Public Pension Discount Rates

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Pension Discount Yield Curve And Index Rates In US | Mercer

(4 days ago) These changes are reflected in the Mercer Index Rates — discount rates for the four Mercer sample pension plans, as determined using the Mercer Yield Curve. For September 30, 2020, the difference ranged from 3 basis points for the Retiree plan to 11 basis point for the Young plan.

https://www.mercer.us/our-thinking/wealth/mercer-pension-discount-yield-curve-and-index-rates-in-us.html

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What is a Discount Rate and Why Does It Matter? - NPPC

(6 days ago) Most public pension plans use a discount rate between 7 percent and 8 percent (the average is 7.6 percent). Why does all this matter? Because some anti-pension ideologues have started attacking the discount rate used by public pension plans as a way to attack pensions. Chief among them is Stanford economist Josh Rauh.

https://protectpensions.org/2016/04/19/discount-rate-matter/

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Best Practices for Setting Public Sector Pension Fund ...

(4 days ago) Best Practices for Setting Public Sector Pension Fund Discount Rates The main objective should be for pension plans to shift toward having discount rates reflect the risks of liabilities—not the potential performance of assets. By Anthony Randazzo and Truong Bui September 24, 2015

https://reason.org/policy-brief/best-pension-discount-rates/

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Pensions In A Pandemic: Is One Man’s Bailout Another Man’s ...

(5 days ago) Public pensions. In the New York Times NYT today: ... And the discount-rate funding relief is based on the expectation that today’s rates are abnormally low and will eventually increase. But, of ...

https://www.forbes.com/sites/ebauer/2020/04/02/pensions-in-a-pandemic-is-one-mans-bailout-is-another-mans-pension-funding-relief/

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Public Pension Discount Rates | Promo Codes

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Pension/OPEB 2019 Assumption and Disclosure study: PwC

(6 days ago) Pension discount rate. The median discount rate for pension plans in the study increased by 66 basis points since 2017 (and decreased by 196 basis points since 2007) to 4.29% in 2018. Similarly, the mean discount rate increased by 61 basis points since 2017 (and decreased by 208 basis points since 2007) to 4.19% in 2018.

https://www.pwc.com/us/en/services/hr-management/library/pension-opeb-assumption-disclosure-study-2019.html

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A Realistic Discount Rate for Pensions - Brookings

(5 days ago) Low interest rates over the past five years have affected the discount rate on private pension funds, leading some governments to ease the burden on corporations by dictating higher discount rates.

https://www.brookings.edu/opinions/a-realistic-discount-rate-for-pensions/

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FTSE Pension Discount Curve | SOA

(5 days ago) The additional rates are calculated using the same discount curve and methodology as the standard rates but with shorter liabilities (As of January 2017, the Weighted Average Lives, or “WALs,” were 21.9 years and 16.8 years compared to the standard rate's WAL of 26.9 years.) We present the FTSE Pension Discount Curve for September 2020

https://www.soa.org/sections/retirement/ftse-pension-discount-curve/

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Public Pension Discount Rates | Coupon Codes

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Explaining the Discount Rate - Local Authorities Pension Plan

(5 days ago) The discount rate is the rate we use to value the current cost of future pension obligations. The discount rate is determined by estimating expected rates of return, from LAPP investments over the long term, and it includes a cushion for adverse deviation, known as margin. A key indicator of future returns is the yield on government long bonds ...

https://www.lapp.ca/page/explaining-the-discount-rate

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Setting the Record Straight - Pension Fact Sheet

(6 days ago) The Governmental Accounting Standards Board’s (GASB) recent pension standards substantially improve the accounting and financial reporting of public employee pensions by state and local governments.The new standards are: Statement No. 67, Financial Reporting for Pension Plans, which applies to financial reporting by most pension plans. Statement No. 68, Accounting and Financial Reporting for ...

https://www.gasb.org/cs/ContentServer?cid=1176160432178&d=&pagename=GASB%2FPage%2FGASBSectionPage

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What You Need To Know About Pension Lump Sums

(6 days ago) The discount rate (interest rate) employers use in the calculation is called the "417(e) rate" and is used for multiple types of calculations for employer-sponsored pension plans. This is a rate ...

https://www.forbes.com/sites/ebauer/2019/04/04/what-you-need-to-know-about-pension-lump-sums/

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State Pension Funds Reduce Assumed Rates of Return | The ...

