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4/15/2013: Public Pensions Get a Grip on Future Costs (Institutional Investor)
"Not long after the biggest financial crisis in four generations, cries began in earnest to close these systems to new hires and replace them with defined contribution, or retirement savings, plans. Rather than make that drastic move, though, New Jersey responded by cutting cost-of-living adjustments for all employees; increasing employee contributions into their pension plans; and, for new hires, increasing age or tenure eligibility levels and average salary periods, and reducing the benefit factor."
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