Article2008

THE FINANCIAL CRISIS AND STATE/LOCAL DEFINED BENEFIT PLANS

Alicia Haydock Munnell · Jean‐Pierre Aubry · Dan Muldoon

16 citations0/0 files storedIssues in Brief

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Financial Literacy, Pension, Retirement Analysis Social Policy and Reform Studies Retirement, Disability, and Employment

Abstract

Equity assets in retirement plans dropped in value by about $4 trillion between October 9, 2007 and October 9, 2008. The decline was divided equally between defined benefit and 401(k)/Individual Retirement Accounts (IRAs). The decline in the defined benefit arena was in turn divided equally between private sector plans and those sponsored by state and local governments. This brief explores what a loss of roughly $1 trillion of state and local defined benefit equity assets means for the individual participants and for the taxpayers of the sponsoring entities...

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1999Optimal Funding of State Employee Pension Systems 2007State and local pensions are different from private plans 2004The outlook for pension contributions and profits in the US

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