About OPERS

Pension Research Center
Information Resources for Pension and Retirement Issues

Welcome to the OPERS Pension and Retirement Research Center! Here is a list of online and print resources to consult in learning more about the merits of defined benefit plans and compensation in the public and private sectors. To help you add to your knowledge of pensions and retirement security, we will add information about other topics in the future.

We hope you’ll visit this page often. If you have questions or comments about the information provided, please contact OPERS at giveusyourthoughts@opers.org

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Preparing for Retirement/Financial Literacy

Publications

Butler, Betsy.
"Gold Watch or Golden Nest Egg?: Online Resources to Prepare for Retirement".
College & Research Libraries News 71.11 (December 2010): 590-593.

Butler, Betsy.
“Immersive Technologies Can Improve Financial Literacy Education, Personal Financial Well-Being.”
Pension Dialog, July 1, 2011

Butler, Betsy and Ady Dewey.
“How Older Americans Are Faring.”
Pension Dialog, July 27, 2011

Managing Your Money in Retirement: A Planning Guide for the Newly Retired
Financial Security Project, Boston College, July 2011.

Research Reports

An Ideal Retirement System.
Mercer/CFA Institute, March 2015.

Kim, Hank.
The Secure Choice Pension: A Way Forward for Retirement Security in the Private Sector.
National Conference on Public Employee Retirement Systems, September 2011.

Munnell, Alicia
The Average Retirement Age – An Update
Center for Retirement Research, March 2015

Munnell, Alicia
Falling Short: The Coming Retirement Crisis and What to Do About It
Center for Retirement Research, April 2015

Munnell, Alicia H., Francesca Golub-Sass, and Anthony Webb.
How Much to Save for a Secure Retirement.
Center for Retirement Research, November 2011.

Munnell, Alicia H., Jean-Pierre Aubry, Josh Hurwitz, and Laura Quinby.
How Prepared Are State and Local Workers for Retirement?
Center for Retirement Research, October 2011.

Oakley, Diane and Kelly Kenneally.
Pensions and Retirement Security 2013: A Roadmap for Policymakers
National Institute on Retirement Security, February 2013.

Oakley, Diane and Kelly Kenneally
Retirement Security 2015: Roadmap for Policy Makers: Americans’ Views of the Retirement Crisis
National Institute on Retirement Security, March 2015

Perlman, Brian, Kelly Kenneally and Ilana Boivie.
Pensions and Retirement Security 2011: A Roadmap for Policy Makers.
National Institute on Retirement Security,  March 2011

Rhee, Nari.
The Retirement Savings Crisis: Is It Worse Than We Think?.
National Institute on Retirement Security,  June 2013

Rhee, Nari.
Race and Retirement Insecurity in the United States.
National Institute on Retirement Security, December 2013

Rhee, Nari and Ilana Boivie
The Continuing Retirement Savings Crisis
National Institute on Retirement Security, March 2015

Saad-Lessler, Joelle, Teresa Ghilarducci and Kate Bahn
Are U.S. Workers Ready for Retirement?: Trends in Plan Sponsorship, Participation, and Preparedness
Schwartz Center for Economic Analysis, The New School, April 2015

Other Resources

American Savings Education Council
This national coalition of public- and private-sector institutions strives to make saving and retirement planning a priority for Americans.

The Brookings Institution
Conducts research and provides recommendations that advance Americans’ economic and social welfare and security. Its Retirement Security Project promotes ways to improve the retirement security and income prospects of middle- and low-income American workers.

Curious Behaviors That Can Ruin Your Retirement.”
Center for Retirement Research.

The Financial Security Project at Boston College
Offers resources to help people make better financial decisions.

Squared Away: Frontiers in Financial Literacy
A blog from the Financial Security Project to help financial advisers, employers, government and foundation officials, and researchers assist Americans in getting their financial matters “squared away.”  Posts cover research findings on financial literacy, human financial behavior, and initiatives to improve financial literacy. 

University of Michigan Retirement Research Center
Promotes research on issues related to retirement and retirement income security.



Compensation in the Public and Private Sectors

Research Reports

Bender, Keith A. and John S. Heywood.
Out of Balance?: Comparing Public and Private Sector Compensation Over 20 Years.
Center for State & Local Government Excellence/National Institute on Retirement Security, April 2010.

Biggs, Andrew G.
“Are Government Workers Underpaid? No".
The American, June 9, 2010.

Biggs, Andrew G.
“Pampered Public Employees: Why Government Sees Higher Wages and Benefits.” .
The Atlantic, August 13, 2010.

Biggs, Andrew and Jason Richwine.
Public-Sector Compensation: Correcting the Economic Policy Institute, Again. .
The Heritage Foundation, March 31, 2011.

Biggs, Andrew and Jason Richwine.
Public vs. Private Sector Compensation in Ohio: Public Workers Make 43 Percent More in Total Compensation Than Their Private-Sector Colleagues.
Ohio Business Roundtable, September 14, 2011.

OPERS Responds:

  • PERSpective: Business Group States Public Workers Earn More. September 16, 2011.

  • PERSpective: Reports Question Study on Public Compensation. October 13, 2011.
  • Chingos, Matthew M.
    Do Public Pensions Provide Equal Pay for Equal Work?
    Brookings, March 12, 2014.

    Hanauer, Amy.
    Business Roundtable Study Deeply Flawed.
    Policy Matters Ohio, October 4, 2011

    Keefe, Jeffrey.
    Are Ohio Public Employees Over-Compensated?
    Economic Policy Institute, February 10, 2011.

