In the last three years, nearly every state has either cut public pension benefits for new workers or required them to work longer for the same benefits to help reduce the money the states will owe to employees when they retire.
Stateline.org reports some state and local governments are changing the management structure of their pension plans as a way of increasing investment returns. Governments often spend millions on a private fund managers who invest the money for a set fee. Instead of this, some governments, like New York City, are creating an independent investment management company staffed by in-house advisers to govern the pension funds.
