Richard Hiller is a senior fellow with Reason Foundation's Pension Integrity Project.
Hiller is principal of Retirement Policy Consulting, LLC, and has worked on income-focused retirement plan designs for more than 35 years.
This study presents a new retirement plan design, the Personal Retirement Optimization Plan, or PRO Plan, which is built on a defined-contribution foundation but designed to operate more like a traditional pension.
The Personal Retirement Optimization Plan (or PRO Plan) is a new framework for public worker retirement benefits that delivers post-employment security in a cost-effective way.
If properly designed, defined contribution plans can meet the employee retirement needs of today’s evolving and dynamic public sector workforce.