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Some 13 million public-sector workers in the United States--including teachers, police and firefighters, state and municipal employees, judges, and legislators--and another six million federal and military employees participate in government pension plans. These pension systems are extraordinarily diverse in design, investment policy, and governance, and they face substantial challenges as the government-sector workforce ages and governments are asked to take on new and different tasks."Pensions in the Public Sector" explores the diversity of governmental pension plans and investigates how these financial institutions must change in years to come. What can be done to help public-sector pension plans perform more efficiently and thereby enhance old-age security? Should they invest with social goals in mind, or should they convert to defined contribution plans, an initiative just beginning to garner popular support? Contributors to the book show that successful public-pension systems demand careful attention to benefit and financing policy, strong funding and investment performance, and continuous actuarial oversight. Several in-depth case studies illustrate how decisions are made at the individual pension board level, making the book exceptionally useful to policymakers in the coming decades.