On the editorial page of today's Atlanta Journal-Constitution, Jim Wooten uses his column to expose another pension sweetheart deal and calls for the following reform:
"The only solution is to give workers cash for retirement, cash that they control in 401(k) accounts, so that they’re not coming back in 10 years or 20 years insisting that plan covering 77,000 state employees be revised to provide a sweetheart arrangement for some employee or official with a friend at the statehouse."
"At the end of every day, the state and its employees should be even, fair and square, with salary and benefits completely known. A defined-contribution pension plan, unlike the current defined-benefit plan, would eliminate all temptation to toy with a mature pension system in ways that rip off taxpayers."
Have any states successfully moved to a defined contribution pension plan?