    Keefe, Jeffrey.
    Debunking the Myth of the Overcompensated Public Employee: The Evidence.
    Economic Policy Institute, September 15, 2010. 

    Kellar, Elizabeth K. and Joshua Franzel.
    “Retirement: Why the Next Generation Needs a Plan: What's Happening to the Compensation Package?” .
    Public Management, January/February 2014.

    Mayer, Matt.
    The Grand Bargain Is Still Dead. .
    The Buckeye Institute for Public Policy Solutions, December 31, 2011.

    Mayer, Matt, Matthew Marlin, Jonathon Scott, and Kaitlyn Wolf.
    The Grand Bargain Is Dead: The Compensation of State Government Workers Far Exceeds Their Private-Sector Neighbors.
    The Buckeye Institute for Public Policy Solutions,  July 2010.

    OPERS Responds:

  • Summary of Comparison Reports on Public vs. Private Compensation

  • Public vs. Private Compensation Key Talking Points
  • McNichol, Elizabeth.
    Some Basic Facts on State and Local Government Workers
    Center on Budget and Policy Priorities, June 15, 2012

    McNichol, Elizabeth.
    Some Basic Facts on State and Local Government Workers
    Center for Budget and Policy Priorities,  February 24, 2011. 

    Munnell, Alicia H., Jean-Pierre Aubry, Josh Hurwitz, and Laura Quinby
    Comparing Compensation: State-Local Versus Private Sector Workers.
    Center for State & Local Government Excellence, September 2011.

    Munnell, Alicia H., Jean-Pierre Aubry, Josh Hurwitz, and Laura Quinby
    Comparing Wealth in Retirement: State-Local versus Private Sector Workers.
    Center for Retirement Research, October 2011.

    Oakley, Diane.
    Yes, Public Pensions Provide Equal Pay for Equal Work.
    National Institute on Retirement Security, March 25, 2014.

    Ohio Public Employees Are Not Overcompensated: Rebutting a Diversion from Senate Bill 5
    Economic Policy Institute, October 5, 2011.

    OPERS Responds:

  • PERSpective: Reports Question Study on Public Compensation. October 13, 2011.

  • Schmitt, John.
    The Wage Penalty for State and Local Government Employees.
    Center for Economic and Policy Research,  May 2010.

    Thompson, Jeffrey and John Schmitt.
    The Wage Penalty for State and Local Government Employees in New England.
    Center for Economic and Policy Research and the Political Economy Research Institute,  September 2010.

    Other Resources

    Bender, Keith A. and John S. Heywood. 
    More Balance.
    National Institute on Retirement Security,  July 19, 2010.

    Employer Costs for Employee Compensation.
    National Institute on Retirement Security

    Public Sector Compensation Lower Than That of Comparable Private Sector Workers: A Literature Review.
    Policy Matters Ohio,  June 15, 2010.

    Back to Top



    Corporate Governance

    Board Governance and Diversity Information Resources

    Research Reports/Policy Briefs

    25 for 25: Observations on the Past, Present, and Future of Corporate Governance in Celebration of ISS' 25th Anniversary
    ISS, 2011

    2012 Spencer Stuart Board Index
    Spencer Stuart, November 2012

    2014 Year-End Issues for Audit Committees to Consider.
    EY Center for Board Matters, January 2015.

    Anderson, Sarah, Scott Klinger and Sam Pizzigati.
    Executive Excess 2013: Bailed Out, Booted, and Busted.
    Institute for Policy Studies, August 28, 2013.

    Bebchuk, Lucian A., Alma Cohen and Charles C.Y. Wang.
    Staggered Boards and the Wealth of Shareholders: Evidence from a Natural Experiment.
    Harvard University Law School,  November 2010.

    Becker, Bo, Daniel Bergstresser and Guhan Subramanian.
    Does Shareholder Proxy Access Improve Firm Value?: Evidence from the Business Roundtable Challenge.
    Harvard University: John M. Olin Center for Law, Economics, and Business,  December 2010.

    Board Diversity and Corporate Governance: Solution Proposals from the Session at the Global Economic Symposium (GES) 2011
    Prepared in collaboration with the Global Summit of Women and the Corporate Women Directors International, 2012

    Business Roundtable’s Principles of Corporate Governance 2012

    Cooking Up A Better Pay Mix: Active Shareholders Emerge As A New Ingredient
    Wall Street Journal/Hay Group, 2015

    Corporate Governance, Value Creation and Growth: The Bridge between Finance and Enterprise
    Organisation for Economic Co-operation and Development, October 2012

    Cumming, Douglas, T. Y. Leung and Oliver Rui
    Gender Diversity and Securities Fraud
    2013

    Dawson, Julia, Richard Kersley and Stefano Natella.
    The CS Gender 3000: Women in Senior Management.
    Credit Suisse, September 2014.

    Dawson, Julia and Catherine Tillson.
    European Diversity Quotas: We Need Another 400 Women Directors.
    Credit Suisse, January 22, 2015.

    Enduring High-Performing Companies Pay Executives Differently from Other Companies in S&P 1500.
    Towers Watson, July 24, 2014.

    Every Other One: More Women on Corporate Boards.
    Policy & Impact Committee, Committee for Economic Development, November 2014.

    Fulfilling the Promise: How More Women on Corporate Boards Would Make America and American Companies More Competitive.
    Policy & Impact Committee, Committee for Economic Development, 2012.

    Ferracone, Robin and Dayna Harris.
    Say on Pay: Identifying Investor Concerns.
    Council of Institutional Investors, September 2011.

