State & Local Pension Reform Since the Financial Crisis
Source: CRR Brief

The Center for Retirement Research brief’s key findings are:

  • Since the financial crisis, 74 percent of state plans and 57 percent of large local plans have cut benefits or raised employee contributions to curb rising costs.
  • Plans with a larger pension cost burden and lower initial employee contributions were more likely to enact such changes.
  • And, among plans that made changes, those in states with the strongest legal protections for current workers were more likely to limit the cuts to new hires.

This brief is available here.