Public Pensions.

The 1995 survey of public pension systems conducted by the Public Pension Coordinating Council demonstrates the strong funding of public pension plans. This survey obtains indepth information about the current administration, membership, benefits, contributions, funding, investments and reporting of public retirement systems. The Public Pension Coordinating Council was formed in 1990 to assist the public employee retirement community. The council is composed of the Government Finance Officers Association, the National Association of State Retirement Administrators, the National Conference on Public Employee Retirement Systems, and the National Council on Teacher Retirement.

In the 1995 survey, 310 systems responded to the survey, representing a total of 457 plans and covering 80 percent of the 13.6 million active members reported by the U.S. Bureau of the Census in 1994.

System Administration

State and local retirement systems exist within an administrative framework that is structured by state and local laws and overseen by retirement boards of elected, appointed, and ex officio members. Retirement boards generally have substantial authority over the system and are usually involved in decisions regarding investment policy, benefit provision, and actuarial assumptions.

The system's daily activities are usually directed by a chief administrative officer and conducted by …