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Summers www.reason.orgFq(iA; Background2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with POBs Won t solve underlying problems KZbZ(Z6ZZ}ZZKa (5 8 G}"S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment AssumptionsLASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs 0C"C"\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" 7DExcessive Benefits((Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZaZ);;a"Y-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least a dozen states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&B78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$G  SolutionsScale back benefits Close DB plans to new employees Voter approval requirements San Francisco vs. San Diego, Orange County Switch to DC plans (not a cure-all!) Avoid pension obligation bonds Sold as simple refinancing, but actually risky arbitrageZ ZZ+ZDZ9Z +D9 d DC Plan FeaturesMandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    H Solutions (continued)Budget reforms Eliminate unnecessary, poor-performing, & low-priority programs Consolidate similar government agencies and functions Privatization Outsourcing Asset divestiture0UhThe Gathering Public Pension Storm: Now It s Raining  ` f3f3` ff̙` ___` ff` 3ff3f>?" dd@,?lPd@   Z l<@ d`"  n?" dd@   @@``PR    @ ` ` p>> H@ (  ^T y  "yZ  S B7 C DEHFPv @?q 6 6 n(dx  G b q %(@"B y2  ZG1?"  Tgֳgֳ ?"P  T Click to edit Master title style! !  T4gֳgֳ ?"``  B*  T4gֳgֳ ?"`   D*  Tgֳgֳ ?"`   D*$   0 "  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S`  Hd޽h? ? f3f3 Soaring  `  (  T t  "tZ  S BsC5 DEHFPv @?3 r4 rv$[I_l3HxF 3 %(@" 2  3 CRENGCJRQ1? `TO`TR`TO`TRR`TRR"t  TDѝgֳgֳ ?"/O  T Click to edit Master title style! !  Tgֳgֳ ?"pp   W#Click to edit Master subtitle style$ $  T`` gֳgֳ ?"``  B*  Te gֳgֳ ?"`    D*   Ti gֳgֳ ?"`    D*`  Hd޽h? ? f3f3 pH(    0ps      B*   0@u   z   D*   6t}       B*   6̀   z    D* H  0xl>L ? ̙33  0T(  x  c $P   6  c $ŝ    State of Louisiana Joint Retirement Committee October 19, 2009 Adam B. Summers Policy Analyst Reason Foundation www.reason.org,AB^  6A?0 H  0޽h ? ̙33  0(  x  c $8P   x  c $   H  0޽h ? T3f3f  P\(  Px P c $ÅP    P c $(ą  <$ 0  H P 0޽h ? 3f3f  ~v(  r  S pȅ`   \   0e0eA @ 5%8c8c     ? @A)BCD|E?``P H  0޽h ? f3f3  $(  r  S (̅P   r  S 4΅   H  0޽h ? f3f3  0hP(  hr h S !     h S d" Pp<$ 0  H h 0޽h ? T3f3f  @xP(  xr x S &0    x S h' Pp<$ 0  H x 0޽h ? T3f3f  @$(  r  S B P   r  S `C     H  0޽h ? f3f3  $(  r  S 8dP   r  S s    H  0޽h ? f3f3  \TP(  r  S     \   0e0eA @ 5%8c8c     ? @A)BCD|E?@i    TH ?? RPeople are retiring sooner(2 H  0޽h ? f3f3  ZR (  r  S D`   \   0e0eA @ 5%8c8c     ? @A)BCD|E?     T@m ??ppm PPeople are living longer(2 H  0޽h ? f3f3   T0(  Tx T c $   x T c $8  @  H T 0޽h ? 3f3f   $(  r  S P   r  S    H  0޽h ? f3f3  |P(  |r | S       | S   Pp<$ 0   H | 0޽h ? T3f3fJ  /(  r  S     r  S   @    ^n   `P  / #"&} `   ZTY ?? `P  P$39.66 @`  ZȯY ?? P  P$27.42 @`  ZY ??%* \Private Industry @`  ZP2Y ?? %* R  @`(  Z4Y ??  `% LAverage Hourly Public-Sector and Private-Sector Compensation Cost ComparisonMM @`B  Zo ??  ` B  T1 ?? %`%B  T1 ?? *`*B  T1 ??  ` B  T1 ??  ` B  Zo ?? P `P B  Zo ??   P B  Zo ??` `P B  T1 ??%P B   T1 ??%P H  0޽h ? f3f3  V(  x  c $ Y   Y   S @ Y  @<$ 0 Y H  0޽h ? T3f3f  >6P(  r  S 2@``   r  S 2 pP     fA ? ??  H  0޽h ? T3f3f  80` (  r  S 9   r  S 9         `A  ??P  H  0޽h ? f3f3  p0(  x  c $ P   x  c $@   H  0޽h ? T3f3f  $(  r  S 2N   N r  S    @  H  0޽h ? f3f3  P(  r  S 8     S -  <$ 0  H  0޽h ? T3f3f  :(  r  S AP      HA  @s` H  0޽h ? f3f3  V(  x  c $LP     S M <$ 0  H  0޽h ? T3f3f   $(   r   S 6N`  N r   S `.N `  N H   0޽h ? f3f3  \(  x  c $PP     c $Q <$ 0  H  0޽h ? T3f3f  T(  x  c $TP   6  c $    State of Louisiana Joint Retirement Committee October 19, 2009 Adam B. 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     !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-q/0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWYZ[\]^_`abcdefgprstuvwxz{|}~Root EntrydO)P XPicturesCurrent User#SummaryInformation(.LRPowerPoint Document(DocumentSummaryInformation8"DTimes New RomanhJv 0( 0 DWingdingsRomanhJv 0( 0 a.  @n?" dd@  @@`` X P ( HL          0   !2$8٥̔/$qEէz,L2$.X1% oP z,L$L"$=7qO{~ wHL2$cGE@m^p 4VLb$O8߉e+\[cL$Lb$}p(%GPWx&L$L$L"$s7#G.U rT+7 }L 0e0e A@A5%8c8c     ?1d0u0@Ty2 NP'p<'p@A)BCD|E?0 ___@8PQ L uʚ;Nʚ;g4CdCdv 0"ppp@ <4!d!d` 0dTK<4dddd` 0dTKg4=d=dv 0^p p___PPT9xp*((6 D 6 :X ? %O =2RhThe Gathering Public Pension Storm: Now It s RainingMPublic Pension StudyRThe Gathering Pension Storm: How Government Pension Plans Are Breaking the Bank and Strategies for Reform (2005)  George Passantino and Adam B. Summers www.reason.orgFq(iA; Background2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with POBs Won t solve underlying problems KZbZ(Z6ZZ}ZZKa (5 8 G}"S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment AssumptionsLASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs 0C"C"\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" 7DExcessive Benefits((Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZaZ);;a"Y-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least eight states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&@78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$G  SolutionsScale back benefits Close DB plans to new employees Voter approval requirements San Francisco vs. San Diego, Orange County Switch to DC plans (not a cure-all!) Avoid pension obligation bonds Sold as simple refinancing, but actually risky arbitrageZ ZZ+ZDZ9Z +D9 d DC Plan FeaturesMandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    H Solutions (continued)Budget reforms Eliminate unnecessary, poor-performing, & low-priority programs Consolidate similar government agencies and functions Privatization Outsourcing Asset divestiture0UhThe Gathering Public Pension Storm: Now It s Raining  p0(  x  c $ P   x  c $@   H  0޽h ? T3f3f  P(  r  S 8     S -  <$ 0  H  0޽h ? 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Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment AssumptionsLASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs 0C"C"\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" 7DExcessive Benefits((Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZaZ);;a"Y-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$G  SolutionsScale back benefits Close DB plans to new employees Voter approval requirements San Francisco vs. San Diego, Orange County Switch to DC plans (not a cure-all!) 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Summers www.reason.orgFq(iA; Background2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with POBs Won t solve underlying problems KZbZ(Z6ZZ}ZZKa (5 8 G}"S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment AssumptionsLASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs 0C"C"\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" 7DExcessive Benefits((Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZaZ);;a"Y-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$d DC Plan FeaturesMandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    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Summers www.reason.orgFq(iA; Background2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with POBs Won t solve underlying problems KZbZ(Z6ZZ}ZZKa (5 8 G}"S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment AssumptionsLASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs 0C"C"\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" 7DExcessive Benefits((Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZaZ);;a"Y-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! 