State Lawmakers Reining In Runaway Pensions for State Workers

In Illinois “Future government employees throughout Illinois would have to work longer to get full retirement benefits, and the size of those pensions would be limited. . .” according to a Chicago Tribune report.

In Vermont “officials have reached agreement on a teacher pension plan that could become a model for financially-strapped states seeking ways to reduce the rising cost of employee retirement benefits.” Read more here.

And “New Jersey Governor Chris Christie this week signed legislation scaling back retirement benefits for government workers in the traditionally union-friendly state.” An amazing story!

With state pension systems at least $1 trillion upside down, we should expect to see more states taking these kind of steps.