    GMI Analyst: ESG and Accounting Metrics for Investment Use: Women on Boards
    GMI Ratings, March 2013

    Goldstein, Marc.
    Defining Engagement: An Update on the Evolving Relationship Between Shareholders, Directors and Executives..
    Institutional Shareholder Services/Investor Responsibility Research Center Institute, April 10, 2014.

    Iliev, Peter, Karl V. Lins, Darius P. Miller, and Lukas Roth.
    Shareholder Voting and Corporate Governance Around the World.
    Harvard Law School Forum on Corporate Governance and Financial Regulation,  January 2011.

    Junkin, Andrew.
    Update to the “CalPERS Effect” on Targeted Company Share Prices.
    CalPERS, March 19, 2015

    Landis, Dana, Jennifer Predolin, James Lewis, Kenneth Brousseau and Rebecca Slan-Jerusalim.
    In Case of Emergency, Break Glass Ceiling. Korn/Ferry International, November 2011.

    Mishel, Lawrence and Natalie Sabadich.
    CEO Pay in 2012 Was Extraordinarily High Relative to Typical Workers and Other High Earners
    Economic Policy Institute, June 2013

    Mishel, Lawrence and Alyssa Davis.
    CEO Pay Continues to Rise as Typical Workers Are Paid Less.
    Economic Policy Institute, June 12, 2014.

    Mulé, Ann C. and Charles M. Elson.
    “A New Kind of Captured Board: What We Should Be Worrying About: The ‘Management Knowledge-Captured Board.’”
    Directors & Boards (First Quarter 2014): 27-29.

    Orr, J. Evelyn, ed.
    Women in Leadership.
    Korn/Ferry International, 2013.

    Polsky, Gregg D. and Andrew C.W. Lund.
    Can Executive Compensation Reform Cure Short-Termism?
    Brookings Issues in Governance Studies, March 18, 2013.

    Restoring Trust in Corporate Governance: The Six Essential Tasks of Boards of Directors and Business Leaders.
    Policy and Impact Committee of the Committee for Economic Development, January 2010.

    Review of Evidence: Database of Academic Studies.
    CalPERS Sustainable Investment Research Initiative/UC Davis Graduate School of Management. June 2013.

    Rose, Jacob M., Anna M. Rose, Carolyn Strand Norman and Cheri R. Mazza.
    Will Disclosure of Friendship Ties between Directors and CEOs Yield Perverse Effects?
    American Accounting Association, July 2014.

    SDX: The Shareholder-¬Director Exchange: Introduction and Protocol.
    Tapestry Networks, Inc., Cadwalader, Wickersham & Taft LLP and Teneo Holdings, LLC, February 2014.

    The Shareholder Rights Project 2012 Report

    Spencer Stuart U.S. Board Index 2013.

    Towards Sustainable Investment & Operations: Making Progress.
    CalPERS, May 1, 2014.

    Towards Sustainable Investment: Taking Responsibility.
    CalPERS, February 2013.

    U.S. Executive Pay Advisory Votes: 2014 Proxy Season Review for the Russell 3000.
    Towers Watson, July 17, 2014.

    Weaver, Rosanna Landis.
    The 100 Most Overpaid CEOs: Executive Compensation at Fortune 500 Companies.
    As You Sow, 2015.

    Books

    Bloxham, Eleanor.
    Economic Value Management.
    New York: John Wiley & Sons, 2002.

    Borges, Mark A. and Amy L. Goodman.
    Compensation Committees, 2010: Performing in the Spotlight.
    New York: Practising Law Institute, 2010.

    Clark, Gordon L., Alicia H. Munnell and J. Michael Orszag, eds.
    Oxford Handbook of Pensions and Retirement Income.
    Oxford: Oxford University Press, 2006.

    Davis, Ronald.
    Democratizing Pension Funds: Corporate Governance and Accountability.
    Vancouver: UBC Press, 2008.

    Evans, John, Michael Orszag and John Piggott, eds.
    Pension Fund Governance: A Global Perspective on Financial Regulation.
    Cheltenham, UK; Northampton, MA: Edward Elgar Publishing, 2008.

    Mitchell, Olivia S., John Piggott, and Cagri Kumru.
    Managing Public Investment Funds: Best Practices and New Challenges.
    Cambridge, Mass.: National Bureau of Economic Research, 2008.

    Quarter, Jack, Isla Carmichael, and Sherida Ryan, eds.
    Pensions at Work: Socially Responsible Investment of Union-Based Pension Funds.
    Toronto: University of Toronto Press, 2008.

    Reda, James F.
    Compensation Committee Handbook.
    Hoboken, N.J.: John Wiley & Sons, 2008.



    Articles

    Bebchuk, Lucian A.
    The Case for Increasing Shareholder Power.”
    Harvard Law Review 118 (2005): 833-917.

    Bebchuk, Lucian A., Alma Cohen and Charles C.Y. Wang.
    Learning and the Disappearing Association between Governance and Returns..”
    Journal of Financial Economics 108 (2013): 323-348.

    Bebchuk, Lucian A.
    The Myth that Insulating Boards Serves Long-Term Value.”
    Columbia Law Review, Volume 113, October 2013

    Bebchuk, Lucian A. and Jesse Fried.
    Pay without Performance: Overview of the Issues.”
    Journal of Corporation Law 30 (2005): 647-673.

    Bebchuk, Lucian A., Alon Brav, Robert J. Jackson, Jr. and Wei Jiang.
    Pre-Disclosure Accumulations by Activist Investors: Evidence and Policy..”
    Journal of Corporation Law 39 (2013): 1-34.

