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Pension Reform Handbook: a Starter Guide for Reformers by Lance Christensen and Adrian Moore Reason Foundation

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Pension Reform Handbook: a Starter Guide for Reformers by Lance Christensen and Adrian Moore Reason Foundation July 2014 Pension Reform Handbook: A Starter Guide for Reformers by Lance Christensen and Adrian Moore Reason Foundation Reason Foundation’s mission is to advance a free society by developing, applying and promoting libertarian principles, including individual liberty, free markets and the rule of law. We use journalism and public policy research to influence the frame- works and actions of policymakers, journalists and opinion leaders. Reason Foundation’s nonpartisan public policy research promotes choice, compe- tition and a dynamic market economy as the foundation for human dignity and progress. Reason produces rigorous, peer-reviewed research and directly engages the policy process, seeking strategies that emphasize cooperation, flexibility, local knowl- edge and results. Through practical and innovative approaches to complex problems, Reason seeks to change the way people think about issues, and promote policies that allow and encourage individuals and voluntary institutions to flourish. Reason Foundation is a tax-exempt research and education organization as defined under IRS code 501(c)(3). Reason Foundation is supported by voluntary contribu- tions from individuals, foundations and corporations. The views are those of the author, not necessarily those of Reason Foundation or its trustees. Copyright © 2014, Reason Foundation. All rights reserved. Reason Foundation Pension Reform Handbook: A Starter Guide for Reformers By Lance Christensen and Adrian Moore Preface Reason Foundation, a nonprofit 501(c)(3) policy research organization, created the Pension Reform Project to both advocate for reform and assist policymakers in implementing necessary changes in state and local public pension systems. Our goal is to end the practice of passing unfunded liabilities on to future generations through introducing fiscally sustainable retirement plans that are fair to both government employees and the taxpayers who fund them. In defining success, we urge jurisdictions to: § Commit to making full pension payments and paying down pension debt as soon as possible. § Stop deferring payments or using unrealistic investment return assumptions to artificially lower payments into the pension system. § Adopt a sustainable system with smooth accrual of pension benefits in line with the private labor market, allowing workers to accrue benefits throughout their career that are portable and devoid of perverse incentives, which protects taxpayers from unnecessary cost risks. § If necessary, change contracts over time with existing employees to bring benefits in line with the labor market, increase employee contributions, set more realistic retirement ages, and adopt formulas that avoid abuses such as pension spiking (gaming the system to increase the final salary used to calculate pension benefits), pickups (where the government pays the employee’s share of contributions to the pension system), etc. § Depoliticize management of pension funds and increase their transparency and accountability. Policymakers are responding to the need for change, and Reason is here with turnkey solutions that make it easy for interested parties and stakeholders to advance reform. Our goal with the Pension Reform Project is to create real- world models of successful reform that others can easily replicate elsewhere. Assistance for Reform Efforts Reason Foundation has recruited a number of current and former public officials who have successfully navigated pension reform and can provide direct peer-to- peer assistance. With these mentors, we are currently working in several jurisdictions across the country sharing best practices and effective strategies, offering interested policymakers a tailored package of implementation activities and consultation services depending on the needs and scope of reform in each jurisdiction. Our public policy research, polling and journalism put us in the perfect position to communicate the problems to broad audiences across the nation, in all types of jurisdictions. While there are various methods and avenues to reform, we are willing to provide the following services to policymakers at no charge: § Policy education for key staff; § Access to proven policymaker reformers; § Pension reform policy design; § Independent actuarial analysis; § Consultation on collective bargaining negotiations; § Messaging for reform issues; § Strategy advice; § Outreach to local media; § Outreach to community groups and stakeholders with public events; § Outreach to elected officials; § Opinion editorials, policy analysis and summary materials. Our comprehensive, step-by-step plan offers policymakers, in any jurisdiction, practical reforms that can be implemented locally with our consistent and committed assistance. Access the Pension Reform Help Desk With more than a decade of experience in public pension reform issues behind us, our team has a depth and breadth of knowledge and expertise with decades of combined experience on government reform. Much of our work on this issue is discussed at http://reason.org/pensionreform. Should you want to discuss a potential partnership further, please do not hesitate to contact Reason Foundation’s Director of Pension Reform, Lance Christensen at (916) 220-2728 or [email protected]. We look forward to the opportunity to work with you in the near future. Reason Foundation Table of Contents Introduction .............................................................................................. 1 Chapter 1: Causes of Pension System Problems and Principles for Reform ........ 6 Causes of Pension Problems ................................................................................ 6 Principles of Pension Reform ................................................................................ 7 Chapter 2: Pension Reform Case Studies .................................................. 16 Rhode Island Reforms ........................................................................................ 16 Michigan Reforms .............................................................................................. 19 San Diego Reforms ............................................................................................ 21 San Jose Reforms ............................................................................................... 24 California Reforms ............................................................................................. 27 Utah Reforms .................................................................................................... 30 Alaska Reforms ................................................................................................. 32 Chapter 3: Researching Your Pension Problem .......................................... 35 What Recent Governmental Accounting Standards Board (GASB) Rule Changes Mean for Pension Systems ................................................................................. 37 Essential Documents to Consult ......................................................................... 39 Analytical Questions Checklists ......................................................................... 42 Pension System Overview .................................................................................. 43 Legal Framework ............................................................................................... 44 Plan Structure ................................................................................................... 45 Governance Structure ........................................................................................ 46 Fairness Issues .................................................................................................. 48 Sustainability and Fiscal and Budgetary Impact .................................................. 50 Questions for Actuaries ...................................................................................... 53 Calculating Pensions ......................................................................................... 55 Other Considerations ......................................................................................... 56 Chapter 4: Approaches and Tools for Pension Reform: Exploring Ways to Solve Your Pension Problems ................................................................... 57 Organizing and Prioritizing Your Reform Needs ................................................... 57 Pension Reform Options .................................................................................... 58 Reforms to Plan Structures ................................................................................. 60 Fairness Reforms ............................................................................................... 66 Sustainability Reforms ....................................................................................... 69 Governance Reforms .......................................................................................... 71 Chapter 5: Create the Reform Coalition ..................................................... 74 The Purpose of the Coalition .............................................................................. 74 Who Should Be in the Coalition? ......................................................................... 75 Activities of the Coalition ................................................................................... 77 Managing the Coalition .....................................................................................
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