Understanding Public Pensions: A Guide for Elected Officials


Summary:

It is important for elected officials to understand how public pension plans operate and the role they can play in meeting the needs of employees, employers, and taxpayers alike. A new guide from SLGE and AARP provides key facts about public pension plans,┬áincluding the role of elected officials in making sure their state or local government’s pension plan/s are well designed and adequately funded so they can meet the goals of all stakeholders.

Author(s):
Elizabeth Kellar, with contributions from Bonnie Faulk, Joshua Franzel, and Amber Snowden from SLGE; Barrie Tabin Berger, AARP; and the National Association of State Retirement Administrators.
Publication date:
April 2017
Filed under:
Primers
Key findings:
  • Since 2009, all states have made modifications to their retirement plans to help ensure their long-term sustainability.
  • Every pension plan has a unique history, legal framework, and financial condition. As a result, there are no one-size-fits-all solutions from state to state or even from plan to plan to ensure that pension plans are properly financed and effectively managed to pay benefits for the long-term.
  • Not all changes to pension plans are solutions. Any modifications should be carefully considered to avoid unintended consequences or costs.
Download publication:
4-19-17 PensionGuide FINALpdf

State and local pension plans are important in attracting and retaining well-qualified public employees. They help to facilitate the effective and efficient delivery of public services by serving as a workforce management tool and providing financial security in retirement