Webinar | December 2012
Pension Reforms in the South: Lessons from Louisiana, Oklahoma and West Virginia
This webinar focused on public pensions, one of the most challenging fiscal issues confronting every state and local government across the country.
Even before the Great Recession, most state and local government pension plans were struggling to meet their pension and retiree health care obligations. The gaps between assets and liabilities in these public pension plans had widened as a result of plan sponsors failing to make adequate plan contributions, granting unfunded benefit increases and suffering serious investment losses during the economic downturn. The resulting gap between asset values and projected liabilities has led to steady increases in the actuarially required contributions necessary to help sustain pension plans at the same time that state and local governments face significant other fiscal expenditure categories.
In response, more than 40 states made significant changes to their retirement plans in an effort to improve their funding levels. A number of Southern states have been at the forefront of reform and have enacted changes to stabilize the fiscal position of their pension plans.
- Oklahoma Rep. Randy McDaniel, chair of the House Pension Oversight Committee and chair of the SLC’s Fiscal Affairs and Government Operations Committee – Webinar moderator
- Louisiana Sen. Elbert L. Guillory, chair of the Senate Retirement Committee
- West Virginia Sen. Dan Foster, chair of the Senate Pensions and Retirement Committee