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U.S. Public Pension Handbook: A Comprehensive Guide for Trustees and Investment Staff

Medium: Buch
ISBN: 978-1-260-13476-6
Verlag: McGraw-Hill Education LLC (Professional)
Erscheinungstermin: 21.08.2019
Lieferfrist: bis zu 10 Tage

The first comprehensive guide to mastering the roles and responsibilities of a public pension fiduciary in the U.S. In an ever-changing financial and political landscape, your job as a public pension fiduciary continues to get more difficult. Now, you have the help you need. U.S. Public Pension Handbook is the only one-stop resource that covers the various areas of public pension policy design, governance, investment management, infrastructure, accounting, and law. This comprehensive guide presents critical data, information, and insights in topic-specific, easy-to-understand ways—providing the knowledge you need to elevate your expertise and overall contribution to your pension plan or system. U.S. Public Pension Handbook covers:•Today’s domestic and global public pension marketplace•The ins and outs of the defined benefit model, the defined contribution model, and hybrid pension designs•Financial concepts central to the actuarial valuation of pension obligations•Public pension investment policies and philosophies•Asset allocations and how they have changed over time•State and local government pension contribution policies•The impact of governance structure and board composition on organizational results•Fiduciary responsibility and the general legal/regulatory framework governing trustees•How changes in trust law may affect public pension trustee fiduciary responsibility and liability•Best practices in pension governance and organizational designPublic pension trustees are the unsung heroes of the world of finance, collectively managing over $6 trillion in retirement assets in this country alone. U.S. Public Pension Handbook provides the grounding you need to make sure you perform your all-important job with the utmost expertise and professionalism.


Produkteigenschaften


  • Artikelnummer: 9781260134766
  • Medium: Buch
  • ISBN: 978-1-260-13476-6
  • Verlag: McGraw-Hill Education LLC (Professional)
  • Erscheinungstermin: 21.08.2019
  • Sprache(n): Englisch
  • Auflage: Erscheinungsjahr 2019
  • Produktform: Gebunden
  • Gewicht: 703 g
  • Seiten: 496
  • Format (B x H x T): 155 x 229 x 43 mm
  • Ausgabetyp: Kein, Unbekannt
Autoren/Hrsg.

Autoren

ForewordIntroductionPART I
Introduction and Current Marketplace
1 History of Public Pensions 3
Introduction

Early Pension Development
Public Pension Development

Early Twentieth-Century Development

Late Twentieth-Century Development

Chapter Notes 2 Public Pension Marketplace 21
Introduction

Global Retirement Market

Global Pension Trends

Population Aging

Global Regulatory Environment

U.S. Retirement Market

U.S. Public Pension Market

Members and Beneficiaries

Pension Coverage and Type

Public Pension Revenue

Public Pension ExpendituresU.S. Public Pension Trends

Public Pension Funding
Addressing the Funding Gap

Design Shift

Chapter Notes PART II
Pension Plan Design3 Defined Benefit Model

Introduction

Public Pension Designs

Defined Benefit Plan Design

Regular Service-Related Benefits

Normal Service Benefit

Early Retirement Benefits

Postemployment Benefit Adjustments

Service Credits

Ancillary Pension Benefits

Healthcare Benefits

Disability and Death Benefits

Deferred Retirement Option Plan

Pension Benefit Adequacy

Replacement Ratio

Social Security Coverage

State Tax Liability

Chapter Notes 4 Actuarial Valuation Concepts

Introduction

Actuarial Valuation

Demographic Assumptions

Economic Assumptions

Actuarial Cost Methods

Cost Method Classifications

Actuarial Cost Methods

Impact of GASB Changes

Chapter Notes5 Beyond Defined Benefit

Introduction

Defined Contribution Plans

DC Plan Types

FM.indd 6 6/26/2019 2:04:21 PM
DC Plan Services

DC Investment Options and Services

Comparison of DB and DC Plans

Persistence of the DB Design

Disadvantages of Defined Benefit

Advantages of Defined Contribution

Disadvantages of Defined Contribution

Pension Design Risk: DB vs. DC
Hybrid Plan Designs

Side-by-Side (or DB+DC)

Cash Balance Plan

Alternative Hybrid Designs

Chapter Notes PART III
Investment Policy and Implementation
6 Investment Policy
Introduction

Investment Policy Statement

Statement of Goal, Purpose, or Mission

Identification of Decision-Maker(s)

Statement on Managing Risk of Overall Portfolio

Performance Measurement and Evaluation

Legal Standards

Chapter Notes 7 Asset Allocation Policy

Introduction

Why Asset Allocation Policy Matters

How Asset Allocation Policy Is Set

Peer Comparison

Mean Variance Optimization (MVO)

Determining Eligible Asset Classes

Establishing Capital Market Assumptions

Finding an Efficient Frontier

Choosing an Optimal Asset Allocation

Asset Liability Management (ALM)
Chapter Notes 8 Public Pension Portfolio

Introduction

Asset Allocation Data

Asset Allocation Trends

Equities

Fixed Income

Alternative Assets

Private Equity

Hedge Funds

Real Estate and Infrastructure

Environmental, Social, and Governance

Increasing Overall Portfolio Risk

Chapter Notes9 Public Pension Performance

Introduction

Public Pension Performance

Performance Attribution

Performance Variation

Asset Class Performance Characteristics

Performance Benchmarks

Performance vs. Benchmark

Chapter Notes 10 Public Pension Contributions

Introduction

Contributions as Pension Revenue

Contribution Funding Policy

Annual Required Contribution

Managing Contribution Volatility

Funding Policy Best Practices

Employer Contribution Indices

Employee Contributions

DC Contributions

Chapter Notes PART IV
Plan Governance
11 Governance Structure

Introduction

Legislative Oversight

Common Governance Structures

Governing Fiduciaries: Trustees

Board Composition

Core Competencies and Education Financial E