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Nationwide, Public Officials Scramble to Change Pension Benefit Formulas for New-Hires
Governing Apr. 4, 2010 Excerpt: In most states, the benefits formulas for active employees are untouchable. The only way to chip away at pension-funding problems is to fiddle with formulas for new employees, partly because unions are more willing to give way on benefits for new hires. Newbies don't vote on today's contract and don't pay dues yet--and union leaders may figure they'll get the benefits restored when the economy improves. For most public officials, there is great confusion about what would be a fair benefits formula for new employees. Here are some pension math basics[.] |
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