National Association of State Retirement Administrators

In-depth: Risk Sharing in Public Retirement Plans


Nearly every state in recent years enacted reforms to pension plans within their purview. As a result, although most public employers in the U.S. have retained DB plans, in many plans, more risk has shifted from employers to employees.

The purpose of this paper is to increase knowledge and awareness of the wide variety of options that are currently being used to design and finance retirement benefits; it is not an endorsement of any particular plan design or feature. This paper describes risk-sharing features that are incorporated into public pension plans and provides case studies of specific plans that employ risk-sharing structures.

Date published

January 2019


Keith Brainard, Research Director
Alex Brown, Research Manager

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Introduction to Shared Risk in Public Pensions from NASRA on Vimeo.