The National Association of State Retirement Administrators (NASRA), a non-profit association of retirement system administrators, published an issue brief that details summaries of hybrid plans maintained by state retirement systems. Findings from the brief maintain that diversity in plan designs are critical because a one-size-fits-all solution for public retirement systems may not meet different states’ human resource needs, fiscal conditions and frameworks. Additionally, according to the NASRA brief, critical elements of public pension plan design known to promote retirement security include: mandatory participation, shared financing, pooled investments, benefit adequacy, and lifetime benefit payouts. These features are a proven means of delivering income security in retirement, retaining qualified workers who perform essential public services, and providing an important source of economic stability to every city, town, and state across the country.
CalPERS is working hard to ensure the retirement and health security of our members, provide help to our employers, and manage our investments to meet our long-term liabilities. We hope this information provides education, insight, and clarity.
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