Slideshow: Public pension reform proposals

With a statewide pension fund liability of $54.3 billion Washington Gov. Christine Gregoire has proposed pension reforms to reduce costs.

With a statewide pension fund liability of $58.8 billion, Gov. Deval Patrick, Senate President Therese Murray and House Speaker Robert A. DeLeo, all Democrats, have proposed extensive changes that include:increasing the retirement age for virtually all state workers;eliminating early retirement subsidies; eliminating certain early retirement for all employees; pro-rating benefits based on employment history;introducing an anti-spiking rule; and eliminating the right to receive a pension while receiving compensation for service as an elected official.

With a statewide pension fund liability of $64.1 billion, Gov. Bob McDonnell recommended the resumption of employee pension contributions to the Virginia Retirement System. The House Appropriations Committee voted to require employees to contribute to the system but would give them a 5% salary increase to offset it.

With a statewide pension liability of $73.6 billion, the North Carolina Future of Retirement Study Commission recommends:allowing employees to choose between a defined benefit plan and a defined contribution plan, with new employees being defaulted into the DB plan if no choice was made within 60 days of employment;giving more flexibility to the trustees of local government retirement systems to grant cost-of-living adjustments;changing the way interest is calculated on employee contributions; andimplementing automatic enrollment in a supplemental DC plan.

With a statewide pension liability of $77.4 billion, the state has become the focal point of attention because of a proposal championed by Republican Gov. Scott Walker to end collective bargaining for state employees. However, other reforms also being considered include: increasing current employee pension contributions; and shifting employees to a mandatory defined contribution or hybrid plan.

With a statewide pension liability of $125 billion, New Jersey is facing competing reform proposals in the General Assembly. Both the Republican and Democratic plans generally follow Gov. Chris Christie's recommendations. Below are the highlights of the nearly identical plans:requiring all public employees to contribute 8.5% of pay to the fund;raising the retirement age to 65 for most workers;calculating benefits for most workers on a five-year average of their highest salaries, up from three years;rolling back a 9% pension increase approved in 2001 for current and future employees. The Democratic proposal, championed by Sen. Stephen Sweeney (left), seeks a greater rollback;shrinking the maximum benefit for police and fire department retirees to 65% of pay from 70%; andeliminating annual cost-of-living adjustments.

With a statewide pension liability of $129 billion, Gov. Rick Scott reportedly has called for changes including:shifting employees to a mandatory defined contribution or hybrid plan; andmaking employees contribute to the plan.

With a statewide pension liability of $148 billion, a Republican-sponsored bill in the Legislature includes the following reforms:reducing/freezing cost-of-living increases;increasing employee contributions; andincreasing vesting requirements or retirement ages.

With a statewide pension fund liability of $453.9 billion, Gov. Jerry Brown has proposed pension reform that includes:halting pension spiking and abuse;creating a two-tiered system and renegotiating retirement benefits for new employees;stopping retroactive application of benefit enhancements;increasing all employee contributions; andprohibiting pension contribution “holidays.”