The Economics and Public Policy Forum is a monthly discussion group of Booth alumni and students who gather over lunch to discuss a pre-selected topic and reading material. This is a collegial gathering of equals and we do not present speakers. The TOPIC and PRE-READING are:
PUBLIC PENSIONS
At the suggestion of several of our members at our January forum, this month we will be discussing public pensions. Why should we care about them if we are in the private sector? What is their impact on the economy as a whole? Are they adequately funded? Do they affect the overall quality of life for the larger community? Please read the following short articles and join us for a discussion with your peers over lunch:
Assigned Reading:
The Liabilities and Risks of State-Sponsored Pension Plans, by Robert Novy-Marx and Joshua D. Rauh, Journal of Economic Perspectives—Volume 23, Number 4—Fall 2009—Pages 191–210
READ the following sections: Why Do Public Pension Funding and Investment Policy Matter? and the Conclusion on Pp. 205-209 (4 pages total).
http://rnm.simon.rochester.edu/research/JEP_Fall2009.pdf
Pensions, like life, aren't fair, The Economist, Dec 1st 2011, 12:47 by A.C.S. | NEW YORK (2 1/2 pages)
http://www.economist.com/blogs/freeexchange/2011/12/pensions
Why Public Pensions are so Rich, Andrew G. Biggs, Jason Richwine, the Wall Street Journal, January 4, 2012 (2 pages)
http://online.wsj.com/article/SB10001424052970204464404577118440980974530.html
State and City Pensions Could Destroy U.S. Economy, The Fiscal Times, By October 13, 2010, by The Kellogg School of Management at Northwestern University (2 pages)
http://www.thefiscaltimes.com/Articles/2010/10/13/State-and-City-Pensions-Could-Destroy-US-Economy.aspx#page1
Additional Reading (Optional):
Illinois State Pension Systems: A Challenging Position, by State of Illinois Comptroller Judy Barr Topinka, May 2011 Issue
http://www.ioc.state.il.us/index.cfm/linkservid/C0426A73-1CC1-DE6E-2F485B26D3820194/showMeta/0/
Private Workers, Public Pension, by Jodi S. Cohen and Jason Grotto, Chicago Tribune, December 17, 2011
http://articles.chicagotribune.com/2011-12-17/news/ct-met-pensions-surs-20111217_1_public-pensions-pension-fund-pension-costs
The Trillion Dollar Gap Grows Wider, States' Fiscal Health, The Pew Center on the States, April 25, 2011
http://www.pewcenteronthestates.org/initiatives_detail.aspx?initiativeID=85899358839
Governor, Sign this Pension Abuse Bill, Chicago Tribune, November 30, 2011
http://articles.chicagotribune.com/2011-11-30/news/ct-edit-legis-20111130_1_pension-abuse-bill-pension-systems-public-pension
$15.00 for Chicago Booth Alumni Club Members and current students
$16.00 for all others
Box lunch is included
Program
12:00 PM-1:15 PM: Box lunch is provided
Speaker Profiles
Elizabeth Bleakley (Moderator) '02
Principal, Kopecky, Schumacher & Bleakley, P.C.
http://www.ksblegal.com
Questions
Elizabeth Bleakley, '02
President, Chicago Booth Alumni Club
312-636-6684