    Bebchuk, Lucian A. and Robert J. Jackson, Jr.
    Shining Light on Corporate Political Spending..”
    Georgetown Law Journal 101 (2013): 923-967.

    Bebchuk, Lucian A. and Michael S. Weisbach.
    The State of Corporate Governance Research.”
    Review of Financial Studies 23.3 (March 2010): 939-961.

    Cohen, Abbi L. and John M. Ix. 
    What’s the Deal With Fracking? Regulation, Litigation, and Due Diligence.”
    BNA's Daily Environment Report . April 26, 2012.

    Elson, Charles M. and Craig K. Ferrere.
    “Executive Superstars, Peer Groups, and Overcompensation: Cause, Effect, and Solution.”
    Journal of Corporation Law 38.3 (Spring 2013): 487-531.

    Engen, John R.
    What Directors Think.”
    Corporate Board Member, March 2013.

    Faulkender, Michael and Jun Yang.
    Inside the Black Box: The Role and Composition of Compensation Peer Groups.”
    Journal of Financial Economics. 96.2 (May 2010): 257-270.

    Kaplan, Steven N.
    Executive Compensation and Corporate Governance in the U.S.: Perceptions, Facts and Challenges.
    August 22, 2012.

    Waite, Jonathan.
    “Pension Tension: Seven Critical Questions for Fund Trustees, Executives.”
    Benefits & Compensation Digest46.12 (December 2009): 36-37.

    Nathan, Charles M.
    The Parallel Universes of Institutional Investing and Institutional Voting.”
    The Harvard Law School Forum on Corporate Governance and Financial Regulation.  April 6, 2010.

    Other Resources

    OPERS Engages: Ohio's Largest Retirement System Builds a Strong Corporate Governance Program That Enhances the Long-Term Value of Its Assets and Investments, October 2012.

    Acredula
    A quarterly newsletter on topics of interest to private and public governing boards and executives, including executive compensation, succession planning, board composition, and board and executive evaluations. 

    Bailey, Jeffery V., Jesse L. Phillips, and Thomas M. Richards. 
    A Primer for Investment Trustees
    Research Foundation of CFA Institute, January 2011.

    CERES
    A network of investors, environmental organizations and public interest groups that not only works with companies and investors on integrating sustainability into capital markets, but also addresses sustainability challenges, including global climate change.

    Chorafas, Dimitris N.
    Corporate Accountability: With Case Studies in Pension Funds and in the Banking Industry.
    Basingstoke, Hampshire; New York: Palgrave Macmillan, 2004.

    The Conference Board Corporate Governance Center
    Offers research and educational programs on corporate governance issues, such as ethics, compliance, enterprise risk management, sustainability, and shareholder activism, to corporate executives and instructional investors.

    Council of Institutional Investors
    A nonprofit association of public, union and corporate pension funds that provides education on good corporate governance, financial regulatory reform, shareowner rights and related accounting and auditing issues for investors.

    Deloitte Center for Corporate Governance
    Offers corporate governance resources for executives and directors, including research publications and webcasts.

    Founders’ Forum
    A blog from GovernanceMetrics International, a provider of global corporate governance research. 

    The Global Impact Investing Network 
    An organization that works to increase the effectiveness of impact investing (for-profit investment made to solve social and environment problems).

    The Harvard Law School Forum on Corporate Governance and Financial Regulation
    A blog facilitating research and public discussion about corporate governance and financial regulation through updates on working papers, seminars, speakers, and other program-sponsored activities.

    International Corporate Governance Network
    An organization of over 500 corporate governance leaders working to raise standards of corporate governance worldwide.

    Organization for Economic Co-operation and Development
    Promotes policies that improve people’s economic and social well-being. The OECD works with governments to understand what drives economic, social and environmental change; measures productivity, trade and investment, predicts future trends, and analyzes issues that affect the lives of people.

    The Race to the Bottom
    A blog providing analysis of the laws and regulatory measures affecting corporate governance.

    Stanford Corporate Governance Research Program
    Provides knowledge and education about domestic and international corporate governance.

    Back to Top



    Defined Benefit Plans

    Articles

    Almeida, Beth.
    DB Pensions: The Real Deal.”
    Journal of Pension Benefits, Summer 2010.

    Research Reports

    A Predictable, Secure Pension for Life: Defined Benefit Pensions
    Pension Benefit Guaranty Corporation, January 2000.

    Almeida, Beth.
    Retirement Readiness: What Difference Does A Pension Make?
    National Institute on Retirement Security, May 2008.

    Almeida, Beth and Ilana Boivie.
    The Staying Power of Pensions in the Public Sector.”
    CPER Journal (May 2009): 5-11.

    Almeida, Beth and William B. Fornia.
    A Better Bang for the Buck: The Economic Efficiencies of DB Plans.
    National Institute on Retirement Security,  August 2008.

    Boivie, Ilana.
    The Three Rs of Teacher Pension Plans: Recruitment, Retention, and Retirement.
    National Institute on Retirement Security, October 2011.

    Boivie, Ilana.
    Who Killed the Private Sector DB Plan?
    National Institute on Retirement Security,  March 2011.

    Ilana Boivie and Christian E. Weller
    The Great Recession: Pressures on Public Pensions, Employment Relations and Reforms
    National Institute on Retirement Security, November 2012

    Brainard, Keith and Alex Brown
    Employee Contributions to Public Pension Funds
    NASRA, January 2013

    Fornia, William B. and Nari Rhee.
    Still a Better Bang for the Buck: The Economic Efficiencies of Defined Benefit Pension Plans
    National Institute on Retirement Security, November 2014.

