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Public Pension Plan Reform: The Legal Framework

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  • Amy B. Monahan

    ()
    (University of Minnesota Law School)

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    Abstract

    There is significant interest in reforming retirement plans for public school employees, particularly in light of current market conditions. This article presents an overview of the various types of state regulation of public pension plans that affect possibilities for reform. Nearly all of the various approaches to public pension plan protection taken by the states have significant flaws. These flaws include a lack of clarity regarding what plan changes the relevant legal standard will allow, combined with either too much or too little protection for plan participants. This article argues that states would be well served to adopt a contractual approach to public pension benefits but to limit that contractual protection to accrued benefits. This approach is clear, protects legitimate participant interests, and preserves an employer's ability to respond to changing economic conditions. © 2010 American Education Finance Association

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    Bibliographic Info

    Article provided by MIT Press in its journal Education Finance and Policy.

    Volume (Year): 5 (2010)
    Issue (Month): 4 (October)
    Pages: 617-646

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    Handle: RePEc:tpr:edfpol:v:5:y:2010:i:4:p:617-646

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    Web page: http://mitpress.mit.edu/journals/

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    Web: http://www.mitpressjournals.org/loi/edfp

    Related research

    Keywords: pension plan reform; public school employees; public pension plans;

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    Cited by:
    1. Robert Novy-Marx & Joshua D. Rauh, 2012. "Linking Benefits to Investment Performance in US Public Pension Systems," NBER Working Papers 18491, National Bureau of Economic Research, Inc.
    2. Jean Burson & John Carlson & O. Emre Ergungor & Patricia Waiwood, 2013. "Do public pension obligations affect state funding costs?," Working Paper, Federal Reserve Bank of Cleveland 1301, Federal Reserve Bank of Cleveland.

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