My very first client was a municipality whose retirement plans covered uniformed police and firefighters with collectively bargained benefits and the civilian employees covered by civil service rules. Somewhere along the line, we drifted away from public employee retirement plans, but now some years later here we are again – working with benefit plans in the public sector. So I opened up a new blog topic, Public Employee Plans, as the archive for the posts about this very challenging and unique benefit area.
Challenging and unique for a number of different reasons. First, these plans are subject to quite a different regulatory scheme than plans in the private section. Then add to the mix the collectively bargained element, the political area in which these plans operate, and funding issues which impact taxpayers, and it’s certainly not dull work. Stay tuned.