Legal constraints on changes in state and local pensions

Munnell, Alicia Haydock, and Laura Quinby. “Legal constraints on changes in state and local pensions”. State and Local Pension Plans 25, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, August 2012. http://hdl.handle.net/2345/bc-ir:103948.
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Abstract

The brief's key findings are: (1) In responding to pension shortfalls, most states are legally constrained from reducing future benefits for current workers. (2) These constraints make it difficult to adjust to changing conditions and to share the burdens of reform fairly between new and current participants. (3) The legal boundaries for pension benefits are typically defined under a contracts-based approach rather than a constitutional provision. (4) Narrowing the contract definition to when the worker performs the service would still protect benefits earned to date, while allowing adjustments to future benefits.

Title
Legal constraints on changes in state and local pensions
Author
Munnell, Alicia Haydock
Quinby, Laura
School
Carroll School of Management
Discipline
Finance
Center
Center for Retirement Research
Genre
report
Date Issued
August 2012
Publisher
Center for Retirement Research at Boston College
Series Title
State and Local Pension Plans
Series Number
25
Version Identification
Version of record.
Persistent Link
http://hdl.handle.net/2345/bc-ir:103948
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
State and Local Pensions

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