WASHINGTON, Sept. 14, 2011 /PRNewswire-USNewswire/ -- A new report from the Center for State and Local Government Excellence offers lessons from governments that have reformed their pension plans to make them more fiscally sustainable while still providing retirement security to their employees.
"Strengthening State and Local Government Finances: Lessons for Negotiating Public Pension Plan Reforms" covers the reforms of five governments (three states, one county, and one city): Iowa, Oregon, Vermont, Gwinnett County (GA), and Houston (TX). It offers lessons for other reform-minded governments on plan funding, the importance of using good data from experts, communication, governance, and financial education.
The report's key findings include:
- Pensions should be viewed as part of a broader human resources strategy that can affect recruitment and retention.
- Policy makers need high quality data and analyses as they consider benefit changes.
- Strong communication with all stakeholders helps employees, elected officials, and the public understand the need for change.
- Discipline in funding a plan's annual required contribution is important to achieve full funding.
- Workplace financial education will help public employees learn how to build their retirement savings.
Read the full report online.
In addition to the new report, the Center continues to maintain and update a national map that tracks a sample of state and local pension reforms made within the past ten years. The map offers information on the location and details of the reforms, along with links to more information.
About the Center for State and Local Government Excellence
The Center for State and Local Government Excellence helps state and local governments become knowledgeable and competitive employers so they can attract and retain a talented and committed workforce. The Center identifies best practices and conducts research on competitive employment practices, workforce development, pensions, retiree health security, and financial planning. The Center also brings state and local leaders together with respected researchers and features the latest demographic data on the aging workforce, research studies, and news on health care, recruitment, and succession planning on its website, www.slge.org.
SOURCE Center for State and Local Government Excellence