NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Policy Options for State Pension Systems and Their Impact on Plan Liabilities

Joshua Rauh, Robert Novy-Marx

NBER Working Paper No. 16453
Issued in October 2010

---- Acknowledgements -----

We thank Jeffrey Brown, Andrew Biggs, and participants at the NBER State and Local Pensions Conference in Jackson Hole, Wyoming, August 2010, for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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