State and Local Retirement Plans in the United States

Robert L. Clark, Professor of Economics and Professor of Management, Innovation and Entrepreneurship, North Carolina State University, US, Lee A. Craig, Alumni Distinguished Professor, Department of Economics, North Carolina State University, US and John Sabelhaus, formerly Federal Reserve Board, US

State and Local Retirement Plans in the United States explains how economic and political events have shaped the development of pension plans in the last century, and it argues that changes in the structure and generosity of these plans will continue to shape policy and funding in the future. It also brings to bear a new rationale to the policies behind public sector pension plans. The authors use the history of how early public pension plans were established, how they matured and how they have grown in generosity to analyse what changes may be expected in years to come. Unique in its scope, this comprehensive history of the development of public sector pension plans in the United States during the twentieth century expands upon current ideas relating to the changing economic environment, the passage and evolution of social security, and the expansion of the public sector.

‘In their recent book State and Local Retirement Plans in the United States, authors Robert L. Clark, Lee A. Craig and John Sabelhaus have provided a valuable and comprehensive history of the development of public pension plans in the 20th century. . . this book represents an important contribution to economists’ historical understanding of state and local pension plans, and I learned a great deal from reading it.’
——Joshua Rauh乔urnal of Pension Economics and Finance

‘This book provides a fine source for further research and public discussions about state and local government pension programs. Highly recommended.’
– J.L. Mikesell, Choice