Personal Finance Advice and Commentary

If you’re lucky enough to work for state or local government, you might think you don’t have to worry so much about retirement planning since you’ve likely been promised a pension. But in recent years, troubles have been brewing among public pension plans all around the country.

In the last week alone, Plansponsor.com reported problems with three state plans:

New Hampshire: The House of Representatives approved a proposal to put an end to pension plans for public workers and instead offers a 401(k)-type plan. Facing a funding shortfall of $4.1 billion-plus for retirement and medical benefits, last year the legislature raised the retirement age at which future workers would qualify for benefits and increased employee contributions to their pension.