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This paper examines the role and function of pension plans covering state and local government employees in the United States. Covering about 16 million employees (including teachers, fire fighters, police, members of the judiciary, and many other state and local employees), these plans manage a substantial stock of financial assets -- close to $1 trillion -- and receive annual contributions from employees and government revenues totaling about $56 billion. Using data gathered from a variety of different sources, some of which have only recently become available, we describe the benefits, financing, and management of these plans, and identify some of the prominent challenges facing these pension plans in the next decade.
Local officials and employees --- State governments --- Local officials and employees. --- Pensions. --- Pensions --- Officials and employees --- Pensions.
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Belgium --- Belgique --- Officials and employees. --- Fonctionnaires
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China --- China --- Officials and employees --- Appointments, qualifications, tenure, etc. --- Officials and employees --- Dismissal of.
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Civil service --- Salaries, etc --- France --- Great Britain --- Italy --- Officials and employees --- Salaries, etc. --- Officials and employees --- Salaries, etc. --- Officials and employees --- Salaries, etc.
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Law reporters --- Overtime --- Courts --- Law and legislation --- Officials and employees.
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Misconduct in office --- United States. --- Officials and employees --- Discipline.
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Administrative agencies. --- Great Britain --- Officials and employees --- History.
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Law reporters --- Overtime --- Courts --- Law and legislation --- Officials and employees.
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This paper uses data from the National Longitudinal Survey of Youth to examine the effect of smoking on wages and employment. The panel nature and household structure of these data enable us to implement methods to account for differences in observed and unobserved individual characteristics that may be correlated with both smoking and wages. Changes in wages associated with changes in smoking behavior and models that utilize sibling comparisons are estimated to address the potential heterogeneity problem. Estimates from alternative specifications all indicate that smoking reduces wages by roughly 4-8%. No robust, statistically significant effect on employment is observed.
Cigarette smokers. --- Local officials and employees --- Cigarette smokers --- Pensions.
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