5. Sampleselection
Weusemultiplepublicdatasourcestoconstructoursample.Wecollectstatesponsoreddefinedbenefitpensionplan
data fromthePENDATSurveyofStateandLocalGovernmentEmployeeRetirementSystems,conductedbythePublic
Pension CoordinatingCouncil,andfromtheBostonCollegeCenterforRetirementResearch.ThePENDATpensionplan
data coversthe1990through2000fiscalyearsandtheBostonCollegedatacoversthe2001though2009fiscalyears.
WecrosscheckthesedatausingtheinformationfromtheNationalAssociationofStateRetirementAdministrators.When
therewerediscrepanciesbetweenourdatasourcesortherewasmissinginformation,37 we collectthenecessary
information directlyfromtheComprehensiveAnnualFinancialReports(CAFRs)andpensionplanvaluationreports.We
also collecteachplan'svaluationreportsandCAFRstoobtaintheinformationontheearlyretirementprovisionsand
demographicsofboththeinactiveandactiveparticipantstoimplementourdurationestimationprocedureoutlinedin
Appendix A. Wehave106plansthathavetheinformationnecessarytocalculatefundinggapunderstatement.After
aggregatingtheseplanstothestatelevel,wehave984state-yearobservations.38