It seems that federal employees aren’t the only ones coming under fire when it comes to pension costs. State and local government workers are also feeling the pinch — and a new report from the Government Accountability Office shows many plans are facing similar questions about sustainability and cost.
GovExec reports that almost half of all states have put a larger burden on employees when it comes to pension plan contributions. About 35 states have cut back on benefits for future workers, and many have also changed when retirees can start collecting benefits.
GAO also says that budget woes will continue to strain state and local governments when it comes to supporting current and future employees’ retirements.
What do you think? Do you think changes to pension plans are a sign of the times?
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