Tag: Pension Cuts

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Abstract This study examines whether pension cuts affecting current public employees encourage mid-career teachers and civil servants to separate from their employers. The analysis takes advantage of a 2005 reform to the Employees’ Retirement System of Rhode Island (ERSRI) that dramatically reduced the generosity of benefits for current workers. Importantly, the cuts applied only to…

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The brief’s key findings are: To improve the funded status of state and local pensions, many plan sponsors have cut benefits, particularly for new hires. Such cuts, without offsetting increases in wages, could potentially make government employment less attractive to workers. The analysis found that workers joining the public sector after benefit cuts had earned less in…