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June 09, 2014

"The pensions that ate New Jersey"

The Detroit of the East Coast.

Back in January, a report from the Common Sense Institute of New Jersey warned that without serious reforms, the system is headed for bankruptcy. The main reason for this is the outdated system of promising defined benefits rather than the defined-contribution system that dominates in the private sector.

As one coauthor of the report put it: “Defined-benefit plans and politics are a toxic combination.”

UPDATE: Oops, my bad. Rhode Island is the Detroit of the East.

Comments

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Jack PQ

DB plans are just as bad for the private as for the public sector. The difference is, the private long ago figured it out and switched to DC. The public could not, or would not, figure it out

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