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Lingering effects from the Great Recession have been taking hold on state coffers with nearly all states making changes to retirement plans. In many cases contribution rates have gone up and benefits have been reduced – sometimes by as much as 20%.
The results have seen many states increase the number of years included in their salary calculations, leaving some workers facing the reality that their pensions alone may not be able to carry them through their retirement years.
Joel Kranc is Director of KRANC COMMUNICATIONS in Toronto, focusing on business communications, content delivery and marketing strategies.
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