(5 days ago) Most state pension funds determine their discount rate based on their assumed rate of return. Decreasing a plan’s discount rate leads to higher calculated liabilities, and higher required annual contribution payments. The median state pension fund had a discount rate of 7.25 percent in 2017 and the average was 7.11 percent.

https://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2019/12/state-pension-funds-reduce-assumed-rates-of-return

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Commentary: A note on the discount rate

(4 days ago) Corporate pension plans are required to use a discount rate equivalent to an AA-rated bond (about 2.6% currently). The Federal Reserve uses in its calculations a AAA bond rate.

https://www.pionline.com/industry-voices/commentary-note-discount-rate

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Discount Rate Frequently Asked Questions - CalPERS

(5 days ago) This incremental lowering of the discount rate will give employers more time to prepare the changes in employer contribution costs. The discount rate changes approved by the Board, for the next three fiscal years (FY), are as follows: For public agency and school employers: FY 2018-19: 7.375%; FY 2019-20: 7.25%; FY 2020-21: 7.00%; For state ...

https://www.calpers.ca.gov/page/about/organization/facts-at-a-glance/discount-rate-frequently-asked-questions

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Change in pension discount rates increase liabilities $9 ...

(8 days ago) In a clear demonstration that discount rates matter for pension funds, Connecticut saw its pension liabilities increase by $9 billion after lowering its estimated rate of return by a total of 1.6 percent for its two major pension plans.

https://yankeeinstitute.org/2018/05/25/change-in-pension-discount-rates-increase-liabilities-9-billion-on-balance-sheet/

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Public Fund Survey - NASRA

(9 days ago) On a market value basis, as of FY 18, systems in the Survey held a combined $3.62 trillion in assets, an increase of 4.3 percent from FY 17. Figure E, which plots the fiscal year-end value of public pension funds in the Survey, reflects the result of market volatility in recent years, including the strong asset gains since 2009.

https://www.nasra.org/publicfundsurvey

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Public Pensions Are Being Optimistic in Their Discount ...

(8 days ago) Using a high discount rate allows public pension funds to make their pension shortfalls seem smaller than they are. If voters could see a more realistic estimate of the size of the problem, they ...

https://www.bloomberg.com/opinion/articles/2016-09-21/public-pensions-are-being-optimistic-in-their-discount-rates

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Pension: Everything You Need To Know About Underfunding Crisis

(7 days ago) Pension funds sue Allianz in connection with $4b in COVID-19 losses. October 1, 2020 Update: Several U.S. pension funds, including the fund that manages employee benefits for New York City’s public transportation system, have sued Germany’s Allianz for not protecting their investments during the meltdown that struck earlier this year.Allianz had to shut down two hedge funds following ...

https://www.valuewalk.com/pensions/

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Public service pensions - employer contributions - House ...

(5 days ago) For the unfunded public service pension schemes, the Government has developed the SCAPE discount rate (HM Treasury, Consultation on the discount rate etc, December 2010, ch 2). The Government announced reductions in the SCAPE discount rate in 2016 and 2018: In Budget 2016 – it announced a reduction from 3% to 2.8%, with effect from April 2019 ...

https://commonslibrary.parliament.uk/research-briefings/cbp-7539/

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Public Pension Discount Rates - My Best Coupon Codes

(1 months ago) What is a Discount Rate and Why Does It Matter? - NPPC. CODES (4 days ago) Most public pension plans use a discount rate between 7 percent and 8 percent (the average is 7.6 percent). Why does all this matter? Because some anti-pension ideologues have started attacking the discount rate used by public pension plans as a way to attack pensions.

https://www.mybestcouponcodes.com/public-pension-discount-rates/

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US Public Pensions Less Than 60% Funded?

(8 days ago) The perfect storm for pensions (all pensions) is when assets get hit and rates drop precipitously, but again, it's the drop in rates which really hurts pensions. Unlike corporate plans, US public pensions use a very high discount rate (not market rates) to discount their future liabilities. Many have lowered their discount rate from 8% to 7% ...

https://pensionpulse.blogspot.com/2020/05/us-public-pensions-less-than-60-funded.html

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The State Pension Funding Gap: 2018 | The Pew Charitable ...

(5 days ago) For example, Connecticut reduced the assumed rates of return (and discount rates) for its State Employees Retirement System and Teachers’ Retirement System from 8% to 6.9% in 2017 and 2019, respectively, but the state concurrently adopted funding and amortization policies that would stabilize long-term contribution rates. 3 Collectively ...

https://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2020/06/the-state-pension-funding-gap-2018

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The next covid-19 victim? Public pension funds. - The ...

(5 days ago) Public pensions did not always invest so heavily in the stock market. In 1942, state pensions fully invested 90 percent of their money in the public bonds of federal, state and local governments ...

https://www.washingtonpost.com/outlook/2020/04/17/next-covid-19-victim-public-pension-funds/

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Opinion: Pension Discount Rate and Investment Rate Are Not ...

