Article on the Perils of Several States that Switched from Defined Benefit Pension Plans to Defined Contribution Plans

September 17, 2015

National Public Pension Coalition on the perils of switching plan type

The example of states that have actually switched from a defined benefit pension plan to a defined contribution (401k-style) system shows that these “reforms” are simply snake oil sold by hucksters.  Alaska, Michigan, and West Virginia demonstrate the failure of switching to a defined contribution system to provide retirement security for public employees.