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Summers www.reason.orgFq(iA; Background2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with POBs Won t solve underlying problems KZbZ(Z6ZZ}ZZKa (5 8 G}"S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment AssumptionsLASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs 0C"C"\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" 7DExcessive Benefits((Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZaZ);;a"Y-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$d DC Plan FeaturesMandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    G  SolutionsScale back benefits Close DB plans to new employees Voter approval requirements San Francisco vs. San Diego, Orange County Switch to DC plans (not a cure-all!) 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Summers www.reason.orgFq(iA; Background2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with POBs Won t solve underlying problems KZbZ(Z6ZZ}ZZKa (5 8 G}S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment Assumptions6LASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs Virginia: Funds at or near full funding in 2003  Now projected at 60% funded by 2013  PWC: Even if public pensions funds make 8% every year, will be less than 50% funded by 2025jZZ040\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" DExcessive Benefits(:Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused sick and vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZjZ);;jY-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$d DC Plan FeaturesMandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    G  SolutionsScale back benefits Close DB plans to new employees Voter approval requirements San Francisco vs. San Diego, Orange County Switch to DC plans (not a cure-all!) Avoid pension obligation bonds Sold as simple refinancing, but actually risky arbitrageZ ZZ+ZDZ9Z +D9 H Solutions (continued)Budget reforms Eliminate unnecessary, poor-performing, and low-priority programs Consolidate similar government agencies and functions Privatization Outsourcing Asset divestiture0UhThe Gathering Public Pension Storm: Now It s Raining  |P(  |r | S       | S   Pp<$ 0   H | 0޽h ? 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Summers www.reason.orgFq(iA; Background2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with POBs Won t solve underlying problems KZbZ(Z6ZZ}ZZKa (5 8 G}S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment Assumptions6LASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs Virginia: Funds at or near full funding in 2003  Now projected at 60% funded by 2013  PWC: Even if public pensions funds make 8% every year, will be less than 50% funded by 2025jZZ040\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" DExcessive Benefits(:Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused sick and vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZjZ);;jY-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$d DC Plan FeaturesMandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    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Summers www.reason.orgFq(iA; Background2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with POBs Won t solve underlying problems KZbZ(Z6ZZ}ZZKa (5 8 G}S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment Assumptions6LASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs Virginia: Funds at or near full funding in 2003  Now projected at 60% funded by 2013  PWC: Even if public pensions funds make 8% every year, will be less than 50% funded by 2025fZZ040\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" DExcessive Benefits(:Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused sick and vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZjZ);;jY-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$d Public-Sector DC Plan Structure (Mandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    G  SolutionsScale back benefits Close DB plans to new employees Voter approval requirements San Francisco vs. San Diego, Orange County Switch to DC plans (not a cure-all!) Avoid pension obligation bonds Sold as simple refinancing, but actually risky arbitrageZ ZZ+ZDZ9Z +D9 H Solutions (continued)Budget reforms Eliminate unnecessary, poor-performing, and low-priority programs Consolidate similar government agencies and functions Privatization Outsourcing Asset divestiture0UhThe Gathering Public Pension Storm: Now It s Raining  ` $(   r   S T1 `   r   S t(  `    H   0޽h ? f3f3r3diz  3U|dF(z  X H aD Chart Excel.Chart.80*Microsoft Excel Chart0bF Chart Excel.Chart.80*Microsoft Excel Chart/ 0DArialngsRo9d6v 0( 0"DTimes New Roman6v 0( 0 DWingdingsRoman6v 0( 0 a.  @n?" dd@  @@`` X P (HL       0  2$8٥̔/$qEէz,L2$.X1% oP z,L$L"$=7qO{~ wHL2$cGE@m^p 4VLb$O8߉e+\[cL$Lb$}p(%GPWx&L$L$L"$s7#G.U rT+7 }L 0e0e A@A5%8c8c     ?1d0u0@Ty2 NP'p<'p@A)BCD|E?0 ___@8PQ  uʚ;Nʚ;g4CdCdv 0"ppp@ <4!d!d` 0d7<4dddd` 0d7g4=d=dv 0^p p___PPT90(,  (< L @ < ? %O =3RhThe Gathering Public Pension Storm: Now It s RainingMPublic Pension StudyRThe Gathering Pension Storm: How Government Pension Plans Are Breaking the Bank and Strategies for Reform (2005)  George Passantino and Adam B. Summers www.reason.orgFq(iA; Background2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with POBs Won t solve underlying problems KZbZ(Z6ZZ}ZZKa (5 8 G}S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment Assumptions6LASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs Virginia: Funds at or near full funding in 2003  Now projected at 60% funded by 2013  PWC: Even if public pensions funds make 8% every year, will be less than 50% funded by 2025fZZ040\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" DExcessive Benefits(:Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused sick and vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZjZ);;jY-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$d Public-Sector DC Plan Structure (Mandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    G  SolutionsScale back benefits Close DB plans to new employees Voter approval requirements San Francisco vs. San Diego, Orange County Switch to DC plans (not a cure-all!) Avoid pension obligation bonds Sold as simple refinancing, but actually risky arbitrageZ ZZ+ZDZ9Z +D9 H Solutions (continued)Budget reforms Eliminate unnecessary, poor-performing, and low-priority programs Consolidate similar government agencies and functions Privatization Outsourcing Asset divestiture0UhThe Gathering Public Pension Storm: Now It s Rainingr|  m|5dfF(z  X H  aE Chart Excel.Chart.80*Microsoft Excel Chart0bF Chart Excel.Chart.80*Microsoft Excel Chart/ 0DArialngsRo9d6v 0( 0"DTimes New Roman6v 0( 0 DWingdingsRoman6v 0( 0 a.  @n?" dd@  @@`` X P (HL       0  2$8٥̔/$qEէz,L2$.X1% oP z,L$L"$=7qO{~ wHL2$cGE@m^p 4VLb$O8߉e+\[cL$Lb$}p(%GPWx&L$L$L"$s7#G.U rT+7 }L 0e0e A@A5%8c8c     ?1d0u0@Ty2 NP'p<'p@A)BCD|E?0 ___@8PQ Z uʚ;Nʚ;g4CdCdv 0"ppp@ <4!d!d` 0d7<4dddd` 0d7g4=d=dv 0^p p___PPT9~*((6 D @ < ? %O =3RhThe Gathering Public Pension Storm: Now It s RainingMPublic Pension StudyRThe Gathering Pension Storm: How Government Pension Plans Are Breaking the Bank and Strategies for Reform (2005)  George Passantino and Adam B. Summers www.reason.orgFq(iA; Background2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with POBs Won t solve underlying problems KZbZ(Z6ZZ}ZZKa (5 8 G}S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment Assumptions6LASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs Virginia: Funds at or near full funding in 2003  Now projected at 60% funded by 2013  PWC: Even if public pensions funds make 8% every year, will be less than 50% funded by 2025fZZ040\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" DExcessive Benefits(:Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused sick and vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZjZ);;jY-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Es      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvtablished tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$d Public-Sector DC Plan Structure (Mandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    G  SolutionsScale back benefits Close DB plans to new employees Voter approval requirements San Francisco vs. San Diego, Orange County Switch to DC plans (not a cure-all!) Avoid pension obligation bonds Sold as simple refinancing, but actually risky arbitrageZ ZZ+ZDZ9Z +D9 H Solutions (continued)Budget reforms Eliminate unnecessary, poor-performing, and low-priority programs Consolidate similar government agencies and functions Privatization Outsourcing Asset divestiture0UhThe Gathering Public Pension Storm: Now It s Rainingri E dF(z  X H  aU Chart Excel.Chart.80*Microsoft Excel Chart0bV Chart Excel.Chart.80*Microsoft Excel Chart/ 0DArialngsRoNdKv 0( 0"DTimes New RomanKv 0( 0 DWingdingsRomanKv 0( 0 a.  @n?" dd@  @@`` X P (HL    0  2$8٥̔/$qEէz,B2$.X1% oP z,B$B"$=7qO{~ wHB2$cGE@m^p 4VBb$O8߉e+\[cB$Bb$}p(%GPWx&B$B$B"$s7#G.U rT+7 }B 0e0e A@A5%8c8c     ?1d0u0@Ty2 NP'p<'p@A)BCD|E?0 ___@8PQ ^ uʚ;Nʚ;g4CdCdv 0"ppp@ <4!d!d` 0dL<4dddd` 0dLg4=d=dv 0^p p___PPT90(($6 D 8 6 ? %O =J4RhThe Gathering Public Pension Storm: Now It s RainingMPublic Pension StudyRThe Gathering Pension Storm: How Government Pension Plans Are Breaking the Bank and Strategies for Reform (2005)  George Passantino and Adam B. Summers www.reason.orgFq(iA; BackgroundF2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with pension obligation bonds (POBs) Won t solve underlying problems KZbZ(Z6ZZZZKa (5 8 G#S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment Assumptions6LASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs Virginia: Funds at or near full funding in 2003  Now projected at 60% funded by 2013  PWC: Even if public pensions funds make 8% every year, will be less than 50% funded by 2025fZZ040\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" DExcessive Benefits(:Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused sick and vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZjZ);;jY-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$d Public-Sector DC Plan Structure (Mandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    G  SolutionsScale back benefits Close DB plans to new employees Voter approval requirements San Francisco vs. San Diego, Orange County Switch to DC plans (not a cure-all!) Avoid pension obligation bonds Sold as simple refinancing, but actually risky arbitrageZ ZZ+ZDZ9Z +D9 H Solutions (continued)Budget reforms Eliminate unnecessary, poor-performing, and low-priority programs Consolidate similar government agencies and functions Privatization Outsourcing Asset divestiture0UhThe Gathering Public Pension Storm: Now It s Raining  @P\(  Px P c $$?    P c $)  <$ 0  H P 0޽h ? 3f3fr ;P  RdjG(z  X H  aU Chart Excel.Chart.80*Microsoft Excel Chart0bV Chart Excel.Chart.80*Microsoft Excel Chart/ 0DArialngsRoNdKv 0( 0"DTimes New RomanKv 0( 0 DWingdingsRomanKv 0( 0 a.  @n?" dd@  @@`` X P (HL         0     2$8٥̔/$qEէz,B2$.X1% oP z,B$B"$=7qO{~ wHB2$cGE@m^p 4VBb$O8߉e+\[cB$Bb$}p(%GPWx&B$B$B"$s7#G.U rT+7 }B 0e0e A@A5%8c8c     ?1d0u0@Ty2 NP'p<'p@A)BCD|E?0 ___@8PQ  uʚ;Nʚ;g4CdCdv 0"ppp@ <4!d!d` 0dL<4dddd` 0dLg4=d=dv 0^p p___PPT90(,  (< L @ < ? %O =4RhThe Gathering Public Pension Storm: Now It s RainingMPublic Pension StudyRThe Gathering Pension Storm: How Government Pension Plans Are Breaking the Bank and Strategies for Reform (2005)  George Passantino and Adam B. Summers www.reason.orgFq(iA; BackgroundF2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with pension obligation bonds (POBs) Won t solve underlying problems KZbZ(Z6ZZZZKa (5 8 G#S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment Assumptions6LASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs Virginia: Funds at or near full funding in 2003  Now projected at 60% funded by 2013  PWC: Even if public pensions funds make 8% every year, will be less than 50% funded by 2025fZZ040\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" DExcessive Benefits(:Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused sick and vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZjZ);;jY-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$d Public-Sector DC Plan Structure (Mandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    G  SolutionsScale back benefits Close DB plans to new employees Voter approval requirements San