ALEXANDRIA, Va., Feb. 21 (LID) – A nonpartisan state budget think tank has called on the nation’s governors to freeze defined-benefit pensions for all public employees, citing unfunded pension liabilities of about $4 trillion.
State Budget Solutions (SBS), in an open letter to governors, urged the states’ chief executives to follow General Motors Co. and freeze employee pension levels and implement 401 (k)-type plans for employees, just as the Detroit automaker announced last week for some 26,000 U.S. workers.
From Law & Industry Daily
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