PT - JOURNAL ARTICLE AU - Andrew G. Biggs TI - The Public Pension Quadrilemma: <em>The Intersection of Investment</em> <br/> <em>Risk and Contribution Risk</em> AID - 10.3905/jor.2014.2.1.115 DP - 2014 Jun 30 TA - The Journal of Retirement PG - 115--127 VI - 2 IP - 1 4099 - https://pm-research.com/content/2/1/115.short 4100 - https://pm-research.com/content/2/1/115.full AB - Pension plans for state and local government employees seek to achieve four main financing goals: maintain sufficient funds to pay benefits; keep contribution costs low for sponsoring governments and employees; stabilize contributions from year to year, to assist in budgeting; and stabilize costs from generation to generation, a precept known as intergenerational equity. Pension plan stakeholders generally believe that as an article of faith, a plan can satisfy these goals with prudent management.TOPICS: Pension funds, retirement