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State Pensions and Retirement Legislation 2009 as of July 2009
National Conference of State Legislatures [NCSL] Link to more items from this source
[Guidance Overview]
Aug. 5, 2009
Excerpt: The principal theme in pensions legislation in 2009 was the need to make future pension costs manageable in the light of states' straitened fiscal circumstances and the enormous losses most retirement trust funds have experienced. Few benefit increases were enacted, and reductions in various forms appeared in a number of states. Some states enacted early retirement incentives with the goals of reducing the size of the state workforce. Some states protected employees who will be subject to mandatory furlough days (required days off without pay) from loss of retirement benefits for those days. A number of states revised benefit packages for future employees to require longer service or higher ages for retirement, discourage early retirement even with reduced benefits, limit future cost-of-living adjustments, and tighten standards for disability retirement. Some states increased employer and employee contribution rates. Such actions were taken within the framework of existing defined-benefit (traditional) pension plans; no state created a new defined contribution plan as its primary retirement package for public employees, or as an option for existing or new employees. Several states created commissions or called for legislative interim committees to study the future of their retirement systems.

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