Francisco vs. San Diego, Orange County Switch to DC plans (not a cure-all!) Avoid pension obligation bonds Sold as simple refinancing, but actually risky arbitrageZ ZZ+ZDZ9Z +D9 H Solutions (continued)Budget reforms to address existing liabilities Eliminate unnecessary, poor-performing, and low-priority programs Consolidate similar government agencies and functions Privatization Outsourcing Asset divestiture Spending limit Debt limit Priorities of government (POG) budgeting approach8/ZZ/UhThe Gathering Public Pension Storm: Now It s Raining  \(  x  c $P     c $ <$ 0  H  0޽h ? T3f3fr5SH  S˜djG(z  X H  aU Chart Excel.Chart.80*Microsoft Excel Chart0bV Chart Excel.Chart.80*Microsoft Excel Chart/ 0DArialngsRoNdKv 0( 0"DTimes New RomanKv 0( 0 DWingdingsRomanKv 0( 0 a.  @n?" dd@  @@`` X P (HL         0     2$8٥̔/$qEէz,B2$.X1% oP z,B$B"$=7qO{~ wHB2$cGE@m^p 4VBb$O8߉e+\[cB$Bb$}p(%GPWx&B$B$B"$s7#G.U rT+7 }B 0e0e A@A5%8c8c     ?1d0u0@Ty2 NP'p<'p@A)BCD|E?0 ___@8PQ  uʚ;Nʚ;g4CdCdv 0"ppp@ <4!d!d` 0dL<4dddd` 0dLg4=d=dv 0^p p___PPT90(,  (< L @ < ? %O =4RhThe Gathering Public Pension Storm: Now It s RainingMPublic Pension StudyRThe Gathering Pension Storm: How Government Pension Plans Are Breaking the Bank and Strategies for Reform (2005)  George Passantino and Adam B. Summers www.reason.orgFq(iA; BackgroundF2004: $326 billion cumulative state government pension deficit (127 plans) National Association of State Retirement Administrators & National Council on Teacher Retirement 2008: $237 billion shortfall (59 plans) Up from $113.5 billion in 2007 (Wilshire Associates) Louisiana: $12 billion total unfunded pension liability Blame stock market downturn after  dot-com boom and current recession $1 trillion in losses to state and local governments Try to borrow way out of debt with pension obligation bonds (POBs) Won t solve underlying problems KZbZ(Z6ZZZZKa (5 8 G#S#State Pension Funding Levels (2004)$$$ T Louisiana Pension Funding Levels!!$4LASERS 2003: 66% 2008: 68% TRSL 2003: 69% 2008: 70%`?Defined-Benefit PlansMake up vast majority of govt. plans 90% of state and local government workers DB plans guarantee employees a set level of benefits when they retire Benefit levels determined by formula Funded with employer contributions, employee contributions (in public sector), and pension fund returns Pension board invests assets If pension fund does well, employer contributions are small and vice versa d%*<%*=CCauses of the Pension CrisisNot the stock market Problems inherent to DB plans and government management Volatility Moral hazard Underfunding Simply not making full amount of contributions  Contribution Holidays  13th Check for  excessive gains MZZ ZkZM J Z!Unrealistic Actuarial Assumptions  In my experience, every pension fund I ve ever seen has an actuarial assumption that is more akin to wishful thinking than what is reasonably foreseeable. Edward Siedle, former SEC attorney 4$ $ ^-Louisiana Pension Fund Investment Assumptions6LASERS & TRSL: 8.25% return 50-state median: 8% Warren Buffet: 6% Pensions are  ticking time bombs Virginia: Funds at or near full funding in 2003  Now projected at 60% funded by 2013  PWC: Even if public pensions funds make 8% every year, will be less than 50% funded by 2025fZZ040\Retirement Trends ]Life Expectancy < Demographics  During 20th Century, average life span increased by more than 30 years Typical man spends twice as much time in retirement now as in 1950 Ratio of current to retired workers in DB system has fallen from 3.5:1 in 1980 to 1:1 today Baby Boomers are starting to retireD "    [ Rising Retiree Health-Care Costs!!(9Health-care costs are consuming an ever-larger portion of employee retirement costs Double-digit year-over-year cost increases for most of the last decade Costs rose another 9.9% in 2008 and 9.2% in 2009 Expected to rise 9.0% in 2010 Source: PricewaterhouseCoopers Health Research Institute report, June 2009. dO "L"" DExcessive Benefits(:Deferred Retirement Option Plans (DROPs) San Diego: Would-be pension benefits earned 8%-8.5% + COLA  Air Time Purchases Generally supposed to be revenue-neutral, but often aren t Unused sick and vacation time abuse Disability pension abuse (Chief s Disease) Generous benefits formulas)Z;ZZ;ZjZ);;jY-Public- vs. Private-Sector Wages and Benefits..