In Defense of Defined-Benefit Pensions / Modest Reforms to State Plans Are Best Option for Taxpayers

Source: David Madland, Nick Bunker, Center for American Progress, February 2012

From the summary:
Because many states’ public-employee pension plans are currently underfunded–meaning that current assets are less than promised retirement benefits–proposals to drastically reshape public-sector pensions or eliminate them in favor of 401(k)-style retirement plans are expected to once again be introduced this coming year in statehouses across the country. While proponents argue that these alternative defined-contribution plans are good for taxpayers, in most cases taxpayers are better off making relatively minor reforms to the current defined-benefit pension system rather than scrapping it entirely.

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