By JAMES M. HOHMAN | Courtesy of Mich Cap Con

It is unfortunate that government employees are often blamed for underfunded government pension systems. When concerns are raised that retirement systems owe members billions more than has been saved, high-earners and early retirees are viewed as the culprits. Policymakers in return cut the generosity of the plans. Yet these policy reforms will not fix the basic problems faced by pension systems. … more

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