A new case study from the National Institute on Retirement Security has been published. It examines how taking away pensions from public safety workers, like firefighters and police officers, in the Town of Palm Beach has created a mass exodus in our professions.
Overall, the case study finds that dismantling pensions:
- Caused a mass exodus of public safety officers.
- Neighboring towns benefited from the changes that Palm Beach implemented to its retirement plans.
- The shift away from the DB pension increased costs in other areas.
- The DC switch proved a failed experiment in Palm Beach.
You can read the full article, which is linked below.
There will also be a webinar on Thursday, February 15th at 1 PM ET to Review Findings.
“This case study serves as a cautionary tale to public sector employers considering changes to their employee retirement plans,” says Diane Oakley, report author and NIRS executive director. “The town learned the hard way that pension plans – provided to nearly all police officers and firefighters across the country – help keep experienced public safety workers on the job protecting our communities. The Palm Beach saga was a painful and costly lesson that pensions are a critical workforce management tool to recruit, retain and retire public employees,” Oakley said.
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