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Hybrid Pension Plans Attracting More States, Cities
Governing Link to more items from this source
Aug. 1, 2012
"There's a public pension crisis out there. Defined-benefit (DB) plans -- the stalwart of public pension systems -- are in trouble, both financially and politically.... To address the growing problem, [some] jurisdictions ... are revising the defined-benefit plan itself -- raising the retirement age or suspending cost-of-living adjustments. Some are looking at a more radical approach: doing away with the defined-benefit plan for new hires and offering them a defined-contribution plan only. But the middle ground -- and a trend that seems to be growing -- is to have a little of both: a defined-contribution plan backed up by a lower-level defined-benefit plan. Alternatively, some are opting for a cash balance program that combines aspects of both defined-benefit and defined-contribution approaches."

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