Teachers Pension Systems In Th

Excerpt from Teachers' Pension Systems in the United States: A Critical and Descriptive Study In 1906, the state of Massachusetts appointed a commis sion, with Mr. Magnus W. Alexander as chairman, to study the general problem Of old age pensions, annuities and iusuf ance. Incidentally, the commission touched upon the prob lem of pensions in the public service and published in 1910 a report which stimulated a good deal of sound thought in the country. Beginning in 1910, Mr. Herbert D. Brown pre pared a series of reports, all of which have been published by the national government, dealing with the civil service retire ment system of Great Britain, New Zealand and New South Wales, Australia, and the problem of establishing a retire ment system by the national government for its employees. The New York Bureau of Municipal Research became inter ested in the pension problem soon after its establishment. It made a thorough actuarial investigation of the New York City Police Pension Fund - the first actuarial investigation of a civil service pension fund in this country - and prepared a report, which resulted in the establishment in New York City of a commission to investigate all the nine pension funds, including the teachers' fund, in Operation in New York City and led to similar actuarial investigations of funds in other cities. The sound pension thought which emanated from these three active centers, Washington, New York City and Boston, spread over the entire country and affected the teach ers' pension movement. The first to consider the establishment of a sound pension system for teachers was the state of Massachusetts. The state board of education was directed in 1911 to investigate the establishment of a state-wide retirement system for teach ers and to submit its recommendations before January, 1913. The investigation, aided by Mr. C. A. Prosser and Mr. W. I. Hamilton, resulted in the establishment in 1913 of the first scientifically constructed teachers' retirement system in this country. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

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"Essential reading for decision-makers.... When Leech talks, politicians listen. When he writes a book, it's worth buying."--Toronto Star Over the next 20 years more than 7 million Canadian workers will retire. Baby boomers, the 45- to 65-year-olds who account for 42% of the country's workforce, will join the largest job exodus in Canadian history, moving to the promised land of retirement. Unless our crumbling pension system is reformed, many of these retirees will find this dreamland a bewildering and disappointing mirage. In the early 1980s, consumers were setting aside 20% of their disposable incomes to their retirement plans; today the savings rate is a threadbare 2.5%. Retirement savings plans meant to build Canadians' personal war chests for their final years have failed to live up to their cheery promises of early retirement "freedom"--market returns are low, and financial fees are climbing. Moreover, retirement plans are now being compromised by high pension obligations and a shrinking workforce. Canada has the capacity to diffuse this ticking pension time bomb with some hard choices, posits Leech. It's time for businesses, governments, unions, and employees to face these options and fix--and ultimately save--our pensions system.

Nearly a million teachers will reach retirement age in the next 9 to 11 years. This report presents a complete state-by-state overview of the retirement programs available to America's teachers. Chapter 1 presents the issues of teacher aging, retirement, and early retirement and asks how school districts might effectively manage the retirement and replacement of teachers. Chapter 2 surveys retirement plans in the 50 states and provides information on how to calculate a teacher's pension, with relevant data by state. Chapter 3 looks at local and state programs to entice teachers to retire early. Empirical methods are used to assess the effectiveness of various plans. Case studies of early retirement incentive plans in six districts show how these plans work. Based on conclusions drawn from these data, school officials are advised on how to create, implement, and evaluate an early retirement program. Chapter 4 calls for a national task force on teacher retirement and argues that the future of the teacher retirement system depends on resolving six related issues: (1) threatened financial viability; (2) lack of consistency between local and state policies; (3) lack of portability of plans; (4) lack of system flexibility in investment and withdrawal of funds for teachers; (5) lack of control by teachers as individuals and as a group; and (6) lack of equity among teachers in various districts. (21 tables, 48 references) (MLF)

Public Employee Retirement Systems is a highly informative contribution to the literature on pensions. It will be valued for its abundant statistical data and for its straightforward treatment of a subject that is often burdened with technicalities.