Guaranteed Retirement Accounts (GRAs)

In December of last year, I wrote about public employee guaranteed benefit pension funds.  As discussed in that blog, there are serious sustainability issues with these funds and many states are increasingly requiring employees to work more years before being entitled to their benefits.  Nonetheless, economics professor Teresa Ghilarducci has recently opined that “The Solution to the Pension Crisis is More Pensions,” (emphasis added), not working more.