Discounting Pension Liabilities: Funding versus Value
---- Acknowledgments ----
We thank Joshua Rauh and participants in the 2015 NBER conference on Retirement and Health Benefits in the Public Sector for helpful feedback and suggestions. Disclosure: Brown is a trustee for TIAA, a financial services company that provides services to numerous public sector retirement plans. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.