Public Pension Plans Actuarial E-Guide: Media Coverage of the Academy's work on Public Pension Plans

CBO: Change public pension accounting to fair-value method [1]
May 8, 2011
aiCIO Magazine
Academy Pension Accounting Committee Chairperson Steve Alpert discussed how public pension plan funding would be affected by a move to a fair-value accounting approach.

Commentary: Let the sun shine in on public pensions, benefits [2]
May 3/4, 2011
Investor's Business Daily
The Academy was mentioned for its efforts to design a standards framework to provide all stakeholders with a clear understanding of the long-term costs of public pension benefits. The Academy's board asked the Actuarial Standards Board in October 2008 to develop standards for consistently measuring the economic value of pension plan assets and liabilities.

Public retirees surge as states cut benefits to shrink deficits [3]
April 19, 2011
Bloomberg
The Academy's Public Plans Subcommittee Chairperson Bill Hallmark discussed early retirement incentives' affect on public pension financing. Hallmark said that most early retirement incentives are unlikely to have a "significant impact" on pension systems' fiscal health because costs tend to be spread over time.

Commentary: Pension reforms do not go far enough [4]
Jan. 31, 2011
Baltimore Sun 
The Academy Public Plan Practices Task Force's report, "Risk Management and Public Retirement Systems," was cited in an op-ed. As described in the commentary, the report said that "states need to identify conflicts of interest within the system, clearly establish rules to ensure adequate funding and educate administration officials and unions about the economic consequences of policy."

It's time for actuaries to stand up and be counted [5]
Jan. 26, 2011
Watchdog.org
Academy President-elect David Sandberg discussed the Academy Public Plans Practices Task Force report on "Risk Management and Public Retirement Systems." Sandberg said that it is important for state and local officials to fully understand their risk exposure.

Actuary group reinforces call for consistent pension disclosures [6]
Dec. 16, 2010
Plan Sponsor 
The Academy's Dec. 13 news release, which emphasized the importance of meaningful and consistent disclosures by public pension plans, was discussed. Academy President Mary Frances Miller and Academy President-elect Dave Sandberg were quoted from the news release.

'Moral hazard' key to state, municipal pension bankruptcy [7]
Oct. 29, 2011
Watchdog.org
The Academy Public Plans Practices Task Force's report on "Risk Management and Public Retirement Systems" was discussed.

AAA task force lists public pension plan perils [8]
Oct. 21, 2011
National Underwriter Life & Health 
The Academy Public Plans Practices Task Force's report on "Risk Management and Public Retirement Systems" was discussed.

Area communities are facing pension crisis [9]
Oct. 3, 2010 
Times Leader (Wilkes-Barre, Pa.)
Academy Senior Pension Fellow Frank Todisco discussed how the economic recession affected public pension plans.

The illusion of pension savings [10]
Sept. 17/18, 2010 
New York Times 
Academy Senior Pension Fellow Frank Todisco discussed the Actuarial Standards Board's efforts to clarify actuarial assumptions, which could lead to more detailed descriptions of risk facing public pension plans.

At what age will you retire? [11]
Aug. 3, 2010
"The Takeaway" (produced in partnership with The New York Times, the BBC World Service and WNYC)
Academy Senior Pension Fellow Frank Todisco was a featured guest to discuss the retirement age for pension plans. Todisco said that as people are living longer, pension plans become more and more expensive to maintain.

GASB proposal could spark major changes [12]
June 28, 2010
Pensions & Investments 
Academy Senior Pension Fellow Frank Todisco discussed the Governmental Accounting Standards Board's Preliminary Views on Pension Accounting and Financial Reporting by Employers.

Actuary group discusses GASB pension accounting changes [13]
June 18, 2010
Plan Sponsor 
Academy Senior Pension Fellow Frank Todisco made several observations following the release of the Governmental Accounting Standards Board's Preliminary Views on Pension Accounting and Financial Reporting by Employers.

Andrew Biggs: Public pensions cook the books [13]
July 6, 2009
Wall Street Journal 
Andrew Biggs of the American Enterprise Institute and the former deputy commissioner of the Social Security Administration cited the Academy Public Interest Committee's September 2008 report on public pension disclosures. The committee wrote that "it is in the public interest for retirement plans to disclose consistent measures of the economic value of plan assets and liabilities in order to provide the benefits promised by plan sponsors."

CNBC looks at public pensions [14]
April 8, 2009
CNBC
Academy Senior Pension Fellow Frank Todisco appeared on three CNBC programs to explain the current condition of state and local pension plans as well as options to improve pension funding levels.

State pensions may be merged [15]
April 5, 2009
The Gazette (Chicago)
The Academy's Public Plans Subcommittee Chairperson, Ken Kent, discussed the pros and cons of public pension plan consolidation.

Retirement systems hit by economic slump [16]
March 23, 2009
Pensions & Investments 
Academy Senior Pension Fellow Frank Todisco discussed the recently released Federal Reserve Flow of Funds report. He said that all three retirement systems—both corporate and public defined benefit pension plans as well as private defined contribution plans—took hits in 2008 as a result of the economic downturn.

Actuarial group's new leader focuses on valuation [17]
Nov. 7, 2008
Pensions & Investments 
Academy President John Parks was quoted from his inaugural address to the members during the Academy annual meeting. Parks said he was committed to looking at public pension plan disclosure issues and that the "Academy, along with the entire profession, will carefully measure the consequences and act in the public interest."

U.S. actuaries call for public plan consistency [18]
Oct. 9, 2008
Global Pensions 
The Academy board of directors' decision to ask the Actuarial Standards Board to develop standards for consistently measuring the economic value of pension plan assets and liabilities was discussed.

Actuary group seeks pension plan accounting valuation [19]
Oct. 7, 2008
Plan Sponsor 
The Academy board of directors' decision to ask the Actuarial Standards Board to develop standards for consistently measuring the economic value of pension plan assets and liabilities was discussed.

Pension of disbelief [20]
Sept. 15, 2008
Washington Post 
The Academy Public Interest Committee's forum on public pension plan disclosures was discussed in an editorial. The Post's editorial board encouraged the actuaries and Governmental Accounting Standards Board to "take a stand for accuracy and full disclosure."

Revisions considered for valuation of public pension funds [21]
Sept. 5, 2008
Washington Post 
The Academy Public Interest Committee's forum on public pension plan disclosures was discussed and Academy President Bill Bluhm was quoted. Bluhm said that the Actuarial Standards Board could issue new standards directing pension funds to modify their accounting methods, but municipalities could pass their own measures trumping the requirement.

U.S. pension schemes resist corporate accounting proposal [22]
Sept. 5, 2008
e-Financial News
The Academy Public Interest Committee's forum on public pension plan disclosures was discussed.

Public funds fight to keep accounting status quo [23]
June 23, 2008
Pensions & Investments 
Steps being taken by the Actuarial Standards Board to examine public pension plan disclosures were described by an Academy spokesperson.

Outside audit promised for pension fund [24]
April 5, 2007
New York Times 
Academy Pension Council Vice President Donald J. Segal discussed public pension financing. Segal said that the Academy's Pension Practice Council would discuss state pension funding at its May meeting after learning that New Jersey had repeatedly failed to finance its pension plan as required by state statutes.