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Financing state and local pension obligations: Issues and options

July 19, 2016, William G. Gale and Aaron Krupkin

Many states and municipalities are struggling to fund defined benefit pension plans for their employees. Between 2009 and 2013, in order to improve their pension status, almost every state implemented some combination of lower benefit accruals and higher employer or employee contributions. Numerous cities made changes as well for similar reasons.

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