchase and Its Payment .43 2.2 Ancillary Benefits .45 2.2.1 Disability Benefits .45 2.2.2 Death Benefits .46 2.2.3 Health Benefits .47 2.2.4 Withdrawal Benefits .47 2.3 Deferred Retirement Option Plan (DROP) Program .47 2.3.1 Major Features of DROP .47 2.3.2 Pros and Cons of DROP .49 2.3.3 DROP Design Issues .50 2.4 Adequacy of Public Pension Benefits .51 2.4.1 Finding the Replacement Ratio .52 2.4.2 Adequacy of the Public Pension Benefit .53 2.4.3 Summary .55 References .56 Chapter 3 Actuarial Valuation and Financial Reporting .57 3.1 Assumptions .58 3.1.1 Demographic Assumptions .58 3.1.2 Economic Assumptions .59 3.2 Actuarial Cost Methods .60 3.2.1 Classification of Actuarial Cost Methods .61 3.2.2 Projected Unit Credit (PUC) Cost Method .62 3.2.2.1 Normal Cost .62 3.2.2.2 Accrued Liability .63 3.2.2.3 Example .64 3.2.2.4 Unfunded Accrual Actuarial Liability (UAAL) and Amortization .64 3.2.3 Entry Age Normal (ΕΑΝ) Actuarial Cost Method .66 3.2.3.1 Normal Cost under Level Dollar Method .67 3.2.3.2 Accrued Liability under Level Dollar Method .67 3.2.3.3 Entry Age Normal (ΕΑΝ) Using Level Percentage .68 3.2.3.4 Example .68 3.2.4 Comparison between ΕΑΝ and PUC .70 Contents ■ x¡ 3.2.5 Aggregate Cost Method .71 3.2.5.1 UAAL .71 3.2.5.2 Aggregate Cost Method .72 3.2.6 Frozen Entry Age Cost Method .73 3.3 Asset Valuation .74 3.4 Financial Reporting and Accounting Standards .75 3.4.1 GASB25 .76 3.4.1.1 Reporting Framework .76 3.4.1.2 Parameters .80 3.4.2 GASB27 .82 3.4.3 GASB Statement 50.84 References .84 Chapter 4 Governing Public Pension Plans .85 4.1 ERISA .85 4.1.1 ERISA Standards .86 4.1.2 ERISA and Public Pension Plans .88 4.2 Public Pension Benefit Protection .88 4.3 Public Pension Plan Administration .92 4.3.1 Pension Plan Administration: The Governing Board .92 4.3.1.1 Election of Trustees to the Board .93 4.3.1.2 Board s Fiduciary Responsibility Standard .93 4.3.1.3 Conflict of Interest Rule and Code of Ethics .94 4.3.1.4 The Board's Main Functions .95 4.3.2 Pension Plan Administration: The Staff. .96 4.3.2.1 Member Service .96 4.3.2.2 Supporting Services .98 4.3.2.3 Investment Management .99 4.3.3 Risk Management and Control .99 4.3.4 Financial Reporting .100 4.3.5 Funding Policy .101 Ł4 Public Pension Plan Oversight .103 4.4.1 Legislative Committee .104 4.4.2 Independent Pension Commission .105 4.4.3 Other Oversight Mechanisms .107 References .108 Chapter 5 Investment Management . ill 5.1 Overall Objective of Investment Management. . Ill 5.2 Portfolio Diversification .112 5.2.1 The Theory .112 5.2.2 Asset Classes .114 5.2.2.1 Traditional Investments .115 xii ■ Contents 5.2.2.2 Alternative Investments.118 5.3 Investment Policy .120 5.3.1 Investment Objective and Risk .120 5.3.2 Legal List to Control Risk .122 5.3.3 Asset Allocation .123 5.3.4 Roles and Responsibilities .125 53 A.I Responsibilities of the Board of Trustees .125 5.3.4.2 Responsibilities of Internal Investment Staff .126 5.3.4.3 Responsibilities of Investment Consultant .127 5.3.4.4 Responsibilities of Investment Managers .127 5.3.4.5 Responsibilities of Custodian .128 5.3.5 Performance Measurement .128 5.3.5.1 Calculating Investment Return .128 5.3.5.2 Measuring Investment Managers' Performances .129 5.3.5.3 Measuring Total Portfolio Performance .131 5.3.6 Rebalancing .133 5.4 Implementation Strategy. .133 5.4.1 Passive versus Active Management .134 5.4.2 Internal versus External Management .136 5.4.3 Summary .138 References .138 Chapter 6 Pension Plan Management and the Operating Budget .141 6.1 Underfunded Pension Plans .142 6.1.1 Fiscal Illusion and Fiscal Stress .143 6.1.2 How to Deal with Pension Underfunding .144 6.1.2.1 Benefits of РОВ .145 6.1.2.2 Risks of РОВ .145 6.2 Overfunded Pension Plan .147 6.3 Case Studies .149 6.3.1 Illinois State Pension Systems .150 6.3.1.1 Underfunding of Pension Contribution .150 6.3.1.2 Pension Benefit Increase .152 6.3.2 New Jersey Pension System .153 6.3.2.1 Reduction in Pension Contribution .154 6.3.2.2 Pension Benefit Increase .156 6.3.2.3 Consequence .157 6.3.3 New York State and Local Retirement System .159 6.3.3.1 Pension Contribution Reduction by Governor . 159 6.3.3.2 Pension Contribution Reduction by Comptroller .162 Contents ■ xiii 6.3.3.3 Consequence .163 6.3.4 West Virginia Retirement System .164 6.3.4.1 Underfunding of Pension Contribution .164 6.3.4.2 State Efforts to Reduce Unfunded Liability .166 6.3.5 Florida Retirement System .168 6.3.5.1 Steady Asset Growth .168 6.3.5.2 Constraint on Pension Benefit Increase .171 6.3.6 Summary .172 6.4 Pension Contribution Stabilization Methods .173 6.4.1 Fixed Contribution Rates .173 6.4.2 Minimum Contribution .174 6.4.3 Indexing Contribution Rate to Prior Year's Level .175 6.4.4 Corridor Funding .175 6.4.5 Pension Fund Surplus Reserve .176 6.4.6 Extend Pension Surplus Amortization .176 6.4.7 Extend Asset Smoothing Period .177 6.4.8 Summary .177 References .178 Chapter 7 Defined Contribution Pension Plan .181 7.1 Defined Benefit (DB) Plan.182 7.1.1 Advantages of a Defined Benefit Plan .182 7.1.2 Disadvantages of a Defined Benefit Plan .183 7.1.3 Some Evidence of Defined Benefit Plan Risks .185 7.2 Defined Contribution (DC) .186 7.2.1 Advantages of the Defined Contribution Plan .187 7.2.2 Disadvantages of the Defined Contribution Plan .187 7.2.2.1 Pension Benefit Certainty .188 7.2.2.2 Investment .190 7.2.2.3 Disability Benefit .191 7.2.3 Summary .191 7.3 Public Sector Defined Contribution Plan Experience .192 7.3.1 Mandatory Participation in Exclusive DC Plan .192 7.3.2 Optional Participation in Exclusive Defined Contribution Plan .193 7.3.3 Mandatory Participation in Hybrid Plan .194 7.3.4 Optional Participation in the Hybrid Plan .195 7.3.5 Summary .196 7.4 Cash Balance Plan .196 7.4.1 Cash Balance Plan .197 7.4.2 Cash Balance Plan versus Defined Benefit Plan .198 7.4.3 Cash Balance Plan versus Defined Contribution Plan .199 7.4.4 Summary .200 xiv ■ Contents 7.4.5 Nebraska Cash Balance Plan.201 7.4.6 California Cash Balance Plan.203 7.5 Defined Contribution Plan Design Issues .203 7.6 Conclusion. 207 References .208 Chapter 8 Other Postemployment Benefits .211 8.1 Healthcare for Retirees .212 8.2 GASB Statements 43 and 45.213 8.2.1 Brief History of GASB Statements on OPEB Reporting .213 8.2.2 GASB Statement 43.214 8.2.2.1 Financial Reporting Framework .215 8.2.2.2 Parameters .215 8.2.2.3 Implicit Subsidy Rate .217 8.2.3 GASB Statement 45.218 8.2.4 Financial Implication of GASB Statements 43 and 45.218 8.3 Dealing with OPEB Liability .219 8.3.1 Prefunding OPEB Liability .220 8.3.1.1 OPEB Trust Fund .220 8.3.1.2 OPEB Bond .221 8.3.2 Reducing Health Benefits .222 8.3.2.1 Legal Perspective .223 8.3.2.2 Reducing Health Benefits .224 8.3.3 Defined Contribution Health Benefit Plan .226 8.3.3.1 Cash Contribution .227 8.3.3.2 Converting Unused Sick Leave into Cash Contribution .228 References .229 Chapter 9 Looking Forward .231 9.1 Managing Pension Liability Growth .233 9.1.1 Limiting Pension Benefit Increase .233 9.1.2 Increasing Retirement Age .235 9.1.3 Pension Benefit Level .237 9.1.4 Containing the Negative Effect of Spiking .239 9.1.5 Early Retirement Incentive Program .239 9.1.6 Pension Obligation Bond .240 9.2 Managing Pension Asset Growth .240 9.2.1 Pension Funding Policy .240 9.2.2 Smooth Pension Contribution Rate .242 9.2.3 Investment Return .242 Contents ■ xv 9.3 Changing Pension Benefit Design.243 9.3.1 Hybrid Plan.243 9.3.2 Cost of Living Adjustment (COLA) .244 9.4 Conclusion .244 References .245 Index .247
