The Logic of Pension Valuation II: A Response to Andrew Biggs

For quite a few years now, public pension liabilities have been a growing concern for policymakers and public finance professionals. The methods used to value the liabilities are fundamentally important both for designing plan policies and for plan administration. They are an essential tool for budgeting because they help account for the costs of public services and create appropriate funding schedules for plan contributions to ensure the fiscal soundness of both the plan and its provider.

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