5 Unique Ways States Address Pension Funding Gaps

• Since 2009 35 states increased employee contribution rates
• Colorado in 2018: raised the retirement age for new hires after 2020 to 64 yr
• Kentucky in 2013: Suspended all COLAs until the fund is 100% funded
• Oregon in 2018: earmarked  alcohol and marijuana and lottery revenues for pensions
• New Jersey in 2017: dedicated all earnings from the state lottery to the public pension fund
• Oklahoma in 2014: tried to move to 401Ks, the compromise that emerged was that new state employees would be moved to a 401(k) plan after November 2015
• 2005 Alaksa switched to 401K styke plans: Public Safety Officers are finding work in other states

Front Line | How States Have Tried To Close Their Pension Funding Gaps