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geographic	USA United States Officials and employees Pensions Management USA (DE-588)4078704-7 gnd
geographic_facet	USA United States Officials and employees Pensions Management
id	DE-604.BV035092459
illustrated	Illustrated
index_date	2024-07-02T22:11:07Z
indexdate	2024-07-09T21:22:01Z
institution	BVB
isbn	9780849305481
language	English
lccn	2008008974
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-016760555
oclc_num	213133319
open_access_boolean
owner	DE-355 DE-BY-UBR
owner_facet	DE-355 DE-BY-UBR
physical	XXI, 263 S. graph. Darst.
publishDate	2009
publishDateSearch	2009
publishDateSort	2009
publisher	CRC Press
record_format	marc
series	Public administration and public policy
series2	Public administration and public policy
spelling	Peng, Jun Verfasser aut State and local pension fund management Jun Peng Boca Raton [u.a.] CRC Press 2009 XXI, 263 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Public administration and public policy 147 Literaturangaben Local officials and employees Pensions United States Pension trusts Investments United States Öffentlicher Dienst (DE-588)4043169-1 gnd rswk-swf Mitarbeiter (DE-588)4120744-0 gnd rswk-swf Altersversorgung (DE-588)4001479-4 gnd rswk-swf USA United States Officials and employees Pensions Management USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Öffentlicher Dienst (DE-588)4043169-1 s Mitarbeiter (DE-588)4120744-0 s Altersversorgung (DE-588)4001479-4 s b DE-604 Public administration and public policy 147 (DE-604)BV000005829 147 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016760555&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Peng, Jun State and local pension fund management Public administration and public policy Local officials and employees Pensions United States Pension trusts Investments United States Öffentlicher Dienst (DE-588)4043169-1 gnd Mitarbeiter (DE-588)4120744-0 gnd Altersversorgung (DE-588)4001479-4 gnd
subject_GND	(DE-588)4043169-1 (DE-588)4120744-0 (DE-588)4001479-4 (DE-588)4078704-7
title	State and local pension fund management
title_auth	State and local pension fund management
title_exact_search	State and local pension fund management
title_exact_search_txtP	State and local pension fund management
title_full	State and local pension fund management Jun Peng
title_fullStr	State and local pension fund management Jun Peng
title_full_unstemmed	State and local pension fund management Jun Peng
title_short	State and local pension fund management
title_sort	state and local pension fund management
topic	Local officials and employees Pensions United States Pension trusts Investments United States Öffentlicher Dienst (DE-588)4043169-1 gnd Mitarbeiter (DE-588)4120744-0 gnd Altersversorgung (DE-588)4001479-4 gnd
topic_facet	Local officials and employees Pensions United States Pension trusts Investments United States Öffentlicher Dienst Mitarbeiter Altersversorgung USA United States Officials and employees Pensions Management
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016760555&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
volume_link	(DE-604)BV000005829
work_keys_str_mv	AT pengjun stateandlocalpensionfundmanagement

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