Public pension funds and operating budgets: A tale of three states

Research output: Contribution to journalArticlepeer-review

18 Scopus citations


This article provides a normative framework for understanding the important link between public pension fund management and government operating budgets. Three aspects of pension fund management are discussed that have a significant impact on the operating budget: pension contribution, investment strategy, and the funding of pension liabilities. Three cases concerning West Virginia, New Jersey, and New York City are discussed to illustrate these three important aspects. The normative framework and the case studies demonstrate two important principles in prudently managing public pension funds: ensuring intergenerational equity and protecting the long-term health of government budgets.

Original languageEnglish (US)
Pages (from-to)59-73
Number of pages15
JournalPublic Budgeting and Finance
Issue number2
StatePublished - Jun 2004

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics
  • Public Administration


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