"The use of shared-financing and shared-risk have grown in recent years as states have modified required employer and employee contributions, restructured benefits, or both and some states also established so-called 'hybrid' plans that combine elements of traditional pensions and individual account plans. This brief identifies general types of risk present in public sector retirement plans and analyzes longstanding and emergent uses of risk-sharing features enacted by states and designed to meet their specific financing and human resource goals."