Prudent Investors: The Asset Allocation of Public Pension Plans

After 2000, the vast majority of defined benefit (DB) pension plans encountered a decrease in their funding ratios, largely due to a drop in asset prices. It is possible that public sector pension plans may have acted imprudently by chasing returns, once they encountered underfunding. We identify four indicators for DB plans’ imprudent investment behavior: no portfolio rebalancing, employer conflicts of interest, trustee conflicts of interest, and failure to implement best investment practices. To see if public sector pension plans rebalance their portfolios, we use data from the Federal Reserve’s Flow of Funds, dating from 1952 to 2007. To test for the remaining three hypotheses, we use data from the Census’ State and Local Government Employee Retirement Systems data base, where consistent data for state and local government plans are available from 1993 to 2005. Our results suggest that there is no evidence that public sector plans systematically engaged in imprudent investment behavior and that this did not systematically differ after 2000 from the earlier period.

The Interplay between Labor and Financial Markets: What are the Implications for Defined Contribution Accounts?

The relationship between earnings, savings and retirement is well-known; however the linkage between labor market outcomes and financial market performance is generally unacknowledged. This Working Paper examines the implications of the link between labor markets and financial markets for workers who save money in individual retirement accounts. Specifically, differences in labor market outcomes across groups may imply differences in the timing of investments, which may reduce savings over time for these groups compared to their counterparts. Using monthly data from the Current Population Survey (1979-2002) we generate hypothetical investment portfolios using stock and bond indices. We exploit differences across demographic groups in unemployment and wage growth, and use these differences to examine each group’s investment outcomes. We then disaggregate the total effects into short-term and long-term components. We find some evidence of short-term market timing effects on investment, but we find much larger long-term effects for some groups. Our findings suggest that, for many people, the retirement savings losses associated with the timing of markets are similar to the costs of annuitizing savings upon retirement. The differences are especially pronounced by education and sex.Individual accounts, retirement savings, earnings volatility

Easy Money? Health and 401(k) Loans

Rising health care costs and declining personal savings rates are nearly synonymous with household medical debt. For some, defined contribution (DC) retirement savings plans provide a ready source of funds to meet these medical debts. We examine whether health status and health insurance coverage predict the likelihood of having a DC loan using data from the Federal Reserve’s triennial Survey of Consumer Finances from 1989 to 2007. We find that poor health raises the likelihood that a household will borrow from their DC plans, even controlling for other forms of debt, access to credit, and whether households are covered by health insurance. Our estimates of the amount of the DC loan, taking selection effects into account, indicates that DC loan amounts are also influenced by health status; those with poor health borrow more from their DC plans. Apart from health status, once a household decides to borrow from their retirement funds, race and education also influence how much to borrow. We argue that public policy can improve the long-term financial retirement security of households by offering more opportunities to save for medical emergencies, while cautiously maintaining the opportunity to borrow from DC plans.��Defined contribution retirement savings plans; pension debt; health insurance coverage; health status

Automated tutoring for a database skills training environment

Universities are increasingly offering courses online. Feedback, assessment, and guidance are important features of this online courseware. Together, in the absence of a human tutor, they aid the student in the learning process. We present a programming training environment for a database course. It aims to offer a substitute for classroom based learning by providing synchronous automated feedback to the student, along with guidance based on a personalized assessment. The automated tutoring system should promote procedural knowledge acquisition and skills training. An automated tutoring feature is an integral part of this tutoring system

