Boudreaux, DonaldBrown, Caleb O2014-10-072014-10-072014-10-07https://hdl.handle.net/1920/9010The poor funding status and liability measurement of state and local public pensions could be the defining issue for state-level fiscal policy for the next several decades. These chapters attempt to address several problems associated with pension management and measurement. Chapter One details many aspects of Kentucky Retirement System that have contributed to its funding and management woes. Chapter Two details the purpose of discounting within pension funds and how an alternative discount rate would increase stated liabilities in one of Kentucky’s pension plans. Chapter Three details the transfer of market-related risks from pensioners to taxpayers and discusses the potential impact of a large and ongoing opportunity for arbitrage within most pension systems.enPublic pensionsPublic financeState pensionsKentucky Retirement SystemsThesis