Headline: NIRS Releases Series of Case Studies on Downfalls of Closing Pension Plans
Publication: National Public Pension Coalition
Article Date: Aug 7, 2019
“The National Institute on Retirement Security released a new series of case studies entitled, ‘Enduring Challenges: Examining the Experiences of States that Closed Pension Plans.’ The studies examine four states, Alaska, Kentucky, Michigan, and West Virginia, that have all closed their pension plans and moved newly hired public employees into defined contribution, hybrid, or cash balance retirement systems. NIRS’ findings confirm that closing pension plans and moving new employees to alternative retirement plans worsens funding of pension plans, provides a less secure retirement for public employees, and hurts recruitment and retention efforts.” Read article…