Faced with deficits exceeding $2 trillion nationwide, public-employee retirement plans across the country have been trimming pension costs by cutting benefits and raising employee contributions. Such actions, however, have undermined retirement security for many plan participants. Are there better ways for state and local pension plans to balance their books? For example, should plans fundamentally reform their benefit formulas, switch to alternative plan designs, or enroll all employees in Social Security?
Panelists examined the funding of state and local pensions and assessed various reform options. Panelists also unveiled new online tools that allow policymakers and researchers to compare plan finances and benefits and assess the potential effects of different reforms.
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- Tracy Gordon, senior fellow, Urban Institute
- Jean-Pierre Aubry, assistant director of state and local research, Center for Retirement Research at Boston College
- William Gale, director, Retirement Security Project, Brookings Institution
- Richard Johnson, senior fellow and director, Program on Retirement Policy, Urban Institute