Pension plans for state and local employees are, as a whole, significantly underfunded. This underfunding creates intense fiscal pressure on governments and oft
Public pensions in the United States face an impending funding crisis in the wake of the financial crisis and the COVID-19 recession. Many cities and states wil
Since pension schemes-along with health care and education-absorb the largest amount of social expenditure in all countries, their reform has a potentially majo
An understanding of corporate governance theory can promote the adoption of appropriate governance tools to limit agency problems in public pension fund managem