Public Pension Finance Symposium

Below you will find papers for the 2009 Public Pension Finance Symposium sessions held on May 18–19, 2009. Please note that some sessions have multiple papers from different authors/presenters and that some papers are not available.

• Session 1: Measuring Public Pension Liabilities–The Contrasting Views
• Cost Vs. Value: Financial Economics and Public Pension Plans
• Paul Angelo
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• Discounting State and Local Pension Liabilities
• David Wilcox
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• Session 2: The Rationale for Traditional Actuarial Models
• Actuarial Methods and Public Pension Funding Objectives: An Empirical Examination
• Norman L. Jones, Brian B. Murphy, Paul Zorn
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• Revisiting Pension Actuarial Science (whole series)
• Piotr Krekora, Krzysztof Ostaszewski, James Rizzo
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• Introduction to the Series
• Part 1–Fair Value of the Liability–The Contractual Benefit Obligation
• Part 2–Fair Value of the Liability–Risk–Adjusted CBO Cash Flows
• Part 3–Fair Value of the Liability–A Market-Related Discount Rate
• Part 4–Fair Value of the Liability–The Residual Benefit Liability
• Part 5–Consider the Measurement Purpose
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• Session 3: The Financial Economics View for Measuring Public Pension Liabilities
• A Pension Rosetta Stone: Reconciling Actuarial Science and Pension Accounting with Economic Values
• M. Barton Waring
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• The Case for Marking Public Plan Liabilities to Market
• Jeremy Gold, Gordon Latter
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• Session 4: New Ideas for the Future
• Public Pension Plan Financing: The Devil's in the Actuarial Details
• David J. Kehler
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• The Debate Over Applying FE Principles to the Funding of Public Pension Plans: A Transition Proposal and Other Ideas
• Tom Lowman
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• The Case for Stochastic Present Values
• Dimitry Mindlin
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• Session 5: Risk Management Ideas for Public Pension
• Communicating Risk in Public Pension Plans
• Robert T. McCrory
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• How Much Investment Risk Can a Government–Sponsored Pension Plan Afford?
• Bill Hallmark, David Kelly
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• Public Plans: Using Risk Profiles to Manage Funding Goals
• Joshua Davis, Scott Porter, Karen Steffen
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• Session 6: The Role & Impact of Equities in Public Plan Investing
• How Should Public Pension Plans Invest
• Deborah Lucas, Stephen Zeldes
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• Public Pension Promises: How Big Are They and What Are They Worth?
• Robert Novy–Marx, Joshua Rauh
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• Other Papers Submitted that Were Not Presented:
• Public Pensions, Public Budgets, and the Risks of Pension Obligation Bonds
• Thad Daniel Calabrese
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• Public Pension Plan Funding Policy
• Philip Martin McCaulay
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• Stable Funding
• Robert McCrory