In a Forbes column, NIRS Executive Director Dan Doonan writes that state leaders have learned the hard way that ending pension benefits comes with little to be gained and a big price to pay.

More specifically, states that shifted new employees from defined benefit pensions to defined contribution or cash balance plans experienced increased costs for taxpayers without significant funding improvements. Also, moving away from pensions results in cuts to public employees’ retirement security, while government employers face increased challenges hiring and retaining staff to deliver essential public services.

Read the full column.