Bates & Company, Inc.
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Regional Vice President of Sales The Retirement Plan Company
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Compass
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AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Loan & Distribution Specialist AimPoint Pension
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Public Pension Reform: Recent Hits and Misses, But Changes Finally Happening
Governing July 11, 2011
It's said that local government is the laboratory of American democracy, and the pension reform trend is a good example of widespread variations on a theme. In some states, the rules of the game are rigged against policymakers seeking to make obvious changes to over-rich benefits formulas awarded to incumbent employees in the halcyon days of the Internet bubble -- which cannot not be retracted under judicial precedents in certain states. The standard union line is that retirement benefits should be bargained on an employer-by-employer basis and there is no need for the legislature -- or the voters -- to get involved.
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