Many state and local retirement plans are on an unsustainable course, having failed to set aside enough money to fund the promises they have made. To inform state policymaking, Pew provides research on the fiscal challenges state and cities face as a result of their pension and retiree health promises. With the understanding that there is no one-size-fits-all solution, the project also offers technical assistance to states and municipalities as they undertake pension and retiree health care reforms to ensure their public sector retirement systems are affordable and sustainable, provide a secure retirement for workers, and preserve governments' ability to recruit and retain a talented public-sector workforce.
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The nation’s state-run retirement systems had a $968 billion shortfall in 2013 between pension benefits governments have promised to their workers and the funding available to meet those obligations—a $54 billion increase from the previous year. Read More
State-run retirement systems faced a $968 billion shortfall in 2013 between pension benefits promised to government workers and the funding needed to meet those obligations, a $54 billion increase from the previous year, according to a brief released today by The Pew Charitable Trusts. Read More
The challenges of managing growing public pension costs while recruiting and retaining a strong workforce haveprompted policymakers across the country to take a closer look at the way they deliver retirement benefits toemployees. Ten states have adopted hybrid pension plans that combine smaller, defined benefit pensions withdefined contribution plans. Read More