CPS Smokejumpers 1943 to 1946 Life Stories, Volume I

This volume contains life stories largely written by former members of the Civilian Public Service (CPS) who served as smokejumpers during World War II. The CPS consisted of conscientious objectors seeking an alternative to military service. This volume includes the life stories of:John AinsworthDelbert BarleyLuke BirkeyJames R. BrunkBenjamin W. CaseGeorge C. CaseCatherine Harder Crocker Frances DealRay N. FunkLes GahlerBryn HammarstromWillard D. HandrichLee HebelIvan E. HoldemanWilliam S. LaughlinLee MillerAllen J. MoyerPhillip NealRobert H. PainterRussell PalmerTheodore PfeiferGregg PhiferClarence E. QuayWalter B. ReimerLaurel R. SargentEarl SchmidtCharles E. SchumacherMaynard W. ShetlerBradshaw SnipesPhilip B. StanleyPhilip R. ThomfordeEdwin A. VailForence WengerMarie Ediger WidmerArthur J. WiebeFloyd F. YoderRichard S. ZehrRalph Zieglerhttps://dc.ewu.edu/smokejumping_pubs/1000/thumbnail.jp

CPS Smokejumpers 1943 to 1946 Life Stories, Volume III

This volume contains life stories largely written by former members of the Civilian Public Service (CPS) who served as smokejumpers during World War II. The CPS consisted of conscientious objectors seeking an alternative to military service. This volume includes the life stories of:Joe CoffinKenneth DillerDale EntwistleT. Richard Dirk FlahartyJohn E. GarberChalmer C. GillinLouis GoossenAlbert L. Gray, Jr.Jonas D. HershbergerIvan HoldermanMarshall JensenNorman D. KauffmanEarl KenagyWayne D. KurtzAllen Dean LehmanTed LewisDennis D. MillerLaurence R. MorganAsa MundellFrank E. NeufeldLena D. NeufeldJoseph C. OsbornOliver PettyGregg PhiferWalt ReimerHomer Allen RiceJohn ScottLowell V. SharpesWinton Howard StuckyEarl StutzmanClarence TieszenLevi TschetterRichard S. WeaverRoy E. WengerDavid S. YoderLoren Zimmermanhttps://dc.ewu.edu/smokejumping_pubs/1002/thumbnail.jp

A First Nation model of Mishkauziwin [strength; resilience] : the revitalization of family/clan identity in an Anishnaabe family of Northwestern Ontario.

This thesis uses a family-directed approach to study the topic of resilience through an extended Anishnaabe family’s perceptions of their mishkauziwin [strength; resilience] as they strive to revitalize their family/clan identity. The interdisciplinary/qualitative/indigenist study braids together complementary ways of research from indigenous knowledges and the Western academy in a participatory framework. The perceptions of participants in studies on resilience are often sidelined, as are aspects of Aboriginal realities often missing from mainstream views of resilience in Aboriginal contexts. The perceptions of research participants in this study are the core-organizing feature of the research as they look at their relationships, traditional practices, and indigenous knowledge. The study contributes significantly to Anishnaabe communities and individuals as well as expands the body of knowledge on the topic of resilience in general. The study examines systemic issues impacting the lived experiences of participants, reviews the topic of historical trauma as it relates to the family participants, inquires into cultural identity issues, and works to comprehend the ecological view in Aboriginal contexts. The themes, patterns and metaphors of resilience from an Anishnaabe family’s perceptions serve to clarify significant findings about mishkauziwin, illustrating the process of restoration of family/clan identity as that of a strength based process which carries with it significant protective factors. The work together reaffirmed the value of a knowledge study emerging from the ground up as contrasted with top down approaches. Some aspects of the revitalization pro cess can be viewed as a grieving process, indicating that mishkauziwin means strength for healing and is the impetus for forward movement despite colonization and historical trauma. Mishkauziwin is evident in the connections within and between families, in aspects of spirituality, clan roles, cultural traditions, survival, and love. Themes of restoring lost identity through connections to each other and their land, language, and traditional culture are evident. Clan identity and the family revitalization are embedded in these processes, as are other protective factors, such as education, and spiritual and cultural factors, which modulate the effects of loss. This confirms findings of other research on resilience in Aboriginal contexts, and gives direction for future research.Doctor of Philosophy (PhD) in Human Studie