Public employees typically have access to a defined benefit pension, which may not include Social Security, or a defined contribution savings plan. Learn the difference between the two.
Some citizens are quick to blame police officers themselves for pension funding issues, not understanding the underlying causes. This is why the prospect of citizens who are uninformed or misinformed voting on pension issues is worrisome.
You can't turn on the television these days without hearing about the economic crisis that's affecting not only the U.S., but the entire world. So it stands to reason that many retirement funds are suffering as a result. Some public sector pension plans are relatively unaffected, while others were too fragile to weather the financial storm.
Law enforcement layoff stories are plentiful in fiscally hard-hit regions like the Rust Belt, but no area of the country is immune. Sworn officers from Sun Belt cities like Tulsa and Phoenix have also grappled with budget cuts. Some cities manage budgets by cutting overtime, contracting out internal affairs investigations, cutting civilian positions, and gutting special units.