What “pension reform” means to your wallet
For those that haven’t been paying attention, there has been a wildly politically popular move by activists and state legislatures to radically alter traditional defined benefit programs that used to be what public employees would count on to pay their bills after they stop working. Outfits like The American Legislative Exchange Council and their allies in elected office have managed to reduce and eliminate pensions in some 45 states. These changes will amount to a 20 percent reduction in retirement earnings for most public employees.