Meet the real villain in the public pension crisis

2015-03-17T22:30:08-07:00March 17th, 2015|Categories: Pension Reform|Tags: , , |

Over the last year, the city of Memphis, Tennessee, has been bleeding firefighters and police officers. Two hundred and fifty of them quit, others retired, and replacements are becoming more difficult to attract. This past July, just over half the city’s police force took a sick day in protest. Their complaint? A December decision by the City Council to partially move public employee’s pensions to a hybrid system that includes 401(k)-style accounts for workers with 7.5 years of tenure or less. [...]