    Fornia, William B.
    A Better Bang for New York City's Buck: An Efficiency Comparison of Defined Benefit Pension Plans and Defined Contribution Retirement Savings Plans.
    National Institute on Retirement Security, October 2011.

    Munnell, Alicia H. and Pamela Perun.
    An Update on Private Pensions
    Center for Retirement Research, August 2006.

    Munnell, Alicia H., Jean-Pierre Aubry, Joshua Hurwitz, and Laura Quinby
    How Retirement Provisions Affect Tenure of State and Local Workers
    Center for Retirement Research, December 2012

    Oakley, Diane and Ilana Boivie.
    Teacher Retirement Plans: Case Studies in Washington and Ohio Indicate Value of Pensions.
    National Institute on Retirement Security, December 2014.

    Oakley, Diane and Jennifer Erin Brown.
    Preserving Retirement Income Security for Public Sector Employees..
    National Institute on Retirement Security, July 2016.

    Olleman, Mark and Ilana Boivie.
    Decisions, Decisions: Retirement Plan Choices for Public Employees and Employers.
    National Institute on Retirement Security, September 2011.

    Peyton, Ronald D. and Karen Harris.
    Saving Public Defined Benefit Plans
    Callan Investments Institute, September 2014.

    Porell, Frank and Diane Oakley.
    The Pension Factor 2012: The Role of Pensions in Reducing Elder Economic Hardships.
    National Institute for Retirement Security, July 2012.

    Porell, Frank and Beth Almeida.
    The Pension Factor: Assessing the Role of DB Plans in Reducing Elder Hardships.
    National Institute for Retirement Security, July 2009.

    Public Pension Plans in Focus
    ING Retirement Research Institute, September 2011.

    The Top 10 Advantages of Maintaining Defined Benefit Pension Plans.
    National Conference on Public Employee Retirement Systems,  January 2011.

    Books

    Clark, Robert L., Lee A. Craig and John Sabelhaus. 
    State and Local Retirement Plans in the United States..
    Edward Elgar, 2011.

    Ghilarducci, Teresa. 
    When I'm Sixty-Four: The Plot Against Pensions and the Plan to Save Them.
    Princeton University Press, 2008.

    Munnell, Alicia. 
    State and Local Pensions: What Now?
    Washington, DC: Brookings Institution Press, 2012.

    Sass, Steven A.
    The Promise of Private Pensions: The First Hundred Years.
    Harvard University Press, 1997.

    Other Resources

    Fact Sheet on State Pension Plans: Ohio
    Center for State & Local Government Excellence, February 2011.

    Munnell, Alicia H., Kelly Haverstick, and Mauricio Soto. 
    Why Have Defined Benefit Plans Survived in the Public Sector?
    Center for Retirement Research,  December 2007.

    NRTA Pension Education Toolkit: Frequently Asked Questions

    NRTA Pension Education Toolkit: Glossary of Terms

    NRTA Pension Education Toolkit: Public Pension Fact Sheet

    NRTA Pension Education Toolkit: Cost of Living Adjustments

    NRTA Pension Education Toolkit: The Importance of Your Pension

    NRTA Pension Education Toolkit: Pension Trends

    NRTA Pension Education Toolkit: Public Pension Reform

    The Value of Defined Benefit Plans.
    American Academy of Actuaries,  July 2006.



    Federal Issues

    Chained CPI

    Adopting a Chained CPI Targets the Oldest, Poorest Americans: The Longer You Live, the More Social Security You Lose
    AARP Public Policy Institute, December 2012

    Anderson, Sarah and Scott Klinger
    Inequality in the Social Security Debate: How Benefit Cuts Would Impact Health Industry CEOs Versus Home Health Aides
    Institute for Policy Studies, March 2013

    Barber, Alan and Nicole Woo
    The Chained CPI: A Painful Cut in Social Security Benefits and a Stealth Tax Hike
    Center for Economic and Policy Research, December 2012

    No Empirical Basis for Reducing the Social Security COLA
    Economic Policy Institute, November 20, 2012

    Rosenberg, Adam and Marc Goldwein
    Measuring Up: The Case for the Chained CPI
    Moment of Truth Project, December 12, 2012

    Ruffing, Kathy, Paul Van de Water, and Robert Greenstein
    Chained CPI Can Be Part of a Balanced Deficit Reduction Package, Under Certain Conditions
    Center on Budget and Policy Priorities, February 22, 2012

    Shelton, Alison
    Inflation Indexation in Major Federal Benefit Programs: Impact of the Chained CPI
    AARP Public Policy Institute, March 2013

    Toward A More Accurate Measure Of The Cost Of Living: Final Report to the Senate Finance Committee from the Advisory Commission To Study The Consumer Price Index
    December 4, 1996

    Using a Different Measure of Inflation for Indexing Federal Programs and the Tax Code
    Congressional Budget Office, February 24, 2010

    Veghte, Benjamin W., Virginia P. Reno, Thomas N. Bethell, and Elisa A. Walker
    Should Social Security’s Cost-of-Living Adjustment Be Changed?
    National Academy of Social Insurance,April 2011

    Health Care Resources

    Academy of Managed Care Pharmacy
    A national professional association of pharmacists and health care practitioners who develop and provide clinical, educational and business management services on behalf of Americans covered by a managed pharmacy benefit.

    The Commonwealth Fund
    Supports independent research on health care issues and makes grants to improve health care practice and policy.

    HealthCare.gov
    A federal government website managed by the U.S. Department of Health & Human Services.

    The Henry J. Kaiser Family Foundation
    Provides information on major health issues and the United States’ role in global health policy.

