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Public Pension Governance and Asset Allocation(公共养老金治理和资产配置)
JCC: The Business and Economics Research Journal Volume 6, Issue 1, 2013 83-101
JCC
Journal of
CENTRUM
Cathedra
Public Pension Governance and Asset Allocation
Matt Dobra
Methodist University, NC, USA
Bruce H. Lubich *
University of Maryland University College, MD, USA
Abstract
This paper analyses the relationship between governance, asset allocation, and risk among state and local
government-operated pension systems in the United States of America. It is argued that governance in uences
investment decisions and risk pro les of public sector pension systems, creating the potential for agency
problems to exist between decision makers, plan members, and taxpayers.
Keywords : Public pension governance, portfolio management, risk
JEL Classi cation codes : J2, H7, D7, G2
As of September 30, 2012, U.S. state and local government pension funds held assets valued at just under
$3.1 trillion (Board of Governors of the Federal Reserve System, 2012). These assets are expected to fund
pensions for tens of millions of Americans. However, their ability to do so has been significantly weakened
by the recession beginning in 2008 which included a collapse of the U.S. equity and housing markets. These
bursting bubbles caused deep reductions in the value of assets held in state and local government pension funds,
1
revealing another pending bubble in these defined benefit (DB) public pension funds. Solving the resulting
funding shortfalls in state and local pension systems can be expected to dominate policy discussions for years to
come. The absolute size of state and local pension funds in terms of assets and the number of member
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