If you want reliable retirement security, the general wisdom is to get a job in the public sector. Most government employers still offer their retirees a guaranteed monthly pension check — unlike private employers. Is it a necessary perk to keep public sector jobs competitive or just too expensive, given the public sector pension debt challenging cities and states around the country?
Cities and states across the country are facing public employee pension debt that is challenging and, in some cases, crippling their budgets. But some municipalities are experimenting with ways to solve that problem. In San Jose, California, voters passed a set of sweeping pension reforms back in 2012. The public employee unions fought back in court. Now a new initiative passed this November may offer a compromise that works.