Public sector defined benefit pension plans are based on final earnings, so those with long careers receive substantial benefits and those who leave early receive little. This pattern of back-loading could reflect an optimal design whereby plan sponsors want to attract and retain workers who...

The federal government provides generous tax subsidies for retirement saving in 401(k)s and IRAs. The subsidies are designed to increase household saving and retirement income security, important national goals. The estimated cost, however, exceeds $100 billion a year in lost revenue to the...

The 2008 financial crisis sharply reduced the assets and funded levels in state and local pension plans. he drop in funding means that state and local governments have to raise additional revenue to fill the gap. At the same time, the ensuing recession eroded state and local revenues and...

Individuals save for decades to ensure that they will have financial security in retirement. That security can be threatened or eliminated virtually overnight if an individual who is in or near retirement becomes the victim of a financial fraud, such as a Ponzi scheme or sham investment in...

The brief’s key findings are *Numerous studies have examined the impact of Massachusetts’ landmark 2006 health care reform, the basis for the national Affordable Care Act. *The results suggest that the Massachusetts reform has largely succeeded by: *reducing uninsurance rates; *improving...

The brief’s key findings are: *Private sector multiemployer pension plans, which are negotiated by a union with a group of employers, have become a focus of congressional interest. *Multiemployer plans have been hurt by an expansion of benefits during the 1990s and the twin financial crises...

The 2013 Trustees Report – unlike last year – contains no surprises. Last year’s report showed a big jump in the program’s 75-year deficit in the wake of the slow recovery from the recession and rising disability rolls. This year’s report shows essentially no change in the deficit –...

One issue that comes up in discussions of compensation of state/local workers is their job security relative to that of workers in the private sector. Several questions arise in this regard. How much more secure are public sector jobs? Has their relative security declined in the Great Recession?...

Personal behaviors can have a major influence on how long people live. Two especially damaging behaviors are smoking and the poor nutrition and exercise habits that result in obesity. Estimates from the Centers for Disease Control and Prevention suggest that, in 2000, 15 percent of U.S. deaths...

Pension discussions in the last few years have focused primarily on the financial health of state/local plans or on the shift from defined benefit to 401(k) plans in the private sector. Often forgotten is that while coverage at the state/local level is virtually universal, only 42 percent of...