The Judicial Symposium on the Economics and Law of Public Pension Reform discussed the looming financial and structural crisis facing state pension systems across the nation. With several dozen states adopting modest to major reforms, the economic impact on plan beneficiaries will be substantial, and dozens of jurisdictions face lawsuits challenging the adopted reforms.
This symposium outlined the underlying structure of pension systems, addressed the differences between public and private pensions, and detailed the unfunded liabilities and potential bankruptcy issues arising from this crisis. It also discussed the legal challenges to reform efforts under state constitutions citing both the contacts clause and the takings clause.