Some 13 million public-sector workers in the United States-including teachers, police and firefighters, state and municipal employees, judges, and legislators-and another six million federal and military employees participate in government pension plans. These pension systems are extraordinarily diverse in design, investment policy, and governance, and they face substantial challenges as the government-sector workforce ages and governments are asked to take on new and different tasks.

Public employee pensions are in deep trouble in many countries, undermining economic policy and threatening retiree well being. What can be done to help these programs perform more efficiently and enhance old-age security? From the Pension Research Council of the Wharton School, this volume takes stock of public pension developments in the US and Canada, highlighting challenges these financial institutions face in coming decades. The first Pension Research Council study of public pensions in a quarter of a century tackles these topics with an impressive team of international actuarial, legal, and economic experts.