(5 days ago) There is a complicated computation made to determine how the rates were blended, but suffice to say the discount rate for the Public Employees Retirement System was 3.98 percent. Other systems ...

https://www.njspotlight.com/2018/10/18-10-01-opinion-the-pension-discount-rate-and-investment-rate-are-not-the-same/

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Pension Funding Index April 2020 - Milliman

(6 days ago) FIGURE 2: MILLIMAN 100 PENSION FUNDING INDEX — PENSION FUNDED RATIO February’s discount rate was the lowest discount recorded in the 20-year history of the Milliman 100 PFI, while March’s discount rate increase is the 5th largest ever-recorded in our study. The last time the discount rate posted a comparable increase was in December 2009.

https://us.milliman.com/en/insight/pension-funding-index-april-2020

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Discount rates used by public pensions too high: report ...

(7 days ago) The high discount rates used by many Canadian public-sector pension plans increase the risk they won’t have enough funds to meet future obligations, according to new research by the C.D. Howe ...

https://www.benefitscanada.com/news/discount-rates-used-by-public-pensions-too-high-report-125553

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Home - NDPERS

(4 days ago) Our mission is to design, communicate and efficiently administer a viable employee benefits program within a framework of prudent risk-taking, applicable state and federal laws, and professional and e

https://ndpers.nd.gov/

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Will Collecting a Public Pension Reduce Your Social ...

(6 days ago) The Government Pension Offset (GPO) effect on spousal benefits. The GPO applies to those who collect a public pension and also are eligible for Social Security spousal or survivor benefits. Normal spousal benefits are 50% of a spouse’s benefit taken at Full Retirement Age (FRA).

https://www.schwab.com/resource-center/insights/content/will-collecting-public-pension-reduce-your-social-security

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Discount Rates For Social Security Or Pension Decisions

(5 days ago) Pension Vs Lump Sum Discount Rate. A pension is a guaranteed lifetime stream of cash flows, which inherently makes it difficult to evaluate relative to other more traditional investment alternatives. Of course, as long as someone has only a pension available to them, there’s no decision to make, and the payments will simply be made.

https://www.kitces.com/blog/net-present-value-discount-rate-formula-retirement-plan-pension-lump-sum-or-social-security-breakeven/

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State and Local Government Pensions | Urban Institute

(4 days ago) State and Local Government Pensions. State and Local Backgrounders Homepage. Most state and local government employees (83 percent of those working full time) participated in a defined benefit (DB) pension plan in 2018, and nearly all (94 percent) had access to such plans.These public pension plans typically provide pensions based on members’ years of service and average salary over a ...

https://www.urban.org/policy-centers/cross-center-initiatives/state-and-local-finance-initiative/projects/state-and-local-backgrounders/state-and-local-government-pensions

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STUMP » Articles » Classic STUMP: Public Pensions Primer ...

(2 months ago) Classic STUMP: Public Pensions Primer--How Discount Rates Work . by meep. 10 July 2020, 13:23. Five years ago, I had run a series of posts on basic concepts that are key in valuing public pension promises. I want to re-run a few of these over the next few Fridays, with data updates where applicable, and some editing.

http://stump.marypat.org/article/1412/classic-stump-public-pensions-primer-how-discount-rates-work

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Fortunes Diverge for Public, Corporate Pensions | Chief ...

(8 days ago) Public Pensions Plans Decline Over 13% in First Quarter. Tags: Becky Sielman, Corporate Pension, discount rate, Funded Ratio, Milliman, Milliman 100 Pension Funding Index, Milliman 100 Public Pension Funding Index, public pension, Zorast Wadia

https://www.ai-cio.com/news/fortunes-diverge-public-corporate-pensions/

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How Well-Funded Are Pension Plans in Your State? | Tax ...

(5 days ago) Recently released data from The Pew Charitable Trusts shows the strain on state retirement systems nationwide as state pension funds strive to keep pace with benefits owed to public employees. Fiscal year 2017 (the most recent data available) saw a combined $1.28 trillion in state pension plan funding deficits. While massive, this was actually a decrease from Fiscal Year 2016’s $1.35 ...

https://taxfoundation.org/state-pension-plan-funding-2019/

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Falling interest rates wreak havoc in US pension system ...

(6 days ago) Ultra-low rates also present a profound challenge to the health of the US public pension system which oversees more than $4tn in assets on behalf of 20m active and retired public sector workers.

https://www.ft.com/content/60c5b80b-b227-405a-9290-0d5f78efa0f7

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Debate Heats Up over Public Pension Fund Discount Rates ...

