News | 05.31.19
New Jersey Needs a Pension Fix. Is This It?
A bill introduced by the New Jersey Senate's Democratic leadership would shift new state workers and teachers, as well as those with less than five years of experience, into a hybrid retirement plan that combines a pension with something like a 401(k) plan. “The pension system is in a crisis,” said New Jersey Senate President Steve Sweeney, who co-sponsored the legislation. “It's crowding out any investment we want to make.” The proposal shows how popular the idea of sharing investment risk with public workers has become. At least 11 major public plans since 2008 have made changes tying at least part of their workers' retirement benefits to market performance.
Read the full article on Wall Street Journal