    National Institute for Health and Clinical Excellence
    Offers public health guidance to resolve uncertainty about which medicines, treatments, procedures and devices represent the best quality care and which offer the best value. Also recommends best ways to encourage healthy living, promote wellbeing and prevent disease.

    Reed, Andrew E.
    Hearts, Minds, and Choices: Helping Improve Decision-making Across the Life Span
    Cornell University College of Human Ecology, Department of Human Development


    Medicare Eligibility

    Meyerson, Noah and Joyce Manchester
    Raising the Ages of Eligibility for Medicare and Social Security
    Congressional Budget Office, January 10, 2012

    Neuman, Tricia, Juliette Cubanski, Daniel Waldo, Franklin Eppig, and James Mays
    Raising the Age of Medicare Eligibility: A Fresh Look Following Implementation of Health Reform
    The Henry J. Kaiser Family Foundation, July 2011

    Reforming Medicare: Option: Raise the Medicare Eligibility Age
      • Argument for: Stuart Butler, The Heritage Foundation
      • Argument against: Henry J. Aaron, The Brookings Institution
    AARP Public Policy Institute, June 1, 2012

    Van de Water, Paul N.
    Raising Medicare's Eligibility Age Would Increase Overall Health Spending and Shift Costs to Seniors, States, and Employers
    Center on Budget and Policy Priorities, October 23, 2011

    Wittenburg, David C., David C. Stapleton, and Scott B. Scrivner
    How Raising the Age of Eligibility for Social Security and Medicare Might Affect the Disability Insurance and Medicare Programs
    Social Security Bulletin, 2000


    Mandatory Social Security Coverage for Public Employees

    Bovbjerg, Barbara D., Director, Education, Workforce, and Income Security
    Social Security: Issues Relating to Noncoverage of Public Employees: Testimony Before the Subcommittee on Social Security, Committee on Ways and Means, House of Representatives
    United States General Accounting Office, May 1, 2003

    Bovbjerg, Barbara D., Director, Education, Workforce, and Income Security
    Social Security: Coverage of Public Employees and Implications for Reform: Testimony Before the Subcommittee on Social Security, Committee on Ways and Means, House of Representatives
    United States General Accounting Office, June 2005

    Bovbjerg, Barbara D., Director, Education, Workforce, and Income Security
    Social Security: Issues Regarding the Coverage of Public Employees: Testimony Before the Subcommittee on Social Security, Pensions, and Family Policy, Committee on Finance, U.S. Senate
    United States General Accounting Office, November 6, 2007

    Coalition to Preserve Retirement Security and The Segal Company Reports:

    The Cost Impact of Mandating Social Security for State and Local Governments
    May 1999

    Report on Universal Social Security Coverage of State and Local Workers to The American Federation of State County and Municipal Employees and The Coalition to Preserve Retirement Security
    July 2005

    Mandatory Social Security for State and Local Public Employees: The Cost of Universal Social Security Coverage of State and Local Workers
    September 2011

    Mandatory Social Security for State and Local Public Employees: Establishing the Facts
    September 2011

    Fagnoni, Cynthia M., Director, Income Security Issues, Health, Education, and Human Services Division
    Social Security: Mandating Coverage for State and Local Employees: Testimony Before the Subcommittee on Social Security, Committee on Ways and Means, House of Representatives
    United States General Accounting Office, May 21, 1998

    Mandatory Coverage News and Reports
    Coalition to Preserve Retirement Security

    Mandatory Social Security Cost Study for Illinois Public Education
    Teachers’ Retirement System of Illinois and the State Universities Retirement System, April 2007

    Munnell, Alicia H.
    The Impact of Mandatory Social Security Coverage on State and Local Workers: A Multi-State Review August 2000

    Munnell, Alicia H.
    Mandatory Social Security Coverage of State and Local Workers: A Perennial Hot Button
    Center for Retirement Research, June 2005

    Munnell, Alicia H., Jean-Pierre Aubry and Anek Belbase.
    The Impact of Mandatory Coverage on State and Local Budgets
    Center for Retirement Research, May 2014.

    Nuschler, Dawn, Alison M. Shelton and John J. Topoleski
    Social Security: Mandatory Coverage of New State and Local Government Employees
    Congressional Research Service, July 25, 2011

    Reforming Social Security: Option: Cover All Newly Hired State and Local Government Workers
     • Argument for: Virginia Reno, National Academy of Social Insurance
     • Argument against: David John, The Heritage Foundation
    AARP Public Policy Institute, June 27, 2012

    Report of the Universal Social Security Coverage Study Group: Executive Summary
    Social Security Bulletin (Vol. 43, No. 6), June 1980

    Ross, Jane L., Director, Income Security Issues, Health, Education, and Human Services Division
    Restoring Long-Term Solvency Will Require Difficult Choices: Testimony Before the Special Committee on Aging, U.S. Senate
    United States General Accounting Office, February 10, 1998

    Social Security Reform and Medicare Modernization Proposals
    Business Roundtable, January 2013

    Social Security: Different Approaches for Addressing Program Solvency: Report to the Committee on Finance
    United States General Accounting Office, July 1998



    Pensions and the Economy

    Research Reports

    Boivie, Ilana.
    Pensionomics 2012: Measuring the Economic Impact of DB Pension Expenditures
    National Institute on Retirement Security,  March 2012.

    Pensionomics 2012: Measuring the Economic Impact of DB Pension Expenditures – Ohio.
    National Institute on Retirement Security, March 2012.

    Boivie, Ilana. 
    Pensionomics: Measuring the Economic Impact of State and Local Pension Plans.
    National Institute on Retirement Security,  February 2009.

