Research shows that traditional defined-benefit retirement plans aren’t a path to improved recruitment or retention. When it comes to younger workers in particular, policymakers need to accept the new reality.
Future in Context
Mental health, climate and workforce are at the core of a complex cluster of issues confronting lawmakers this year.
Long-term financial incentives for investment success are commonplace in the private sector, but tricky to design in public retirement plans. The implementation challenges are structural, operational, methodological and, yes, political.
Human error on Jan. 3 resulted in the loss of thousands of files from 77 computer system servers for the Pennsylvania State Police and State Employees’ Retirement System. Some of the data has yet to be recovered.
To compete for winning investment performance in capital markets, the plans need to build stronger internal bench depth. Compensation is part of the picture, but they also need to beef up their training camps.
State lawmakers will be rushing to address crime, AI, housing and a host of other issues – including growing budget gaps – ahead of elections this year.
As inflation and interest rates ease, 2024 will be a perfect time for overdue multiyear strategic planning and keeping up with breakthrough information technologies.
In what seems to be a coordinated effort between the governor, attorney general and secretary of state, six lawsuits challenging voter-approved property tax cuts and increases to teachers’ pensions have been blocked.
High-profile departures of senior-level executives reflect not only an aging workforce and a more politicized operating environment but also salaries and benefits that need to be competitive with the private sector’s.
City officials have until Nov. 1, 2024 to submit a plan to the state as to how they will close the $3 billion shortfall and have the system fully funded by 2055, but it remains unclear how officials will do so.
Halloween seems an apt metaphor for what state and local financiers will encounter over the next year and beyond: plenty of tricks but a modest supply of treats.
The annual Medicare-plus advertising blitz now under way should remind us that smarter post-employment benefit designs for state and local employees are long overdue.
The state’s public pension system had its worst investment performance in more than a decade, losing 1.55 percent of its value in 2022. To recoup its funds, the agency may have to make changes that could strain government employers.
A hefty nationwide increase in premiums for public employers to provide their workers and retirees with health coverage will outstrip most governments’ revenue growth. It’s time to address and attack root causes.
With federal deficits soaring, bond issuers may face higher financing costs. State and local cash managers shine for now, but all eyes will be on the coming congressional budget battle.
Many Americans are at risk of outliving their retirement savings. State pension plans could have a new role: selling longevity insurance. It could even save states money in the long run.
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