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[Opinion]

5/19/2014: Pension Reform in Alabama: A Case for Economic Accounting (PDF) (Johnson Center, Troy University)
"Alabama's three pensions systems ... may run out of pension assets by 2023 When valued based on the certainty of payment, Alabama will have to increase its contributions from $1.6 billion to $3.4 billion annually, or $819 per household, to fully fund the system.... The structure of the defined benefit plan makes it susceptible to mismanagement in the public sector. Budgetary and actuarial manipulation, opportunistic accounting practices, interest-group bargaining, and the short-term thinking of politicians render it less than ideal as a vehicle for ensuring a secure retirement for public employees.... [A] new retirement system should be structured to offer workers the best elements of both plan designs with a focus on income security rather than wealth maximization."
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