ICMA Municipal Year Book Features Article on Retirement and the Current Recession

May 1, 2009

ICMA recently published a new article entitled, "How Will Public Sector Retirement Withstand the Current Recession," principally authored by Gregory Dyson, SVP, Chief Operations & Marketing Officer, in its 2009 Municipal Year Book. Here is a brief summary of the article:

Depending on the depth and length of the market downturn, public sector employers may be required to make additional contributions to boost the funding levels of their pension plans. However, increasing mandated retirement contributions will mean less money to provide public services. It may also mean those closer to retirement will have their benefits protected, but newer workers may see significant changes. With the cost of defined benefit plans for retiree health care now appearing directly on government balance sheets, governments are looking for defined contribution alternatives that can help employees pay for health care in retirement without increasing governments' liabilities.

If you would like the full version of the article, please visit the ICMA Press Web site.