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Underfunded pensions are the largest liability for state and local governments nationwide. With increasing recognition of the associated risks, recent mandates have led to sharp increases in required contributions, threatening city services and employee bases. Pension reform offers a viable tool for prudent economic policy. This paper offers five general principles to guide pension reform and illustrates their application in the context of several local governments.

Pension Reform: Conceptual ... by Hoover Institution

About the Authors

Seamus H. Duffy is currently a research analyst for the state and local governance initiative at the Hoover Institution. His research focus includes state and local pension plans, the energy industry, and public finance. He graduated with a BA in mathematics and economics from Creighton University in 2021.

Oliver Giesecke is a research fellow at Hoover with comprehensive experience in the financial sector. His recent academic focus is on the fiscal consequences of public pension in the United States. He has also studied how state and local governments’ finances interact with the real economy, the transmission of monetary policy on a cross section of firms, and the textual analysis of Federal Reserve reports. 

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