A new proposal on state pensions from the Kansas Chamber of Commerce offers a clue: the proposal would substitute defined contribution plans for the current defined benefit plan that goes to state retirees.
Something like this needs to be phased in so that people who are in retirement or have worked all their lives in the expectation of a pension are not financially destroyed. But gradually the municipalities and states have to realize what private industry has known for a while: retiree benefits can destroy a company. General Motors is exhibit "A"
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