(5 days ago) From 1992 to 2005, U.S. corporate pension funds invested more heavily in risky assets than did public funds, according to “Pension Fund Asset Allocation and Liability Discount Rates: Camouflage ...

https://www.institutionalinvestor.com/article/b14zbbqwtc11s6/debate-heats-up-over-public-pension-fund-discount-rates

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Discount rates for DB pensions rising at Canadian public ...

(8 days ago) Read: Discount rates used by public pensions too high: report. The surveyed companies had a 95 per cent overall ratio of pension assets to DB obligations for accounting purposes, with 20 per cent ...

https://www.benefitscanada.com/news/discount-rates-for-db-pensions-rising-at-canadian-public-companies-survey-134965

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Pensions crisis - Wikipedia

(8 days ago) As of 2010, the state pension shortfall ranges between $700 billion and $3 trillion, depending on the discount rate used to value the future obligations. The $700 billion figure is based on using a discount rate in the 8% range representative of historical pension fund investment returns, while the $3 trillion represents a discount rate in the ...

https://en.wikipedia.org/wiki/Pensions_crisis

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2020 Corporate Pension Funding Study

(6 days ago) This was mostly offset by the increase in pension obligations (due to higher discount rates), so the net result was only a decrease in the unfunded pension liability as a percentage of market capitalization of 0.3% at the end of FY2019, compared with a decrease of 0.1% at the end of FY2018.

http://us.milliman.com/PFS/

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NJ Is Set to Change a Key Assumption About Public-Employee ...

(12 days ago) According to the latest reports from the Division of Investment, the agency within Treasury that handles the investment of pension-fund assets daily, returns fell short of the 7.5% assumed rate by ...

https://www.njspotlight.com/2020/01/nj-is-set-to-change-a-key-assumption-about-public-employee-pension-investments/

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Nine Fallacies Used to Defend Public-Sector Pensions | The ...

(6 days ago) Adjusting for risk using the appropriate discount rate will often double or even triple the calculated cost of a pension plan compared to the cost claimed by public-pension administrators.

https://www.heritage.org/social-security/report/nine-fallacies-used-defend-public-sector-pensions

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Low discount rates take toll on largest corporate DB plans

(11 days ago) Constrained by low discount rates, the average funding ratio of the 100 largest U.S. corporate defined benefit plans slid again in 2016, dropping to 84.5% from 85.1% in 2015.

https://www.pionline.com/article/20170417/ONLINE/170419926/low-discount-rates-take-toll-on-largest-corporate-db-plans

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Covid-19 and the Public-Pension Crisis: City Talk

(1 months ago) Almost all public-pension plans, including TRS, assume high investment returns in a low interest-rate environment. TRS assumes that it will earn 7 percent each year, while returns on safe ten-year Treasuries have been near or below 3 percent for a decade. Justifying this assumption requires taking investment risk.

https://www.city-journal.org/covid-19-and-the-public-pension-crisis

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Public sector pension discrimination could cost UK ...

(5 days ago) The government has revealed it faces a £17bn bill for tackling “unlawful” age discrimination in public sector pensions, with 3 million people set to benefit by an average of more than £5,600 ...

https://www.theguardian.com/society/2020/jul/16/public-sector-pension-discrimination-could-cost-uk-taxpayer-17bn

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A realistic discount rate for pensions | Financial Times

(4 days ago) If the discount rate decreases, a pension plan needs more assets today in order to be sure it can generate sufficient investment returns to pay a projected amount of benefits in the future.

https://www.ft.com/content/b5e7a3bc-e133-11e1-9c72-00144feab49a

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How do Interest Rates Affect Pensions? | Miramontes Capital

(6 days ago) One factor of retirement planning that may often go unnoticed is interest rates. The highs and lows of Interest rates can have a huge effect on your pension. Before you make any major decision concerning your pension, learn how interest rates can help or hurt your payout amount. In recent years, people with pension […]

https://miramontescapital.com/how-do-interest-rates-affect-pensions/

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Developing Discount Rates in Public Sector Pension ...

(7 days ago) Developing Discount Rates in Public Sector Pension Valuation March 11, 2020 11:30 AM - 12:45 PM In the public sector, discount rates must be "reasonable" as described in ASOP 27. Is "reasonable" something that is "in the eyes of the beholder," or do public sector actuaries use empirical methods to develop discount rates?

https://www.ccactuaries.org/eventregistration/details?meetingid={B28F4B64-8A14-EA11-80FB-000D3A01CFD3}

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