A Misguided Pension Reform for Government
Pressure is building for state and local governments to switch their workers to defined-contribution retirement plans. But defined-benefit plans have advantages that should not be ignored.
Michael H. Granof is a professor of accounting at the University of Texas at Austin, holding joint appointments in the Lyndon B. Johnson School of Public Affairs and the McCombs School of Business.
He is the author or coauthor of several textbooks, including "Financial Accounting: Principles and Issues," "Accounting for Managers and Investors" and "Government and Not-for-Profit Accounting: Concepts and Practices."
A member of the Academy of Distinguished Teachers, he received his Ph.D. in accounting from the University of Michigan and an M.B.A. from Columbia University.