New Case Study Examines How Dismantling Pensions Triggered Mass Exodus of Public Safety Workers

2018-02-13T13:50:20-08:00February 13th, 2018|Categories: Defined Benefit Plans|Tags: , , |

A new case study examines the impacts of the 2012 actions of the Town of Palm Beach to close its existing defined benefit (DB) pension systems for its employees, including police officers and firefighters. The new “combined” retirement plans offered dramatically lower DB pension benefits and new individual 401(k)-style defined contribution (DC) retirement accounts. Shortly thereafter, the town experienced a high rate of retirements and unprecedented early departures of experienced police officers and firefighters to neighboring towns that offered [...]