Comments on: Public Pension Plan Problems

Comments on: Public Pension Plan Problems https://worklaw.jotwell.com/public-pension-plan-problems/ The Journal of Things We Like (Lots) Thu, 07 Nov 2013 20:50:40 +0000 hourly 1 By: Ady Dewey https://worklaw.jotwell.com/public-pension-plan-problems/#comment-9473 Wed, 15 Feb 2012 21:13:00 +0000 https://worklawjotwell.dewjbxx2-liquidwebsites.com/?p=367#comment-9473 I’d like to offer some additional facts and resources for you to consider — as well as a reference to other legal documents — which includes Ms. Monahan’s 2010 paper ( http://wikipension.com/index.php?title=Legal):

– On average, state and local government spending on public pensions is only 3% of total spending: http://www.nasra.org/resources/NASRACostsBrief1202.pdf

– From 2010-2011, 41 states have enacted changes to their pension systems: http://www.ncsl.org/documents/employ/2011EnactmentsFinalReport.pdf

– Converting from defined benefit to defined contributions does not save money; in fact, the efficiencies of pension enable them to deliver the same retirement income at 46% lower cost than an individual defined contribution account: http://www.nirsonline.org/index.php?option=com_content&task=view&id=121&Itemid=48 (see also state-specific: http://wikipension.com/index.php?title=Costs_of_Switching_From_a_DB_to_a_DC_Plan)

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