(Source: U.S. Department of Labor, Bureau of Labor Statistics,  Employer Costs for Employee Compensation June 2009 ss"E$The Alternative: History of DC Plans%%$Private sector shift to 401(k)-style DC plans over past 30 years Employee Retirement Income Security Act of 1974 (ERISA) Established tax-deductible individual retirement account (IRA) for those without pensions Revenue Act of 1978 Created Internal Revenue Code Section 401(k) Est. individual tax-deferred retirement plans DC plan: employer/govt. & employee each make contributions to a retirement fund managed by the employee Benefit level determined by investment performanceyZZZZ[ZZyZ[L/The Rise of DC Plans: Number of DB and DC Plans00$DC plans: 208,000 in 1975 631,000 in 2005 DB plans: 103,000 in 1975 48,000 in 2005.W<W?The Rise of DC Plans: Number of Participants in DB and DC Plans@@$DB plans: 33 million in 1975 42 million in 2005 DC plans: 12 million in 1975 75 million in 2005 :dFK Governments Shifting to DC Plans!!$Michigan switched to DC plan starting in 1997 Alaska switched to a DC plan in 2005 At least 8 states, including Florida, offer both a DB plan and a DC plan Starting in 2003, Oregon state employees participate in both a DB and a DC plan\&<78cPublic-Sector DC PlanstMandatory DC plans: Alaska Michigan Mandatory DC + DB plans: Indiana Oregon Optional DC plans: Colorado  Ohio Florida  South Carolina Montana  Washington North Dakota  VermontZZZZZ\Z\  F Benefits of DC Plans$Predictability of contribution levels No actuarial liabilities! Flexibility Can change compensation to match economic conditions Portability Typically not the case with government DB plans Important for increasingly mobile workforce 2000: Average work tenure = 4.7 years (2.6 years for workers aged 25 to 34) Quicker vesting Freedom of choice Ability to change investment strategy over time, risk levels People have different needs and risk tolerances&ZZ Z5Z ZZOZ0Z& 5 O  0V&Investment Returns of DB and DC Plans''$d Public-Sector DC Plan Structure (Mandatory enrollment Vesting requirement: 1 year Range of investment options But not too many (no more than 15 to 20) Target wage replacement rate: 75%  85%  Translates to H" 10%  12% total contribution with Social Security (18%  20% without) Provide basic retirement investment information  Investment advisory services Source: TIAA-CREF Institute,  Defined Contribution Pension Plans in the Public Sector: A Best Practice Benchmark Analysis, April 2008MZ)Z(ZYZ0Z!Z ZM)("B0!    G  SolutionsScale back benefits Close DB plans to new employees Voter approval requirements San Francisco vs. San Diego, Orange County Switch to DC plans (not a cure-all!) Avoid pension obligation bonds Sold as simple refinancing, but actually risky arbitrageZ ZZ+ZDZ9Z +D9 H Solutions (continued)Budget reforms to address existing liabilities Eliminate unnecessary, poor-performing, and low-priority programs Consolidate similar government agencies and functions Privatization Outsourcing Asset divestiture Spending limit Debt limit Priorities of government (POG) budgeting approach8/ZZ/UhThe Gathering Public Pension Storm: Now It s Raining  p$(  r  S     r  S Ը  @  H  0޽h ? f3f3rcy edRoot EntrydO) ?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvp      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|~X      !"#$%&'()*+,-q/0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWYZ[\]^_`abcdefgrstuvwxz{|}~ ed Customer Participants in DB and DC Plans!Governments Shifting to DC PlansPublic-Sector DC PlansBenefits of DC Plans'Investment Returns of DB and DC Plans Public-Sector DC Plan Structure SolutionsSolutions (continued)5The Gathering Public Pension Storm: Now Its Raining  Fonts UsedDesign TemplateEmbedded OLE Servers Slide Titles*_}Preferred CustomerPreferr