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As public retirement systems work to improve the efficiency of pension funds, the effects on employees vary from lower fees and higher contributions to higher age and service requirements.
That's among the findings of a study from the National Conference on Public Employee Retirement Systems, which also says that the challenges those retirement systems face have also compelled them to lower expectations on rates of return and lowering, or even removing, cost-of-living adjustments.
Changes to plans that affect employees directly can result in recruiting and retention problems, and while 63 percent of respondent systems say they don't have a problem with filling positions as people retire, 27 percent either do have a problem or anticipate that it will arise.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
