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Examining the Experiences of States That Closed Pension Plans
National Institute on Retirement Security [NIRS] Link to more items from this source
Aug. 7, 2019

"Switching from a defined benefit pension plan to a defined contribution or cash balance plan did not address existing pension underfunding as promised. Instead, costs for these states increased after closing the pension plan....  The experience of the four states shows that changing benefits for new hires does not solve an existing funding shortfall.... Workforce challenges are emerging as a result of the retirement benefit changes."

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