Pension underfunding and bleak projections have caused state governments – Illinois comes to mind due to its geographic proximity to us – to discuss potential benefit reductions for future, and even current, retirees. In fact, states like Rhode Island, Louisiana and Florida have recently decided to implement significant changes. It’s no surprise that lawsuits have arisen in response.
More info can be found here: http://www.benefitspro.com/2012/08/22/what-actually-constitutes-a-pension-obligation?t=strategies
