Session 606 at the Enrolled Actuaries meeting included an informative presentation on the experiences of three cities with defined benefit plans for their public employees who found themselves similarly situated:
- Not in Social Security so pensions vital;
- Escalating pension contributions; and
- Looking at Hybrid plans.
Using the session outline as a template here is how it played out for:
Atlanta General Employees (traditional hybrid)
Chattanooga Fire and Police (stealth hybrid)
Memphis All Employees (cutting edge?)
The takeaway is that these changes take time and you need a group of people perceived to be independent experts to come up with the plan.