Tag: save pension cuts
Most state and local governments provide their employees with traditional pensions, which are nice to have. But not all pensions are equally generous. The monthly benefits vary from one place to the next, and some governments have cut costs by reducing pensions for their newest hires. Further, one in four public-sector workers aren’t currently covered…
The brief’s key findings are: To improve the funded status of state and local pensions, many plan sponsors have cut benefits, particularly for new hires. Such cuts, without offsetting increases in wages, could potentially make government employment less attractive to workers. The analysis found that workers joining the public sector after benefit cuts had earned less in…
