Posts Tagged ‘joshua’

Actuaries and the Public Pension Crisis

Professor Joshua Rauh moderated a webinar on the public pension crisis that covered many bases and is well worth watching all the way through:
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but for those interested in the role actuaries play here are some excerpts:

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Eggheads’ Cracked Reasoning

All the good Joshua Rauh and Robert Novy-Marx have done in spotlighting the real unfunded liabilities public pension systems are accruing (albeit through a fallacious riskless rate theory) could be undone as the two professors, in a recent book of essays edited by Aaron S. Edlin and Joseph E. Stiglitz, offer their solution – more debt and a Defined Contribution Plan for future employees – that would be even more disastrous if taken seriously.

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The Riskless Rate Conundrum

Alica H. Munnell of the Brookings Institute came out with a book this month (State and Local Pensions: What Now?) that promises to be a useful overview of the crisis.  I ordered the book and expect a great read but one thing bothered me from the free chapter online: that riskless rate argument.

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Josh Rauh Rantings

Much more to follow especially after this afternoon’s four-hour seminar on Public Pensions but, for now, here’s a tidbit from this morning’s workshop on Public Employee Retirement Systems.

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