Tag: public pensions
The brief’s key findings are: State and local policymakers face a growing pension cost burden, but often lack understanding of the root causes. One underappreciated cause is “legacy debt” – unfunded liabilities accumulated long ago, before plans adopted modern funding practices. Legacy debt still exists today because historical unfunded liabilities were ultimately paid in fu…
Abstract Social Security is designed to serve as the base of retirement support, to be supplemented by employer-sponsored plans. However, approximately one-quarter of state and local government employees – currently, around 5 million workers annually – are not covered by Social Security on their current job. Federal law allows these noncovered workers to remain outsid…
