From the press release:
A report released today by the TIAA-CREF Institute and the Rockefeller Institute of Government shares expert considerations for public sector pension reform. The new report —- Public Sector Pension Reform: Addressing Pressing Fiscal Realities from a Long-Term Perspective —- is a culmination of insights and experiences from state and local officials and researchers from across the nation
that highlights the issues and considerations impacting public sector pension reform….
The report highlights several key considerations for public pension reform, including:
• Pension reform should evaluate individual defined benefit and defined contribution plan elements and consider hybrid arrangements of both plan designs that leverage complementary characteristics of each;
• Pension reform must take into consideration changing lifestyle and workforce patterns and should be designed to enable the public sector to compete with private employers for top talent;
• Plan reform must consider both short-term fiscal challenges as well as long-term human resource trends and objectives. While underfunding issues must be addressed on a state-by-state basis, reform also needs to be considered from a national perspective.