Declining asset values and increased under funding indicates that the structure of pension board of trustees has not produced a sufficient annual investment return to fully fund pensions. The specific problem of underfunded public pension systems in the state of Michigan appeared to be partially related to relationship of the board governance and annual investment return of the fund. The purpose of this quantitative correlation study was to examine if a significant correlation relationship existed between independent variables of investment policies, governance structure, funding status, annual pension contribution amount, and pension contribution funding source and the dependent variable of annual investment return of municipal pension funds in the state of Michigan. The numeric data for the variables came from public information obtained from the internet. The population was 138 public pension systems in Michigan as identified in the 2008 US Census report. This study had a sample size of 66. To address the problem and purpose statements two research questions were identified. The first research question sought to identify a statistically significant association between the variables. The second research question sought to determine if a predictive model could be developed based on the association between the variables. The results of the data analysis did not support a significant correlation relationship between any of the independent variables and annual investment return. Since a significant correlation was not found between the independent and dependent variables a predictive model could not be developed. The descriptive data obtained in this study provided useful information for pension trustees, local government officials and legislatures to evaluate board governance.
|School:||University of Phoenix|
|School Location:||United States -- Arizona|
|Source:||DAI-A 73/09(E), Dissertation Abstracts International|
|Subjects:||Management, Public administration, Public policy|
|Keywords:||Defined benefits, Investment returns, Public pensions|
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