NB21-09: Changes in the Net Value of Public Retirement Plans: Employees Covered by Social Security Compared to Plans Where Employees are Not Included in Social Security

This project examines changes in state and local retirement plans over time, comparing those covering different categories of workers, such as teachers, state employees, and local employees; and comparing pension systems that are supplements to Social Security with those that replace Social Security. Among the changes that will be characterized are plan type, such as from a defined-benefit to a defined-contribution plan, benefit formula and generosity. The analysis will focus on the benefits being provided to newly hired employees and how they compare those provided to employees hired earlier. Among other uses, the findings will assist SSA in assessing the relative value of public plans that remain outside of Social Security.