State and Local Pensions: What Now?

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about brookings The Brookings Institution is a private nonprofit organization devoted to research, education, and publication on important issues of domestic and foreign policy. Its principal purpose is to bring the highest quality independent research and analysis to bear on current and emerging policy problems. Interpretations or conclusions in Brookings publications should be understood to be solely those of the authors. Copyright © 2012 the brookings institution 1775 Massachusetts Avenue, N.W., Washington, D.C. 20036 www.brookings.edu All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission in writing from the Brookings Institution Press. Library of Congress Cataloging-in-Publication data Munnell, Alicia Haydock. State and local pensions : what now? / Alicia H. Munnell. p. cm. Includes bibliographical references and index. “Provides a broad look at the challenges facing U.S. pension plans and concludes that while some plans are in trouble, many are functioning reasonable well, but still face potential pitfalls, and proposes solutions that preserve the main strengths of state and local pensions while promoting reforms”—Provided by the publisher. ISBN 978-0-8157-2412-4 (hardcover : alk. paper) 1. State governments—Officials and employees—Pensions—United States. 2. Local officials and employees—Pensions—United States. 3. State governments—Officials and employees—Pensions—Law and legislation—United States. 4. Local officials and employees—Pensions—Law and legislation—United States. I. Title. JK2474.M864 2012 331.25'291352130973—dc23 2012028125 9 8 7 6 5 4 3 2 1 Printed on acid-free paper Typeset in Adobe Garamond Composition by Cynthia Stock Silver Spring, Maryland Printed by R. R. Donnelley Harrisonburg, Virginia ...