A county commissioner in Hennepin County, Minnesota, has been given plenty of chances to switch from a defined contribution retirement plan to a defined benefit one. He’s refused the chances each time.
Now he wants to switch. The Legislature appears to be crafting legislation to let him do that.
Is this any way to operate an employee benefits policy? Given the unrealistic expectations that Minnesota public pensions have for investment returns, any change would also increase the risk incurred by taxpayers for the commissioner’s retirement income.
For more, see this article from Minnesota Public Radio:
http://www.mprnews.org/story/2014/05/09/hennepin-cmr-seeks-pension-switch-critics-cry-foul?refid=0