State and local pensions have experienced many changes since the Great Recession.
Worried about high costs and a deteriorating fiscal situation, lawmakers in dozens of states have enacted a series of reforms to reduce promised benefits for current and future workers. Many of these benefit reductions have fallen on workers who are not covered by Social Security.
These workers do not enjoy the same portability of retirement benefits as workers who are covered by Social Security when they change jobs, making them more dependent on the retirement benefits provided by their employer.
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