City And State Pensions Need To Bend Before They Break

Law360, New York (February 28, 2014, 3:48 PM EST) -- One of the last bastions of defined benefit pension plans is the public sector. The facts clearly demonstrate an inability by many state and municipal governments to fund those pensions. According to the Pew Center on the States, as of fiscal year 2010, state retirement systems alone — which exclude any separate municipal systems — were collectively underfunded by $1.38 trillion.

It is for this reason that many state and municipal governments have made changes to their retirement systems in recent years. Among the types of...
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