April 2008 | by Roderick B. Crane, J.D., Michael Heller FSA, MAAA, EA, and Paul Yakoboski, Ph.D.
Public sector employers and employees need and will be seeking better results and flexibility from their core defined contribution retirement plans. While it is not expected that public employers will move away from their core defined benefit plans as a primary method of delivering retirement benefits, interest in defined contribution solutions will continue as public policy makers engage in the continuing efforts to make sure retirement benefits designs remain a good fit in their evolving environmental conditions.
The purpose of this paper is to examine best practices for the design of public sector defined contribution pension plans that are intended to be the primary or core source of retirement benefits. The best practices are established from the perspective of providing adequate and secure retirement income as the appropriate primary objective of these plans.
The specific elements of the approach for the study include:
Roderick B. Crane
Institutional Client Services
Actuarial Consulting Services
Paul J. Yakoboski
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