    Pensionomics: Measuring the Economic Impact of State and Local Pension Plans – Ohio.
    National Institute on Retirement Security, February 2009.

    Brown, Jennifer Erin.
    Pensionomics 2016: Measuring the Economic Impact of DB Pension Expenditures.
    National Institute on Retirement Security, September 2016.

    Pensionomics 2016: Ohio Fact Sheet.
    National Institute on Retirement Security, September 2016.

    Rhee, Nari
    Pensionomics 2014: Measuring the Economic Impact of DB Pension Expenditures.
    National Institute on Retirement Security, July 2014.

    Pensionomics 2014: Measuring the Economic Impact of DB Pension Expenditures - Ohio.
    National Institute on Retirement Security, July 2014.

    Other Resources

    Butler, Betsy.
    OPERS Invests: Ohio’s Largest Retirement System Supports a Strong State Economy by Investing in Ohio’s Financial and Private Industries.
    May 2012

    Butler, Betsy.
    OPERS Works: Ohio’s Largest Retirement System Rebuilds a Strong State Economy with Jobs, Investments and Secure Retirement Benefits.
    September 2011

    How Public Pension Plans Help Drive the Economy.
    NYSTRS, August 2010

    NRTA Pension Education Toolkit: The Economy and Your Pension



    Pension Funding

    Articles

    Munnell, Alicia H., Jean-Pierre Aubry and Laura Quinby.  “Public Pension Funding in Practice.” Journal of Pension Economics and Finance 10(2): 221-245, April 2011.

    Books

    Gale, William G., John B. Shoven, and Mark J. Warshawsky, eds.
    The Evolving Pension System: Trends, Effects, and Proposals for Reform.
    Brookings Institution Press, 2005.

    Barr, Nicholas and Peter Diamond.
    Reforming Pensions: Principles and Policy Choices.
    Oxford University Press, 2008.

    Research Reports

    Becker, Christine, et al.
    Strengthening State and Local Government Finances: Lessons for Negotiating Public Pension Plan Reforms.
    Center for State and Local Government Excellence, September 2011.

    Brainard, Keith and Alex Brown.
    NASRA Issue Brief: Public Pension Plan Investment Return Assumptions
    National Association of State Retirement Administrators, February 2016

    Brainard, Keith and Alex Brown.
    State and Local Government Spending on Public Employee Retirement Systems.
    NASRA, February 2015.

    Brainard, Keith and Alex Brown.
    Public Fund Survey Summary of Findings for FY 2014.
    NASRA, March 2016.

    Brainard, Keith.
    Public Fund Survey Summary of Findings for FY 2010.
    National Association of State Retirement Administrators, December 2011.

    Brainard, Keith.
    FY2012 Public Fund Survey.
    National Association of State Retirement Administrators/National Council on Teacher Retirement, December 2013.

    Brainard, Keith.
    The Role of Public Employee Pensions in Contributing to State Insolvency and the Possibility of a State Bankruptcy Chapter.
    Testimony before the Subcommittee on Courts, Commercial and Administrative Law, Committee on Judiciary, House of Representatives,  February 14, 2011.

    Brainard, Keith.
    State and Local Government Spending on Public Employee Retirement Systems.
    National Association of State Retirement Administrators, May 2013.

    Draine, David and Kil Huh.
    The Widening Gap: The Great Recession’s Impact on State Pension and Retiree Health Care Costs.
    The Pew Center on the States, April 2011.

    OPERS Responds:

  • Latest Pew Center Report Tracks Pension Liabilities
  • Eitelberg, Cathie, Alexander Sussman and Leslie Thompson.
    The Cost Impact of Mandating Social Security for State and Local Governments.
    The Segal Company, May 1999

    Huh, Kil and Barrett, Katherine.
    The Trillion Dollar Gap: Pew Report on States’ Public Sector Retirement Bills: Ohio Fact Sheet.
    Pew Research Center for the States,  February 2010.

    Huh, Kil and Barrett, Katherine.
    The Trillion Dollar Gap: Underfunded State Retirement Systems and the Road to Reform.
    Pew Research Center for the States, February 2010.

    Lav, Iris J. and Elizabeth McNichol.
    Misunderstandings Regarding State Debt, Pensions, and Retiree Health Costs Create Unnecessary Alarm: Misconceptions Also Divert Attention from Needed Structural Reforms
    Center on Budget and Policy Priorities, January 2011.

    Podcast: Misunderstandings About State Debt and Pensions Create Unnecessary Alarm
    Center on Budget and Policy Priorities, January 25, 2011

    Lav, Iris J.
    Proposed Public Employee Pension Reporting Requirements Are Unnecessary: Rules Would Create Confusion and Could Roil Markets.
    Center on Budget and Policy Priorities, March 14, 2011

    Mayer, Matt.
    Six Principles for Fixing Ohio.
    The Buckeye Institute for Public Policy Solutions, March 2011.

    OPERS Responds:

  • Buckeye Institute: Six Principles Key Talking Points
  • Morrissey, Monique.
    Discounting Public Pensions: Reports of Trillions in Shortfalls Ignore Expected Returns on Assets.
    Economic Policy Institute, April 14, 2011.

    Munnell, Alicia H. and Jean-Pierre Aubry.
    The Funding of State and Local Pensions: 2015-2020
    Center for State and Local Government Excellence, June 2016.

    Munnell, Alicia H., Jean-Pierre Aubry, Josh Hurwitz, and Madeline Medenica.
    The Funding of State and Local Pensions: 2012-2016
    Center for Retirement Research, July 2013

    Munnell, Alicia H., Jean-Pierre Aubry, and Laura Quinby.
    The Funding of State and Local Pensions: 2009-2013.
    Center for State and Local Government Excellence, April 14, 2010.

