Shortfalls accumulated over decades should not all rest on today’s workers
Legacy debt — leftover costs from the startup of retirement programs — is important not only when considering policy changes for Social Security but also for state and local pension plans.
Read: This insurance policy can protect your retirement savings from a volatile stock market — but is it worth it? Moreover, public plan unfunded liabilities grew significantly even after plans shifted to modern actuarial funding. The primary reasons for this increase were: insufficient contributions; poor investment returns relative to expectations; changes to actuarial assumptions, such as the expected mortality of retirees; the actual experience of plan members relative to those expectations; and — to a lesser extent — benefit increases in the 1980s and 1990s.
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