Tag: pension debt
![American flag flying over government building in city, blue sky and clouds](https://crr.bc.edu/wp-content/uploads/2022/11/state_and_local_pensions_3-1536x1024.jpg)
The brief’s key findings are: The market crash has hurt public pensions, and quick fixes aren’t feasible because: pension cuts for new hires take time to add up; and tax revenues have been hit hard by the recession. Fortunately, most plans do not face a liquidity crisis. Years to exhaustion depend on investment returns and…
![Mature man is hired to handle outreach to senior adults](https://crr.bc.edu/wp-content/uploads/2022/11/financing_retirement_7-1536x1024.jpg)
Abstract This article, based on two books (Barr and Diamond 2008, forthcoming), sets out a series of principles for pension design rooted in economic theory: pension systems have multiple objectives, analysis should consider the pension system as a whole, analysis should be framed in a second-best context, different systems share risks differently, and systems hav…