William C. Rhodes

With unfunded pension liabilities historically large, actuarially determined contribution requirements far exceed those of the past and are causing unprecedented budget strains for states and local governments. Panelists will focus on two broad categories of states and their ability to change benefits: "Deferred Compensation" states, where benefits are protected by the state constitution's contract clause and "Gratuity" states that do not have constitutional protections for pension benefits.

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