In this podcast, we tackle the thorny issue of public sector pensions. My guests are Workforce Institute board members Dennis Miller, Chief Employment Officer at Cal Poly Pomona Foundation and Neil Reichenberg, Executive Director of the International Public Management Association for Human Resources (IPMA-HR). Both Dennis and Neil have decades of experience working in the public sector, and join me to explain the enormous financial challenges facing government employers as well as potential solutions to defray these costs.
Dennis Miller provides the following background information for folks who may not be familiar with public pensions:
As these pension benefit liabilities increase, the dollars have to come from somewhere, often at the cost of declining public services. According to this recent article in the Los Angeles Times, a recent survey of 170 California cities by the League of California Cities found that "most of the communities with police and fire employees expect to soon pay 54 cents in pensions for every dollar in salary. In some cities, those payments are expected to rise to 76 cents per dollar of salary."
Historically, the availability of public employee benefit systems has been an important recruitment and retention tool for public sector organizations. How do these financial challenges impact the ability of public sector organizations to grow the workforces they need to provide public services? What can be done to preserve these benefits without bankrupting these organizations?
Listen in on our conversation to hear what our experts have to say about possible solutions.
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