Tag: state and local pensions
The brief’s key findings are: Since the financial crisis, 17 states have reduced, suspended, or eliminated cost-of-living-adjustments (COLAs) for public employee pensions. This response was surprising as current employees and retirees tend to be legally shielded from benefit cuts. But the COLA cuts have largely been upheld in the courts under the rationale that –…
The brief’s key findings are: Although the introduction of defined contribution plans by some states has received considerable press attention, activity to date has been modest. Moreover, most recent shifts involve either hybrid plans or cash balance plans, rather than stand-alone defined contribution plans. The changes appear driven by a desire to avoid future unfunded liabilities, to…
