Public Pension Funding 101: Key Terms and Concepts

Normal cost, amortization payment, unfunded pension liability, actuarial cost method. How often have you heard these terms in discussions about public pensions and wondered what they mean and how they apply to public pension funding?

In a recent article, Public Pension Funding 101: Key Terms and Concepts, Keith Brainard of the National Association of State Retirement Administrators (NASRA) explains key terms and concepts most often used when discussing public pension funding.

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