With states across the country facing huge budget deficits, it’s finally time to cut spending
Illinois raised its retirement age to 67, the highest of any state, and capped public pensions at $106,800 a year. Arizona, New York, Missouri and Mississippi will make people work more years to earn pensions. Virginia is requiring employees to pay into the state pension fund for the first time. New Jersey will not give anyone pension credit unless they work at least 32 hours a week.
there is a catch: Nearly all of the cuts so far apply only to workers not yet hired.