    Munnell, Alicia, John-Pierre Aubrey and Mark Cafarelli
    How Will Longer Lifespans Affect State and Local Pension Funding?
    Center for State & Local Government Excellence, April 2015

    Munnell, Alicia H., Jean-Pierre Aubry, Anek Belbase, and Joshua Hurwitz.
    State and Local Pension Costs: Pre-Crisis, Post-Crisis, and Post-Reform
    Center for Retirement Research, March 2013.

    Ohio Pension Plans: Pension and Retiree Health Costs: Pre- and Post-Crisis Fact Sheet
    Center for Retirement Research, March 2013.

    NASRA/NCTR Issue Brief: Strong Investment Gains and Legislative Changes Speeding Public Pension Recovery.
    National Association of State Retirement Administrators and the National Council on Teacher Retirement, April 2011.

    NCPERS 2012 Public Fund Study
    National Conference on Public Employee Retirement Systems, June 2012

    Peng, Jun and Ilana Boivie.
    Lessons from Well-Funded Public Pensions: An Analysis of Six Plans that Weathered the Financial Storm.
    National Institute on Retirement Security, June 2011.

    Promises with a Price Fact Sheet—Ohio.
    Pew Charitable Trusts, December 17, 2007.

    Jung, Ronnie D. and Nari Rhee
    How Do Pensions Invest?: A Primer
    National Institute on Retirement Security, January 2013

    Rhee, Nari and Diane Oakley
    On the Right Track? Public Pension Reforms in the Wake of the Financial Crisis
    National Institute on Retirement Security, December 2012

    State & Local Pensions: An Overview of Funding Issues and Challenges.
    Center for State & Local Government Excellence, January 2011.

    Sugden, John, Robin Prunty and Gabriel Petek.
    The Decline In U.S. States' Pension Funding Decelerates, But Reform And Reporting Issues Loom Large
    Standard & Poor’s, June 21, 2012

    Success Strategies for Well-Funded Pension Plans.
    Center for State and Local Government Excellence, February 2015.

    The Widening Gap Update
    Pew Center on the States, June 2012

    The Widening Gap Update: Ohio Fact Sheet
    Pew Center on the States, June 2012

    OPERS Responds:

  • Pew Center report does not reflect OPERS solvency

  • Others Respond:

  • The Pew Pension Report: A Snapshot Leads to a Flawed Rating System


  • State Defined Contribution and Hybrid Plans

    Research Reports

    Case Studies of State Pension Plans that Switched to Defined Contribution Plans.
    National Institute on Retirement Security, February 2015.

    Hybrid Public Pension Plans: A Primer
    Pew Charitable Trusts, April 2015

    The Impact of Closing the Defined Benefit Plan at CalPERS.
    CalPERS, March 2011.

    Munnell, Alicia H., Jean-Pierre Aubry, Josh Hurwitz, and Laura Quinby.
    A Role for Defined Contribution Plans in the Public Sector.
    Center for Retirement Research, April 2011.

    Brainard, Keith.
    NASRA Issue Brief: State Hybrid Retirement Plans
    National Association of State Retirement Administrators, September 2015.

    Morrissey, Monique.
    Will Switching Government Workers to Account-type Plans Save Taxpayers Money?
    Economic Policy Institute, March 5, 2015.

    The Segal Group.
    Public Employees' Retirement System of the State of Nevada: Analysis and Comparison of Defined Benefit and Defined Contribution Retirement Plans.
    December 2010.

    What Is the Cost of Transitioning from a DB Plan to a DC Plan?.
    NCPERS, April 2015

    OPERS Responds:

  • Impact of Eliminating the Defined Benefit Plan


  • Pension and Retirement-Related Organizations

    AARP
    The nation’s largest organization for people over 50.  Its research center offers surveys and statistics about issues such as Social Security, Medicare, prescription drugs, health care reform, and economic security.  Its Pension Plan Retirement Options Calculator helps decision-making about which pension option works best for retirement needs.

    Center For Retirement Research
    Shares research findings on issues affecting the retirement income of an aging population, such as Social Security, employer-sponsored pension plans, household saving, and labor market trends among older workers.

    Employee Benefit Research Institute
    Researches health care, retirement, Social Security and demographics to develop employee benefit programs and public policy.

    National Institute on Retirement Security
    Promotes the value of retirement security to employees, employers, policymakers, and the economy through research and educational programs on the role and value of defined benefit pension plans for employers, employees, and the public, as well as policy approaches and strategies to expand retirement security. The NIRS Data Zone provides timely, concise insight and analysis on key retirement data and issues.

    National Association of Government Defined Contribution Administrators
    A professional organization for deferred compensation/defined contribution plan administrators, local governments, and private industry plan providers. Provides surveys and information on plans and other impacts of deferred compensation/defined contribution programs.

    National Association of State Retirement Administrators (NASRA)
    NASRA maintains an information clearinghouse of resources and research pertaining to public employee retirement system administration and policy for its members, who direct the nation's state, territorial, and largest statewide public retirement systems.
    As a collaborative effort of the National Association of State Retirement Administrators and the National Council on Teacher Retirement, the Pension Dialog blog shares facts, critiques reports and studies, examines proposed policies and legislative actions, and looks at media stories.

    National Conference of Public Employee Retirement Systems (NCPERS)
    Protects the pensions of public employees through research and education.

    National Pension Education Association
    Educates public retirement system professionals on retirement planning.