Special to Forbes by RSI President Dan Liljenquist
Albert Einstein once said we cannot solve our problems with the same level of thinking that created them. Unfortunately, when it comes to the nation’s struggling public pensions, now more than $1 trillion in debt, that’s exactly what’s been happening. For years, state and local policymakers have been trying to keep their heads above water, while ignoring the coming pension debt tsunami.
That is until recently.
Over the past year, three states have made the tough decision to tackle pension reform head on. These states—Arizona, Pennsylvania and Michigan—are vastly different in size, budgetary resources, and political makeup. The common denominator has been their commitment to safeguarding their public employees’ retirement systems by enacting reforms that are fiscally responsible. These states not only rose to the challenge of pension reform, but they each saw their efforts through to success.
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