5 piggy banks of varying colors (Photo: Shutterstock)

Hybrid retirement plans for public employees have been around for decades, but they have experienced an increase in momentum in recent years as jurisdictions have sought to reduce costs. In its recently published resource, "Hybrid Handbook | Not All Hybrids Are Created Equal," the National Institute on Retirement Security (NIRS) provides an overview of public sector hybrid retirement plan design and recommendations for plan sponsors considering adding a hybrid option. NIRS said some shifts to hybrid designs have been made without a proper evaluation of the long-term implications of the plan changes, while others are well thought out and more likely to provide retirement security to employees, which aids with recruitment and retention of employees.

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