Over the course of several decades, more than one dozen local retirement systems have successfully petitioned the Legislature to establish some or all of their pension plans in state law. Commonly codified plan elements include: contribution rates, benefit levels, and board composition. By securing their provisions in state law, this select group of state-governed systems has erected a major obstacle to community-driven reform and effectively cemented a series of unsustainable practices.
Economy
Empowerment Accounts: Less Poverty And More Self-Sufficiency
Current safety-net programs too often discourage recipients from achieving long-term self-sufficiency, but a new holistic approach called empowerment accounts would help recipients achieve this with existing resources. Key points Government safety-net programs too often encourage work-capable recipients to remain dependent upon them, harming the very people they are supposed to help. Previous policy solutions to...
September 1, 2022