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Public retirement plans need to evolve

Summary by Reason Foundation
Government retirement plans are meant to deliver secure post-employment income to retired public workers and to meet employer workplace needs of recruiting and retaining qualified employees in a financially viable way. Many wonder, however, how these public pension systems found themselves with growing unfunded liabilities (now $1.6 trillion and growing nationwide) and perpetual fights over cost-of-living adjustments (COLAs), assumptions, and be…
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